CFOs Can Trim Cost of Employee Turnover Via Employee Advocacy
Casino chief financial officers who want to cut costs and boost revenue should work closely with other departments at the property to create as many employee advocates as possible.
Cornell University researchers found that the cost of replacing an employee in the hospitality field is more than $5,000 per person. Look at your turnover numbers and see what it would do to your bottom line if you could reduce turnover by just a small amount.
Employee advocates are not interested in quitting their jobs. In fact, they risk their reputation to recommend their casino to friends as a great place to work. Working closely with other department to turn employees into advocates for your casino can help reduce turnover and save a significant amount of money.