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Industry Growth Rate Over The Past 10 Years

Over the past 10 years, the hospitality industry has seen major changes in technology, consumer behavior, and international visitors that have prompted adaptations. The industry has remained profitable by quickly adapting to these changes, such as embracing new travel apps and online booking, tailoring experiences for different demographics and cultures, and improving conditions for staff. However, the high employee turnover rate of 73.8% in the hotel and motel industry presents challenges in meeting customer expectations and increases costs. Common causes of turnover include unclear job expectations, disconnects with managers, lack of flexibility, and limited growth opportunities.

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77 views2 pages

Industry Growth Rate Over The Past 10 Years

Over the past 10 years, the hospitality industry has seen major changes in technology, consumer behavior, and international visitors that have prompted adaptations. The industry has remained profitable by quickly adapting to these changes, such as embracing new travel apps and online booking, tailoring experiences for different demographics and cultures, and improving conditions for staff. However, the high employee turnover rate of 73.8% in the hotel and motel industry presents challenges in meeting customer expectations and increases costs. Common causes of turnover include unclear job expectations, disconnects with managers, lack of flexibility, and limited growth opportunities.

Uploaded by

ajit
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© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Industry Growth Rate Over the Past 10 years.

The hospitality industry is the world’s fastest growing sectors currently. But it is seen that
over the past 10 years there have been major changes in the hospitality industry, such as
adapting to new technology, changes in consumer behaviour and many more.
The only reason that the hospitality industry is one of the most profitable sectors is because it
is able to adapt to changes like this quickly and smoothly. Few of the changes are:
1) Changes in Technology – Now days we live in the digital age where with a tap of a
button we can do anything. The rise of the internet has made life much easier for
everyone. Travel Apps with the help of the internet have completely changed the way
business is conducted in the hospitality industry. In a few minutes a whole trip can be
planned, from the flight ticket to even the stay. Hotels have adapted to the internet
very quick and maintain a good online persona to grow.
2) Changes in Consumer Behaviour – It is seen that there has been an immense change
in the consumer behaviour over the past ten years especially due to the internet and
the system of online ratings. It is seen that now days people want to be adventurous
and want to explore more and no longer resort to repeating places they have already
been to. Companies have been able to adapt to all this by listening to the consumers
and have provided services based on the various demographics, mainly age.
3) Influx on International Visitors - International leisure travel is on the rise—Dubai
International Airport has become the busiest airport in the world. Hotels must be able
to provide services in a multitude of languages, and tailored experiences properly
suited to the culture and unique needs of their international visitors.
4) Rise of Online Travel Agencies - Back in 1989, if you wanted to travel, you called a
travel agent. Today, many consumers book their own travel by visiting Online Travel
Agencies (OTAs). This way they are able to book a trip according to their desires and
are carries out under their own will.
5) Improved condition for staff – Nowadays with the various developments in Human
Resources the conditions of the various employees have improved and are provided
with many benefits. As a result, there is more productivity from the employees’ side
and hence leads to more profitability.

Turnover of The Industry

The hospitality industry is one of the largest employers in the world, covering many
different segments and employment sectors. From food and beverage to travel and
tourism, the hospitality industry is booming.
But even though it is an ever-growing sector, the hospitality industry faces its own unique
workforce challenges.
Employee turnover in the hospitality industry is extremely high. In fact, the hotel and
motel industry alone experience an employee turnover rate of 73.8%––exponentially
higher than the annual average of 10-15%.
In such a consumer-facing industry, having employees constantly coming and going can
make it difficult to meet customer expectations. It can also be costly to find, hire, and
train new employees.
Unfortunately, because hospitality often relies on part-time employees and seasonal
workers, it can be difficult to find people who want to stick around for the long run.
The biggest causes of employee turnover in hospitality:
1) Unclear job expectation
2) Disconnect with managers
3) Mismatch between jobs and employees
4) Lack of flexibility
5) Toxic or unhealthy work environment
6) Inefficient communication
7) Lack of recognition
8) Minimal growth opportunities

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