Olumo

Terrapin Case Study

The hospitality industry was particularly hit hard by the outbreak of COVID-19. For Terrapin Hospitality, effective decision-making was critical if they were to overcome the several challenges and setbacks created by the pandemic.

The hospitality industry was particularly hit hard by the outbreak of COVID-19. For Terrapin Hospitality, effective decision-making was critical if they were to overcome the several challenges and setbacks created by the pandemic.

Through their partnership with Olumo, they were able to gather crucial, timely insights from their people to identify how to navigate the pandemic and create a human experience at work.

THE PROBLEM
Decision-Making During Crisis

The outbreak of COVID-19 has ushered drastic change and uncertainty across industries and organizations. This is especially true for the hospitality industry that has faced unparalleled challenges due to travel bans and social distancing. With these new policies, 2020 was the worst year on record for the hospitality industry with all-time lows in occupancy and revenue per available room.

Read here https://www.olumo.com/blog/terrapin-case-study

6 Ways to Increase Employee Retention

The balance of power has shifted. Employers used to be in the driver’s seat when it came to workplace longevity, but people are now squarely behind the wheel in today’s competitive business environment.

An estimated 41 million people voluntarily quit their jobs in 2018. By 2019, that number is projected to increase to 47 million, or 1 in 3 workers.
Each employee exit costs the organization about one-third of that person’s annual earnings in recruitment fees and lost productivity.
In January 2019, the unemployment rate was just 4%. That number makes this one of the tightest labor markets in the last 50 years.
Why People Leave
Now more than ever, leadership needs to focus their attention on creating an attractive workplace experience for the purpose of employee retention. To most effectively do so, know the top reasons for why people leave:

Career development – They found a better job or one where they feel there’s a greater chance to advance their career.
Work-life balance – They feel overworked or their job doesn’t fit with their life preferences.
Manager behavior – They may feel managers are too demanding, controlling, micro-managing, or even dishonest.
Relocation – They move away from physical proximity to work. Even this reason is somewhat within your control, for if people are having a great workplace experience, they’re less likely to want to move.
Compensation and benefits – They may feel that pay and benefits are lacking at your organization, or they may have found a more attractive package elsewhere.
Personal, family, or emotional issues – This reason for leaving is a matter over which management has little control, unless a negative workplace experience is causing the issues.

Obviously, some of these reasons for departure are easier to mitigate than others. When it comes to employee retention, knowing what you can control regarding the workplace experience is crucial.

Read the entire article here https://www.olumo.com/blog/6-ways-to-increase-employee-retention

Engagement and the Needs of Your People

Up until the early 1900s when the government enacted factory and child labor laws, nobody showed much concern for the well-being of the average worker. The realization that happy, healthy people improve productivity and increase profits has been comparatively recent, historically speaking.

Now that managers and business owners understand the importance of a positive workplace experience and the benefits of high employee engagement, it’s imperative they learn to gauge how their organization is faring in both areas. Common signs of disengagement can include:

A decline in productivity
Overactive PTO (paid time off)
Negativity
Colleague complaints
Decline in Productivity
Happy people are productive people. They’re self-motivated, meet deadlines, make sales, and get positive results in whatever capacity they operate. If you notice that the quantity or quality of an individual’s work starts to diminish, you can be sure there’s an underlying problem.

With a loss in productivity, it’s possible the person may be experiencing personal problems unrelated to work. A good manager will take the time to get to the bottom of the issue, regardless if he or she can solve it.

Read the full article here. https://www.olumo.com/blog/engagement-and-the-needs-of-your-people

Why Annual Employee Engagement Surveys are Dead [And What You Can Do About It]

If you’re relying solely only annual employee engagement surveys to gather feedback on the workplace experience, good luck. While popular, such surveys provide little more than incomplete information at best. Gathering accurate employee engagement feedback may seem like an impossible task, but it’s far from it. With today’s technology, it couldn’t be easier. For all intents and purposes, annual employee surveys are dead. Here’s what you can do about it.

What’s Wrong with Annual Employee Engagement Surveys?
So many things are wrong with annual employee surveys, but we’ll list a handful of the most important here, keeping in mind that what follows is not your only option to acquire employee feedback.

A Lot Can Happen in 12 Months
A year is a long time. In fact, 43% of millennials intend to leave their current positions within two years. Without an accurate understanding of your employees’ experience throughout the year, you’re likely to have a staff itching to jump ship even sooner.

Read the entire article here https://www.olumo.com/blog/why-annual-employee-engagement-surveys-are-dead-and-what-you-can-do-about-it