Hotel Effectiveness launched PerfectWage, a hospitality wage benchmarking tool that offers broad coverage. The low unemployment rate and 500,000+ unfilled hospitality jobs puts pressure on hotel owners to increase wages. The labor shortage makes it difficult to hire and retain affordable, quality talent but PerfectWage can be part of the solution, the company said.
PerfectWage offers competitive wage information by position in nearly 100 markets. The easy-to-use tool helps hoteliers make wage decisions and set compensation strategy. The benefits include:
- Recruit top talent — attract the best talent with market-based wage rates.
- Reduce turnover — employees stay with companies that offer competitive pay. PerfectWage gives actual market data in real time.
- Benchmark your wage data across the hotel portfolio. Compare hotels side-by-side, position-by-position using peer data along with market comparisons.
“Turnover rates are higher than ever for our industry,” Hotel Effectiveness co-founder/CEO Mike Martin said in a statement. “Most positions are above 80 percent turnover and getting worse. The need for a tool like PerfectWage is clear. With this tool, hotel managers can feel 100 percent confident in their wage offerings all while recruiting and retaining top-tier talent. At the same time, our Sherman Act-compliant process can remove the risk of unlawful data collection practices such as informal call-arounds and other anticompetitive methods.”