New Report: Investment in Training Improves Hospitality Industry’s Bottom Line
Investing in training is important to hospitality organizations and restaurant and lodging companies’ bottom lines, says a new report released by the Council of Hotel and Restaurant Trainers (CHART) and People Report, a TDn2K company. The report, 2014 Trends in Hospitality Training & Development Study, serves as a benchmark for training and development practices. The full report and one-page infographic are now available for download at www.chart.org.
October 9, 2014 (Westfield, NJ)—Investing in training is important to hospitality organizations and restaurant and lodging companies’ bottom lines, says a new report released by the Council of Hotel and Restaurant Trainers (CHART) and People Report, a TDn2K company. The report, 2014 Trends in Hospitality Training & Development Study, serves as a benchmark for training and development practices. The full report and one-page infographic are now available for download at www.chart.org.
“We’ve known for years that investing in training is a worthwhile expenditure in the hospitality industry. It helps companies reduce turnover, foster a stronger, more skilled workforce, and provide a better customer experience. Now we have yet another report that backs up this essential premise in our industry,” said Patrick Yearout, director of training for Ivar’s Restaurants and CHART president.
The report highlights a number of key findings, most notably:
- A seat in the C-Suite. One-quarter of training departments report directly to the CEO or president of an organization.
- Go online, see results. More organizations are turning to e-learning as part of their training suite, using it for knowledge leveling, validation and testing, and compliance. More than 80 percent of limited service restaurants and 73 percent of hotel and lodging companies report offering e-learning opportunities to employees.
- A little bit goes a long way. Restaurants that spend more than four hours on new hire orientation have on average 20 percent lower turnover.
- Investing in people matters. Increasing an organization’s budget to train certified trainers can reduce turnover by an average of 25 percent.
Founder and CEO of People Report Joni Thomas Doolin added, “The hospitality industry’s effective adoption of training programs is essential to best-in-class performance. We look forward to continuing our partnership with CHART to study the training profession and practices to help this vital sector of our economy and workforce grow and flourish.”
The Council of Hotel and Restaurant Trainers (CHART) is a non-profit professional association founded in 1970. It is the leading resource for the development and advancement of hospitality training professional and their organizations. With more than 450 members from more than 300 multi-unit restaurant and hotel companies, CHART represents a workforce of almost three million. CHART includes all facets of hospitality training, learning and performance professionals; from entry level to senior executive. CHART’s mission is to develop hospitality training professionals to advance industry training practices and improve operational results by providing access to education, tools and resources. To learn more, visit www.chart.org
TDn2K (Transforming Data into Knowledge) is the parent company of People Report, Black Box Intelligence and White Box Social Intelligence. People Report provides service-sector human capital and workforce analytics for its members on a monthly basis. Black Box Intelligence provides weekly financial and market level data for the restaurant industry. White Box Social Intelligence, currently in beta, will deliver unparalleled consumer insights and reveal online brand health. Together they report on over 30,000 restaurant units, one million employees and 45 billion dollars in sales. They are also the producers of two leading restaurant industry conferences: Summer Brand Camp and the Global Best Practices Conference, each held annually inDallas,Texas.
Lisa L. Marovec, FMP