Sustaining Talent in Tourism: Examining Monetary and Non-Monetary Catalysts

DOI

10.2991/978-94-6463-437-2_28How to use a DOI?

Keywords

Employee Retention; Job Satisfaction; Turnover; Leadership; Monetary and Non-monetary factors; Work-Life Balance; Talent

Abstract

Today, organizations’ greatest difficulty is not just finding ways to manage their resources, but also keeping them around. Even though most organizations are tech-driven, technology still needs people. They are an organization’s most adaptable and vital resource. Tourism has a higher turnover of employees than other industries, making employee retention a major issue. Every company must attract and retain skilled workers to stay competitive. This qualitative study explores the aspects of employee retention in the tourist industry, looking at both monetary and non-monetary factors that affect employees’ commitment to their jobs which is itself employee retention. Through a review of literature from a variety of tourism-related industries, such as travel agencies, tour operators, and hotels, this study provides detailed insights into the variables that affect employee retention. Additionally, the study shows how connections at work, professional growth opportunities, and supportive leadership influence employees’ opinions and retention decisions. The research gap of the study highlights the need for qualitative research on the interaction between monetary and non-monetary factors in tourism employee retention, which has been understudied or not properly covered in the previous studies and the strategies after exploring the new factors to implement in the organizations. This study clarifies the complex interactions between monetary and non-monetary retention variables to improve tourism retention techniques. To boost employee loyalty and prevent turnover, a complete plan that addresses monetary rewards and intangible workplace factors is needed. These insights can help the tourist business retain people and stay ahead in the fast-paced, ever-changing market.

Copyright

© 2024 The Author(s)

Open Access

Open Access This chapter is licensed under the terms of the Creative Commons Attribution-NonCommercial 4.0 International License (http://creativecommons.org/licenses/by-nc/4.0/), which permits any noncommercial use, sharing, adaptation, distribution and reproduction in any medium or format, as long as you give appropriate credit to the original author(s) and the source, provide a link to the Creative Commons license and indicate if changes were made.

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TY  - CONF
AU  - Shaina Arora
AU  - Nilesh Arora
PY  - 2024
DA  - 2024/06/13
TI  - Sustaining Talent in Tourism: Examining Monetary and Non-Monetary Catalysts
BT  - Proceedings of the International Conference on Innovation and Regenerative Trends in Tourism and Hospitality Industry (IRTTHI 2024)
PB  - Atlantis Press
SP  - 393
EP  - 406
SN  - 2352-5428
UR  - https://doi.org/10.2991/978-94-6463-437-2_28
DO  - 10.2991/978-94-6463-437-2_28
ID  - Arora2024
ER  -