- November 13, 2021
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According to the Bureau of Labor Statistics, the industry has an annual turnover rate of 73.8%, with over 6% of staff leaving every month1. Worker shortages have been prevalent during the pandemic; with half of former hospitality employees stating they won’t return to their former jobs, due to low pay, a lack of benefits and stressful work, according to one survey.2
Benefits can help manage the labor gap in the hospitality industry and attract long-term staff. Work with your insurance advisor to offer a strategic and competitive package and consider retirement planning when it comes to long-term retention.
2. Business Insider, “A third of former hospitality workers won’t return to the industry during the labor shortage because they want higher pay, better benefits, and a new work environment,” July 8, 2021.
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