Evention’s Approach to 2023 Hospitality Turnover Trends
The hospitality industry, known for its dynamic and fast-paced environment, has been grappling with a significant challenge – a staggering 21% retention rate, the lowest among all industries in 2023, as reported by Forbes. The high turnover not only affects the industry’s operational efficiency but also strains the finances of hospitality businesses. By position, the biggest trend changes observed is an increase in leadership turnover. One notable trend is the rise in leadership turnover with 25-35% more managers leaving the hospitality sector compared to pre-pandemic levels in 2019.
Responding to these challenges, Evention has continually enhanced its solutions to alleviate the impact on hospitality teams and boost retention.
From the start, Evention has prioritized a strategic approach to address industry-specific issues. The key areas Evention tackles for the hospitality industry are simplifying gratuity management and payment reconciliation. In 2023, the Evention product and design teams took a look at the existing user experience and identified some areas to help make day to day work easier, and reduce time spent on repetitive tasks. These improvements have helped address the top five trends that are shaping turnover dynamics.
Here are some of the improvements and features introduced by Evention:
Standardized Processes
Evention ensures consistency across different establishments within a management company or brand by standardizing processes. Our tools like Tips+Gratuities and Total Recon streamline operations and foster a positive work environment.
This year, the Match Wizard was added to Total Recon. Match Wizard takes the magic of our system logic and exposes it to our users to help them find the last remaining transactions to be reconciled. This enables users to easily select dates and transaction types, review their selections and get the results within a few clicks, saving time and effort. The match transaction screen, view transaction screen, and cash journal have also been updated to provide better visualization and context for the matches.
By eliminating the need for manual data transfer from multiple systems and streamlining processes, managers have more time to dedicate to what brought them to this industry… the people. Not only that, with more free time, managers and finance teams can dedicate time to developing new skills to help them grow in their roles.
Digital Tipping
Evention launched InstaTip – an extension of the Tips+Gratuities solution, showcasing a hotel’s commitment to its employees by facilitating increased take-home pay. Initiated through a QR code scan, InstaTip simplifies tipping for employees who help deliver the guest experience throughout the property, nearly doubling their tips. This feature, along with our user QR codes and room and department pooling capabilities, enables customers to provide lists of users by department, facilitating easier tipping for guests and direct distribution of tips to employees.
Mitigate the Training Curve
In application visualization enhancements. Page Context – a simple but helpful thing, especially with turnover – was added to Tips+Gratuities. This new feature provides general guidance on what users are supposed to do under the imports, users, employees, reports, and events pages. General visualization enhancements were also made to field labels, colors, and call outs. These are small enhancements that make a big impact on getting your work done. This helps new managers learn faster and increases their confidence.
By integrating automation into gratuity management and payment reconciliation, Evention provides a balance for managers and finance teams. This automation liberates them to prioritize personal interactions and skill development, nurturing a more fulfilling work environment. As we advance our solutions, we maintain our dedication to supporting the industries we serve and ensuring our clients benefit from cutting-edge software. We eagerly anticipate delivering even greater value in 2024 and beyond.
If you’re ready to start tackling unnecessary turnover, schedule a demo with one of our solution experts!
