Poor staff retention within hospitality is estimated to cost the sector £275m per year.
This project will evaluate the Human Resource Management strategy of the market leader (partner) with a sector-first exploration evaluating and evidencing its impact on staff retention, wellbeing, and career progression/trajectory.
The project team will explore best practices within the industry, creating a benchmark and toolkit of best practice. Techniques used will include competitor analyses and brand propositions, people management practices, an audit of the partner’s Human Resources Information System, data correlation analysis, and testing people analytic solutions. This knowledge will be transferred into the partner’s HR, data analytics, and Senior Management teams through reports, regular updates, and meetings ensuring this has a lasting impact.
This will create savings through increased staff retention and progression of staff into senior roles reducing external recruitment. It will bolster brand reputation giving the partner a toolkit for targeting contracts in other sectors while creating new revenue by offering staff training and recruitment services externally.
Four new capabilities are expected from this project:
This project is joint-funded by the business partner and Innovate UK through a Knowledge Transfer Partnership (KTP).