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Employee Retention and Motivation Policies
Introduction
Employee retention is one of the essentials for the company to provide sustainability of working processes. Employees play a significant role in providing long-term stability and success for the organization. Moreover, the company is meant to ensure its employees have decent working conditions to retain and motivate them. It is crucial to examine practices that agencies conduct to enhance excellent performance in the example of Hyatt Hotels Corporation, linking back to recommendations to engage and retain employees.
Practices and Policies Enabling the Best Performance
The purpose of an employee retention policy is to keep the companys processes stable and provide better working conditions for employees. Retention benefits the organization and the worker, as good cooperation leads to success (Hartman, 2021). It is essential to discuss factors influencing employee retention: workers are more likely to stay in their workplace if they are satisfied with conditions, salary, career advancement, and benefits package. In contrast, departing employees report leaving when they receive an inadequate salary, feel overworked or unsupported, and are dissatisfied with company management (Half, 2022). Moreover, salary is crucial for the employee to retain; more than 65% of workers claim a low salary is a significant reason to find a new job (Half, 2022, para 6). Therefore, it is vital to examine policies and strategies that prevent employees from departing and help the company retain workers.
Multiple methods ensure sustainability and mutually beneficial cooperation between workers and agencies. For example, the working environment becomes a crucial factor playing a significant role in employee retention and motivation. Basic facilities such as lighting, air conditioning, furniture, and equipment impact employees desire to stay at their workplace (Abdulai and Kamara, 2019). According to the study, the worker can exist in conditions of insufficient provision with comfort; indeed, it will not last long (Abdulai and Kamara, 2019). Therefore, the first policy managers implement to retain employees is working environment supply; there is a need to keep workers comforted with equipped offices, restrooms, and other facilities.
Mentorship and onboarding supporting programs are essential for employees retention and motivation. Specifically, the onboarding policies strive to teach new workers to complete their duties successfully (Half, 2022). It is a crucial step influencing retention, as the new worker feels supported during their adaptation period and is assured of having proper training. Furthermore, companies often pair new employees with mentors to conduct qualification advancement or adaptation. It is a successful strategy to support workers and teach them if there is a change in the working environment. In addition, there is an excellent opportunity to receive feedback from mentors on the employees performance; it contributes to the personal development of workers and motivates them to retain.
As mentioned before, salary is the critical factor determining employees desire to stay at their workplace. Accordingly, financial benefits give the workers confidence; they are assured of receiving decent wages, which keeps them motivated. Organizations imply specific employee compensation policies, giving a competitive advantage in the labor market. For instance, Pay for Performance (PFP) is a particular compensation policy that is linked to successful performance (Kang and Lee, 2021, p. 2). It is vital to note that PFP is not connected to payment raises; instead, PFP is executed when an employee demonstrates productivity and better performance. According to the study, more than 10,000 employees reported that PFP contributed to their efficient working performance in the future (Kang and Lee, 2021, p. 3). It is an effective organizational policy, as employees see the connection between their performance and financial reward.
Employee Retention and Motivation in Hyatt
A career in the tourism and hotel business is engaging for employees ready to deal with large pools of people. This business requires hospitality and attentiveness, as employees work with people daily. Indeed, the hotel career can cause stress in employees due to the various attitudes of guests toward hotel personnel. Hyatt Hotels Corporation is a famous web of hotels known for its luxurious conditions for guests. The hotel provides excellent service; its personnel is attentive and responsible for guests comfort. Therefore, it is essential to examine the strategies for employee retention and motivation at Hyatt Hotels Corporation.
It is a famous chain of luxury hotels worldwide; it provides comfortable conditions for guests and treats them with top-notch service. Hyatt takes 70th place in the list of 100 best companies to work, which makes the organization an excellent variant for employment (Fortune Editors, 2022). Malaika Myers, CHRO of Hyatt Hotels Corporation, has given an interview to Forbes and has depicted several issues on employee retention in Hyatt. She states that well-being is a critical factor for Hyatt; the organizational goal is to provide comfort for employees (Kelly, 2021). Moreover, it is known that the pandemic of COVID-19 has influenced the sustainability of multiple businesses worldwide.
Many people have lost their jobs, and Malaika Myers shares her experience dealing with workplace pandemic issues. It is important to note that Hyatt values the mental health of its workers, so the company has decided to implement several internal efforts. For example, the organization has provided workers with social distance guidance and recommendations on how to stay mentally healthy (Kelly, 2021). Furthermore, it was decided to implement the Hyatt Well-Check assessment tool; it measured the level of employees well-being when they arrived at their workplace.
In addition, many businesses live through the Great Resignation era. It is an economic tendency that happened in the United States, primarily connected to improper treatment of employees by their organizations during the pandemic. Many companies cannot provide their workers with the previous level of financial support, so people have decided to leave their work voluntarily. Myers told how Hyatt managed this issue; she stated that Hyatt hotels began to hire non-traditional candidates and developed the RiseHY program, which focuses on the employment of young workers (Kelly, 2021). Myers proves the efficiency of the RiseHY program; she states that more than 1800 young employees have been hired (Kelly, 2021, para 28). Engaging a diversity of races and ages allowed Hyatt to earn awards such as Human Rights Campaign Best Place to Work for LGBT Equality.
Furthermore, it is recognized by AARP for employing younger and older employees (Chitre, 2021). Accordingly, Hyatt established diversity as their core principle since the Great Resignation started to happen in organizations. Hyatts Community Grants program allowed employees to receive professional training sessions and mentorship, which enabled the company to search for new developmental opportunities (Madhusudan, 2018). Therefore, when other businesses went bankrupt, Hyatt established itself as a place where diverse employees could join and receive proper support; the organization took advantage of tough pandemic times.
The question of salary is vital in discussing the organizations effective retention and motivation strategies. Hyatt provides bonuses and decent pay for example, the lowest salary is 29,973 dollars per month, while the highest is 158,000 (Salary List, 2018). Accordingly, the reward system in Hyatt is efficient and motivating; the organization has established a World of Hyatt rewards program for member benefits (Snyder, 2022). In addition, Hyatt generated an IHG program for employees. It allows workers to stay in luxurious hotel rooms worldwide for free, allows them to join training with professionals, and provides workers with free perks and discounts (HyattConnect, n.d.). Furthermore, 95% of employees claim they are proud to work at Hyatt, and therefore, the efficiency of the reward system is proved by workers (Murphy, 2022, para 127). Thus, the employee reward system in Hyatt is transparent and encouraging for workers.
Accordingly, workers provide their reviews on working conditions at Hyatt Hotels Corporation. Regarding the study appointed Hyatt management policy, 12,24% of employees shared their experience on the availability of necessary resources, and 40% claimed fair and equal employee treatment (Rai, Rana, and Kashif, 2022, p. 50). Moreover, Hyatt Hotel employees prove working conditions according to working hours, life-work balance, and employee satisfaction (Tanuputri and Nurbaeti, 2019). It is essential to note that work-life balance is the critical factor that provides workers comfort and resting time. It affects the employees productivity and retention, as people need to have enough time to be with their families and friends outside the workplace. As seen in Hyatt, people report the proper balance of job and life; this workplace allows them to avoid overworking and professional burnout.
The high rate of Hyatts employees staying proves the effectiveness of retention strategies and employee engagement. For example, it was investigated that average Hyatt workers stay at their workplace for more than 12 years (Chitre, 2021). This rate is outstandingly high compared to competitors, Marriott or Hilton (Chitre, 2021). The reason for a long-term stay is the provision of professional training sessions, a clear bonus system, and multiple travel discounts. Recently, the company generated a training program called Change the Conversation, created by the Stanford School of Design, which emphasizes listening to the customer (Li, 2020, para 29). Indeed, employees are encouraged to search for innovative and creative problem-solving methods. Moreover, Hyatt offers tuition reimbursement for its workers, which encourages people to proceed with their education (Chitre, 2021). Hence, pieces of training from world-known agencies and beneficial bonus systems make employees happy in their workplace.
Recommendations
Employee retention and motivation are essential for mutually beneficial cooperation between the company and its employees. For example, it has been investigated that employees cannot stay for long if they are not satisfied with the working environment, conditions, and payment (Half, 2022). In addition, managerial support is the crucial factor that influences employee retention. The worker has to be guided when they arrive at their workplace as a newcomer, as an unknown environment can scare and confuse them. It is necessary to put efforts into continuing cooperation with valuable specialists in the long-term perspective. Moreover, retention affects the success of the business and the turnover; the higher the retention the lower the turnover. Hence, low turnover means more successful and prolonged employee stays, contributing to the companys image and internal processes.
Regarding the given analysis, it is possible to include several takeaways for successful worker retention. Hyatt hires diverse employees; the place is available for younger and older candidates. Furthermore, Hyatt is free from racial judgments, and diversity is one of the core principles of this place. The recommendation is to raise diversity within the company to increase brand loyalty. Hyatt Hotels Corporation generated several tools to check and support the mental health of its employees. Additionally, the worker can appeal to top managers if they are worried about specific issues. Therefore, Hyatt values the psychological comfort of its workers, which is especially vital in hospitality service. Working with people can cause stress in employees, and Hyatt seeks to prevent adverse mental effects for workers. Therefore, the recommendation is to pay attention to workers psychological conditions and moods.
Furthermore, Hyatt created the bonus system, which allows employees to study and travel for free. It is a demonstrative example of attentiveness to workers, enabling Hyatt to be in the list of top-100 best workplaces. Thus, this case recommends providing positive and valuable benefits for employees to retain them. Moreover, Hyatt invites world-known companies to execute training sessions; employees can learn from professionals. Therefore, it is helpful to cooperate with professionals in the relevant scope to generate practical training for workers.
Conclusion
Overall, Hyatt Hotels Corporation successfully manages to retain its employees, giving them the motivation to proceed with work. It enables employees with top-notch training and gives them the ability to improve their professional skills. Furthermore, Hyatt receives multiple positive reviews from workers hired by the organization (Rai, Rana, and Kashif, 2022). The company has generated particular conditions for employees comfort; its reward system allows workers to travel worldwide and stay in luxurious hotels for free. In addition, Hyatt Hotels Corporation values its employees and executes a people-centered approach, which helps workers to keep a work-life balance. There are recommendations to increase employees performance presented in the example of Hyatt: treating employees equally, presenting a transparent payment and benefits system, and encouraging diversity within the organization.
Reference List
Abdulai S. I., and Kamara, K. F. (2019) An effective employee retention policies as a way to boost organizational performance, Journal of Human Resource Management, 7(2), pp. 38-41.
Chitre, Y. (2021) Employee engagement case studies: A look at Hyatts wildly successful strategy, HubEngage. Web.
Fortune Editors. (2022) 100 best companies to work for, Fortune. Web.
Half, R. (2022) 14 effective employee retention strategies, Robert Half. Web.
Hartman, D. (2021) Employee retention policies, Bizfluent. Web.
HyattConnect (n.d.) IHG employee Benefits. Web.
Kang, E., and Lee, H. (2021) Employee compensation strategy as sustainable competitive advantage for HR education practitioners, Sustainability, 13(3), 10-49.
Kelly, J. (2021) My Q&A interview with Hyatt CHRO, Malaika Myers, discussing diversity and inclusion, employee well-being, recruitment and retention, Forbes. Web.
Li, L. B. (2020) 10 companies with strong employee retention strategies you can learn from, TINYpulse. Web.
Madhusudan, P. (2018) Here are some companies with successful employee retention policies, People Matters. Web.
Murphy, J. (2022) How to retain employees: 20 practical takeaways from 8 case studies, SnackNation. Web.
Rai, S. K., Rana, D. P., and Kashif, D. M. (2022) Hotel personnel retention In Uttar Pradesh: A study of Hyatt hotels, International Journal of New Practices in Management and Engineering, 11(01), pp. 4752.
Salary List. (2018) Hyatt salaries, average salary & jobs pay, Salary List. Web.
Snyder, I. (2022) World of Hyatt rewards program A complete guide, AwardWallet Blog. Web.
Tanuputri, S., and Nurbaeti, F. A. (2019) The influence of work life balance on employee satisfaction at Grand Hyatt Jakarta Hotel (Case study of food and beverage service department employees), Tourism Research Journal, 3(1), pp. 28-34. Web.
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