Upscale Casinos Suffer the Most From Costly Employee Turnover
The cost of replacing departing employees at mid-market casinos is expensive, but the cost is even greater at upscale properties. Cornell University research shows that employee turnover at ‘mid-market and below’ properties in the hospitality industry costs $4,434 per new hire. On the other hand, if a property is upscale, that cost skyrockets to more than $12,000 per person. That likely holds true in the gaming industry as well. Thus, if a casino’s vision statement includes words and phrases such as pre-eminent, leader, destination resort and the number one destination, its cost per lost employee probably is about $12,000.