We are experiencing unusually high turnover in key positions at both properties and vendors over the past few years. Especially in CXO, sales and marketing positions where the primary role is increasing revenue. Why the endless revolving door?

The common pitfalls to long term success in revenue generating positions are expecting revenue driven results too early or setting unachievable goals – or worse moving those goal posts post hiring. This pattern plays out often and only puts the company further behind than when they started hiring. And for the new hire, it’s more wasted time that can’t afford to be wasted.

As of late, many executives share with me, “I thought I was a perfect fit and they didn’t hire me.” Or, on the hiring side, “I’ve had three people in that position this year alone, and I still can’t find the right person.” Based on this, I can’t help but think, in part, the issue that deserves thoughtful attention is truly understanding the unique generational differences in our workforce today.

Starting at the beginning with hiring, the elusive ingredient is always determining if the interviewee is the right “fit.” This is a subjective quality; perhaps visualizing this individual integrating with the current staff or meeting with a potential client. John Fillipe’s article, This Old House, discusses the long-time dilemma of the older executive’s challenge in landing a new career. However, he shares the tremendous benefits of hiring veteran skills especially given today’s workforce, and further identifies steps the seasoned candidate can take to be viewed as a more viable choice than the shiny new model.

In furthering our understanding of today’s workforce, Rick Arpin shares keen insights on how today’s workforce comprised of Baby Boomers, Gen X and, yes, Millennials are dynamically different and how this is causing challenges we have not had before. Rick compares the big differences in work ethic, general characteristics, lifestyle and work goals which provides a more helpful and practical understanding of each.

In short, hiring now involves not only spending more time ensuring expectations were understood and agreed upon out of the gate, but also understanding candidates from each generation have vastly different goals for themselves and the position. Understanding these goals and creating an environment where a multi-generational workforce can thrive, may just be the key to unlocking the mystery of the revolving door.

However, change is always hard as we find ourselves following a set pattern and we tend to stay within our comfort zone. John Goetz’s 24 Hours to Change the Way You Think is a new approach to problem solving and innovation generating ideas taken from the Hack-A-Thon playbooks. Technology companies started this method as a way to solve a coding problem and hire talent. Today companies are having their own version of Hack-A-Thons, whereby the task could be marketing, sales or any defined area and letting the whole company participate in a “X-A-Thon Day.” Those who generate the best methods to better the company are rewarded at the end.

Nate Rosenberg’s column on Why More Executives are Getting Coaches suggests coaching as a viable leadership tool in this and many other areas also.

We have another amazing edition on tap for you. Hospitality enthusiasts will enjoy learning how AI in Hospitality is already in play and Revenue Managers will benefit from Strategic Segmentation. In F&B Teri Howe releases Part 2 of the Where Does the Dining Experience Begin, which completes in detail the guest lifecycle.

No edition is complete without in-depth content on security—the top topic of the past several years. Matt Kelley has included a fantastic feature on InfoSec and the deliverables within are the how-to steps for companies that are still not sure how to get this started and the landmines to avoid.

In every edition we include content on the things we know are always on busy executive minds like investing. Bitcoins by Ann Nygren is a great piece to understand why these are a popular investment area, how they are valued and how that value is increasing. Planning for retirement is terrifying enough, but Planning for the Rising Costs of Healthcare is a key ingredient in that equation to figure out early and accurately.

Finish your gaming and hospitality journey with us this spring in South Africa with G&L’s International Editor Bill Healey who spoke with Advocate Thembe Ngobese, CEO of the Casino Association of South Africa on the state of gaming in South Africa today.

As always, I hope you enjoy this edition and thanks for welcoming G&L into your home and office this spring.

All the best,

Jeannie Caruso, CEO
jeannie@mygamingandleisure.com