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

Shaina Arora () and Nilesh Arora
Additional contact information
Shaina Arora: University School of Business, Chandigarh University, Research Scholar
Nilesh Arora: University School of Business, Chandigarh University, Professor

A chapter in Proceedings of the International Conference on Innovation and Regenerative Trends in Tourism and Hospitality Industry (IRTTHI 2024), 2024, pp 393-406 from Springer

Abstract: 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.

Keywords: Employee Retention; Job Satisfaction; Turnover; Leadership; Monetary and Non-monetary factors; Work-Life Balance; Talent (search for similar items in EconPapers)
Date: 2024
References: Add references at CitEc
Citations:

There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:advbcp:978-94-6463-437-2_28

Ordering information: This item can be ordered from
http://www.springer.com/9789464634372

DOI: 10.2991/978-94-6463-437-2_28

Access Statistics for this chapter

More chapters in Advances in Economics, Business and Management Research from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().