Top Challenges for the Leisure and Hospitality Industry
In the recovering economy, the hospitality industry is struggling to find qualified applicants for their open positions. Competitive wages and total rewards packages are essential to attract talent in a volatile job market.
After a rough two years of difficult working conditions during a pandemic in combination with rising inflation and increases in opportunity, employees are expecting higher than average pay increases to keep pace with the market.
In a hyperactive job market, you have to think about pay equity. Pay for new hires can outpace tenured employees, even managers, which can put you at risk of higher voluntary turnover.
With all the challenges in the current job market, it is imperative for employees to understand pay policies and for managers to be trained on compensation.
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The Payscale Index is publicly available data that tracks and compares wage growth by city, industry, company size, and job category. The Payscale Index draws from Payscale's Employee Reported data which includes a salary data cut specific to the finance and insurance industry.
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