All Metrics for Success Start with Retention
When most people hear the words “fiscal year” they automatically fall into a deep, comatose state. I’m all too familiar with the glaze that falls over the eyes and gentle snores that can be heard from the back of the room as we discuss the latest growth numbers and projected figures.
But as the Chief Financial Officer at FLIK Hospitality Group, I love numbers and metrics. I can’t help but to bring it up, it comes natural to me.
October marks the end of our fiscal year, and I am so proud to stay that we’re closing the books with yet another strong year of (double digit!) growth.
But financials are only one piece of the puzzle.
None of this would be possible without the hard work and dedication of every single one of our 12,000 associates. What each individual puts forth in effort, hospitality, and quality is what allows FLIK to continue to sell new business and retain our existing business.
Throughout FLIK’s history, we have enjoyed a very healthy client retention rate, approaching 100%. This near perfect retention is a result of our team’s continued commitment to the FLIK brand promise that has provided our guests and our clients with the confidence of knowing we always strive for excellence and are never complacent in our services.
To keep our team in a constant state of growth, we must invest in onboarding, training, and employee benefits.
According to Deloitte’s 2018 Millennial Survey, 43% of millennials envision leaving their jobs within 2 years. And it is well publicized that the US unemployment rate is at an historic low point. Hey, I’m a numbers guy – statistics are my thing, and these numbers speak volumes, and drive action.
There is a significant expense associated with recruitment and training costs, but as these numbers show, it is critical to invest in our employees in order to keep the turnover rates low.
While FLIK’s retention rates are industry leading, we are addressing employee retention on several fronts (remember: no complacency!):
- We believe that each associate should be able to provide for their family and enjoy the fruits of their hard work in their private time. We are continuously addressing the wages by position and geographical disparities to do just that.
- We know direct paths for career growth are important to our employees. We aim to provide training and career opportunities up and down the line. Whether you are a dishwasher looking to be a cook, or a cashier trying to break into management: we have training programs and available opportunities to address just that.
- We are listening. We engage with our associates on multiple channels to better understand what drives our team. We aim to listen and communicate through annual surveys, app based messaging, in-person round table discussions and annual reviews for all associates.
Employees directly affect the bottom dollar, which is why all metrics for success start and end with retention. Retention is our single biggest focus and allows us to continue to prosper by taking care of each other, our clients and our daily guests.
By Jan Los, Chief Financial Officer, FLIK Hospitality Group
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