A study conducted by the Associated Chambers of Commerce & Industry of India reveals that the attrition rate in the hospitality industry in India is set to double to nearly 50% by 2010, up from the earlier 25% growing at an alarming rate of 10% per annum.
The hospitality industry is facing attrition problem from the growing hospitality industry in India and talent pool in India eager to test foreign waters for more lucrative opportunities. Moreover, the hospitality industry talent pool is also exploring better opportunities in industries like BPO, Banking, Call centers etc
The rising attrition rates are posing a major threat to the hotel groups. As per estimates about 80% of people prefer going to UK and Dubai to join the food and retail industry. These are the preferred destination for the hospitality industry professionals to start a career in hospitality industry.
The government and education institutions are working towards bridging the gap but top level management of the hospitality industry should also work towards solving the problem. The hospitality industry to retain people should work on the deferred compensation schemes, improved salary packages, better incentives, attractive perks etc.
Reference: http://www.financialexpress.com, High attrition hits hospitality sector, February 18, 2008
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