Top employment perks hospitality professionals are searching for
If you want to bring the top talent to your hospitality organization, offer great perks. After all, the majority of people say they’ll highly consider the benefits and perks of a position before accepting it.
Perks may even matter more than salary: four in five workers would rather have new benefits than a pay raise.
But all benefits are not created equal, so read on to discover which ones your current and future employees want the most.
1. Paid parental leave
The United States is the only highly developed country without mandatory paid parental leave. However, lately we’ve seen a huge number of companies institute their own policies—and generous ones, to boot.
For instance, professional services firm EY recently announced its employees will receive up to 16 fully-paid weeks. Pinterest employees also get four months off with salary, plus another month of part-time hours. And in January, Hilton launched a new program giving new mothers 10 weeks of paid maternity leave.
Not only will implementing paid leave attract job candidates, it’ll also reduce your turnover rate. Case in point: When Alphabet (known as Google at the time) increased the length of its maternal leave, the rate at which new mothers quit plunged by 50%.
2. Vacation and paid time off
With work-life balance becoming a bigger and bigger priority, providing vacation and PTO will definitely drive applications (plus, if your employees are less stressed, they’ll be healthier, more engaged, and more productive!)
However, due to the 24/7 nature of the hospitality industry, giving your staff members as many vacation and sick days as other organizations may be difficult. You can make up for this by providing workers with free or subsidized trips to your other locations. For inspiration, look to Airbnb—every employee gets $2,000 per year to stay in any Airbnb listing in the world.
3. Performance bonuses
Thirty-five percent of people say performance bonuses are one of their most-desired perks. Which is good news for you, since a well-designed performance plan will both help you recruit new employees and motivate your current ones.
But the operative word is “well-designed.” According to a 2015 study of incentive pay systems in the hospitality industry, most plans fail to recognize the difference between top performers and average ones. Hotels and other businesses need to follow the lead of tech and health-care companies, which typically give their highest achievers two to three times as much performance pay as medium achievers.
Two other big changes you should make: creating more accurate and realistic goals (so people are excited about, not discouraged by, their targets) and using a performance measuring tool that lets employees know where they stand at all times.
There are two revolving doors in hospitality: the literal one at the entrance to your building, and the metaphorical one bringing employees in and out. However, by focusing on the perks people care about, you can make the second revolving door circle more slowly.