$4,500,000. That is what it cost monthly to keep the Gaylord Texan closed in the early days of the pandemic. Yes, you read that right. $4,500,000 monthly is what it cost to be closed!!
We heard from a panel of large NTX hotel General Managers (Gaylord Texan, Great Wolf Lodge, Hilton DFW Lakes) at a Rotary meeting last week. They shared stories of the crushing impact the pandemic had on their industry and the struggle to fill their teams as business picks up.
Steve Haley from Hilton DFW Lakes kept his venue open the whole time. They spent downtime making facility improvements, cross-training team members, and reinforcing their culture. Those investments are paying off. He maintains an unprecedented 92% retention rate, and the cross-training keeps his venue humming even when they are short-handed.
The #1 strategy for winning the talent war is to keep the great people you have. Strong teams don’t just happen.
- Build a smart and healthy culture; creating an environment where people enjoy coming to work.
- Know your humans. When you really know them, show them that what they want aligns with your vision for the business.
- Train them to operate at the next level. Whether that is leadership coaching, technical training, or cross-training on mission critical skills. Unlocking human potential increases engagement every time.
Turnover is very expensive right now. It used to take 2-3 weeks to hire great candidates, now it is 2-3 months. Are you taking great care of your humans? SMB owners frequently struggle with the practical implementation of building culture and training leaders. You are probably closer than you imagine, let us help.