The Cost & Connection Between Turnover & Hiring with Bruce Tracey PhD | 008
The cost of turnover is high. The rate of turnover is even higher. If you ever put a calculator to work to see what just a single termination or resignation actually costs then you know why each decision must not be taken lightly. There is a solid connection between the rate of turnover and what is used to determine why a person is hired.
To say that, Bruce Tracey PhD has made a major positive impact on the hospitality industry would be an understatement. In this episode we start with the hard cold numbers of turnover from a study he coauthored titled 'The Costs of Employee Turnover: When the Devil Is in the Details'. Then, we get into what matters the most in hiring. We reference this study, "What Matters Most? The Perceived Importance of Ability and Personality for Hiring Decisions", which he also was a coauthor. We even get into something that is emerging in selecting new team members. It;s called 'Hospitality Factor'
J. Bruce Tracey is a professor of management at Cornell University's School of Hotel Administration. He has taught courses in human resources management for undergraduate, graduate, and professional audiences throughout North America, Europe, the Middle East, Africa, and Asia, and he has won several awards for his efforts. He has conducted research on a wide range of strategic and operational-level HR topics, including the roles and relevance of HR flexibility, impact of training initiatives on individual and firm performance, employee turnover, employment law, and leadership.
Professor Tracey has presented his work at numerous regional, national, and international conferences, and his research has been published in many of the top-tier discipline and applied outlets, including the Journal of Applied Psychology, Personnel Psychology, Journal of Management, Organizational Research Methods, Cornell Hospitality Quarterly, and the University of Pennsylvania Journal of Labor and Employment Law.
Professor Tracey's sponsors for research and consulting include Four Seasons Hotels and Resorts, Hilton Worldwide, Marriott International, Mövenpick Hotels and Resorts, Hillstone Restaurant Group, and Uno Chicago Grill, and he has been cited in the New York Times, USA Today, Fast Company, and the Orlando Sentinel, among other popular press outlets.
Find Brice Tracey PhD https://sha.cornell.edu/faculty-research/faculty/jbt6/ and on Linkedin https://www.linkedin.com/in/j-bruce-tracey-075b5912/
The Cornell Hospitality Quarterly is a peer-reviewed, scholarly journal that is published quarterly in association with the Cornell University School of Hotel Administration and can be found here https://journals.sagepub.com/home/cqx
For a free copy of my book "Upset to Happy in One Conversation" go here https://www.thegmcoach.com/upsettohappy
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Links to Studies
https://scholarship.sha.cornell.edu/cgi/viewcontent.cgi?article=1148&context=chrpubs
https://scholarship.sha.cornell.edu/cgi/viewcontent.cgi?article=1811&context=articles
