LEGACY human resource practices of hotel and tourism companies are starting to unwind, as findings show most Millennials in the industry are unlikely to stay with their company for the next three years.
A Singapore Tourism Board (STB)-commissioned research on the Asian Millennial workforce and the travel industry released Wednesday shows only 39 per cent of Millennials are likely to stay with their company for the next three years. Not even half (45 per cent) believe they are paid a competitive wage. Only 54 per cent are satisfied with career progression prospects.
Asked if the industry must be disruptive about their HR practices to attract and retain talent, Neeta Lachmandas, STB’s assistant chief executive, interviewed by TTG-ITB Asia Daily at TravelRave Leaders Gala Tuesday evening, said: “I definitely believe our industry needs to look at everything from a clean sheet perspective. We have a complex industry that is very structured and it’s hard to move away from the structure.
“I don’t think we have a choice but to be disruptive. It won’t happen overnight but at least the conversations have started on the ATLS (Asia Travel Leaders Summit) platform and we’re learning.”
Interviews with industry CEOs show old ways are starting to disappear, fortunately.
Previously it would take on average 17 years to rise to the position of a hotel general manager, but this is being rapidly flattened.
Read more in TTG-ITB Asia Daily