EFFECT OF ATTRITION AND RETENTION STRATEGIES IN HOSPITALITY INDUSTRY: A LITERATURE REVIEW
Received: 19.09.2021; Revised: 28.10.2021, Accepted: 26.11.2021, Published Online: 20.12.2021
Chitkara College of Hospitality Management, Chitkara University, Rajpura, Punjab
Chitkara Business School, Chitkara University, Rajpura, Punjab
For most hotel companies, the increasing percentage of employee attrition is a challenge. This article provides information on the most effective long-term retention strategies. The hospitality sector in India needs good employees desperately and faces a serious threat, especially during this pandemic. Regardless of the dependence on representatives from the business, high turnover rates and related turnover costs and the high turnover of expert workers have become issues in the friendliness area. According to the Bureau of Labor Statistics, the hotel business has an annual employee turnover rate of more than 74.9 percent, which indicates that more than 6% of employees leave every month. This article analyses the causes of attrition, turnover rates, retention strategies, and their impact on the hospitality industry.