TFG Asset Management has partnered with Hospitality Sales & Marketing Association International (HSMAI) to stage a business breakfast for the emirate’s top hoteliers, where the key findings of its recent research paper, The Impact of Staff Turnover on a Hotel’s Income Statement, will be discussed.
More than 60 industry professionals will attend the invitation-only hospitality event, which will be presented on Wednesday, 17th May, at the Emirates Academy of Hospitality Management from 08:00am to 10:00am.
It marks the second business breakfast hosted by TFG Asset Management in recent months, reinforcing the company’s growing reputation as an industry authority.
This reputation is bolstered by the support of established industry entities such as HSMAI, a global organisation of sales, marketing and revenue management professionals, and Emirates Academy, the Middle East’s leading hotel school, which provided data and other input for the research paper.
“Dubai’s hotel industry has long been affected by significant staff turnover,” said Head of TFG Asset Management, Mariano Faz. “This research paper is the first of its kind to investigate the tangible financial impact of this trend.
“We look forward to showcasing the report’s findings at the TFG Asset Management business breakfast, co-hosted with HSMAI in collaboration with Emirates Academy of Hospitality Management, both of whom I’d like to thank for their support and expertise.”
The Impact of Staff Turnover on a Hotel’s Income Statement surveyed industry stakeholders including global hotel management firms with a significant presence in Dubai. It found that staff turnover in Dubai’s hotel sector currently averages 25-30 percent per annum.
The report reveals that an annual turnover rate of 30 percent could potentially reduce a hotel operator's gross operating profit (GOP) by AED6 million ($1.63 million) per annum.
Dubai’s hotel inventory surpassed 104,500 rooms across 680 establishments in the first quarter of 2017. There are more than 42,000 rooms under contract, according to STR, representing the largest pipeline of any city in the world.
Given this influx of new hotel supply, which will increase competition for experienced staff, the issue of high staff turnover will become an even greater concern for the emirate’s hoteliers.
“Hotel management and HR teams are under immense pressure to retain staff in the face of rising competition, particularly as new hotel operators and brands enter the market,” said Faz.
“Our research suggests the industry must find new ways to incentivise staff if they are to breed a culture of loyalty and retain their best talent.
“The TFG Asset Management business breakfast will provide a unique platform that brings fresh ideas and new strategies to light, encouraging hoteliers to share examples of best practice for the overall benefit of the industry.”
The research paper presents a range of strategies designed to help hoteliers mitigate the staff turnover challenges they face.
It calls on the industry to rethink its approach to recruitment and staff retention and urges HR employees to “adopt a more dynamic approach to their work”.
“They should consider themselves change agents who are able to manage market shifts and propose strategies that are in the best interests of the workforce,” said Faz. “Senior management should also consider if their strategies are really meeting the demands of their workforce.”
The Impact of Staff Turnover on a Hotel's Income Statement can be downloaded by qualified industry professionals here.
|08:00 – 08:30||Registration and networking|
|08:30 – 08:50||Opening session & key-note speaker|
|Dr. Michael Newham - Associate Dean at Emirates Academy of Hospitality Management. Former Chief HR Officer at Jumeirah Group.
Discussion about the current job market in the UAE and its challenges.
|08:50 – 09:20||Presentation: TFG Asset Management’s research:|
|Mr. Mariano Faz – Head of TFG Asset Management|
|09:20 – 09:50||Panel discussion: Strategies to combat staff turnover in hotels|
|Moderator: Dr. Ioanna Karanikola – Assistant Professor at Emirates Academy of Hospitality Management|
|Panelist: Ms. Emma Banks – General Manager at Jumeirah Restaurant Group, Dubai, UAE.|
|Panelist: Ms. Feryal Haddon – Cluster Director of HR at Hilton Dubai Jumeirah, Hilton Dubai The Walk and Hilton Dubai Creek, Dubai, UAE.|
|Panelist: Mr. Laurent Rigaud - General Manager - Operations at Golden Sans Hotels Co. (L.L.C)|
|09:50 – 10:00||Closing remarks by HSMAI|
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