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The Massive Cost of Venue Staff Turnover

Cost of Venue Staff Turnover

See The Massive Cost of Venue Staff Turnover

No matter what industry your venue is in, statistically it's likely that the venue staff turnover rate for your business is high. At this point, we know this is simply a part of the events industry. The cost of venue staff turnover can range anywhere from 16% to 150% of an employee’s annual pay. That’s huge! So, is there anything you can do about it?

Turnover directly affects training. Turnover causes training programs to become expedited; as there are positions that need immediate fulfillment. With this in mind, it is easy to understand why processes can quickly fall out of best practices. No one is comprehensively trained, and simply adapts to do their job to the best of their ability. It then evolves into a vicious cycle where employees are learning solely what they need to get the job done without regards for other departments. The business needs to stay fresh to keep current employees active and new employees on the right track.

Venue Staff Turnover

The general consensus from industry professionals  attribute the turnover to a “grass is greener” effect. Employees aren’t captivated by the work they’re doing and feel their value would be appreciated more elsewhere. There’s a level of frustration that comes with any job, but couple that with packed schedules and tight deadlines and the frustration explodes.

It’s essential to provide employees training for your current so that they can best perform their jobs. When there is a disconnect between the tools provided and their actual function, those gaps are filled by employees in unfortunately creative ways. Best case scenario: So how do you manage all of this? 

Even if you think you’re on the right track, staying where you are can get you run over.- Will Rogers

The venue staff turnover nightmare

I’ve come across some instances where the entire executive staff was turned over in order to successfully revamp the company. Over time, the people began to get burned out due to poor practices and the commitment to the company dwindled. Ultimately, the business had to start all over. 

As you can imagine, the cost of a complete staff turnover is significant. The fact that this happens is a direct reflection of how massive the cost of poor practices can be.

Fixing "The SYSTEM"

When people are not using the systems together, as intended, the result is a lack of communication. This puts them at the same functionality level as companies without a system at all. People start using information that only pertains to them and don’t look at the other parts of the equation. This results in internal issues where these unintentional blinders allow them only to look at what they do and not how it benefits the company as a whole.

HOW TO ADDRESS ISSUES 

As with any process, the first step is recognizing that the issue exists. A well-oiled machine functions because all parts are working together. Without one step, there cannot be the next. It is my suggestion to have the disconnected departments take a step back to evaluate the bigger picture. Create more opportunities to share role responsibilities and actions. Find a way for people to better understand all parts of the business: lunch and learns, shadowing opportunities, etc. As long as there is a push towards the understanding of the entire operation, there will be a newly cultivated field for the business to grow from (and excitement for personal growth as well).

The primary reason employees leave their current job is management conflicts. However, don’t be so quick to assume that’s the only issue. An overwhelming workload with little to no recognition are common contributors. Promote from within; 36% of employees felt they were overlooked for a promotion and 45% report being unsatisfied with advancement opportunities. When you invest thousands of dollars into training new staff, don’t let easy-to-fix or obvious conflicts push them away. 

FULL CIRCLE SOLUTIONS

Once everyone can understand what everyone else’s challenges are they will be more sensitive to the processes required to the make the business as a whole successful. This will result in a more organized and less stressful work environment decreasing the potential for high turnover rates. A key term we’ll be seeing this coming year is engagement. We want to engage our customers, of course. But we need to engage our employees to do their jobs better, make their jobs easier, give them the proper tools and training for their jobs, and allow the business to grow and operate better in the process.

Care to share any additional advice? Leave your comments below.

 

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