by Keith Kefgen, HVS Executive Search
In the face of lodging's national recovery, operators seem reluctant to return to staffing levels of the late 1980s. Payroll remains a large controllable cost, and savvy operators are simply finding ways to do more with less. In determining their strategy and budgets, owners and operators are demanding more accurate and timely information about compensation and benefits.
A new source of compensation information has been developed by HVS Executive Search. Using comprehensive surveys the Hospitality Compensation Exchange (HCE) collects data on all levels of management and line level positions, as well as employee benefits.
Scope of the HCE: The Hospitality Compensation Exchange is now the largest industry forum for the exchange of information on compensation and benefits. Using HCE surveys, HVS Executive Search has conducted more industry compensation studies in the last two years than any other firm. To provide accurate and timely compensation data, the HCE database is constantly being updated.
Survey results are published each year in HCE Annual Reports, covering the following industry segments:
An HCE Annual Report contains an executive summary, a thorough analysis, and a discussion of the results for each respective industry segment. Each annual report breaks this information out in a variety of useful ways. For example, the HCE Lodging On-Property Annual Report covers 28 management positions, 13 hourly positions, and over 60 benefits and related questions. Base salary, bonus and benefits trends are broken out by region, number of rooms, ADR, type of facility, type of management, and special facilities offered.
HCE Select Services: The real power and value of the HCE is its flexible database. HCE Select Reports are customized to the needs of the subject property or company. Given any set of parameters, a query can be performed within the HCE, providing extremely accurate information about the subject property's marketplace. Quartile information is provided for base salary, bonus and employee benefits. The proprietary HCE software is designed to maintain the data integrity of all participants. Should insufficient data be available, the software simply prompts the query parameters to be redefined.
Participating in the HCE: Participation in the HCE is free of charge, with copies of the HCE Annual Report available to participants at 50% of the $295 retail price. Reduced pricing is also available to participants who use the HCE Select feature. Totally customized surveys can be developed for clients, and are priced on an ad hoc basis.
Benefits of the HCE: The HCE boasts high response figures, making the data incredibly accurate an reliable. This focus and objectivity has made the HCE the industry's largest source for compensation and benefits data, which is provided in a user-friendly format. To become a participant or purchase an HCE Annual Report, contact Keith Kefgen at (516) 248-8828, Extension 220.
The Hotel Valuation Journal