TimeSharing Today | Nov / Dec , 2022
could assist with filling holes when they arise . An evaluation of automation possibilities could help to relieve potentially overworked employees .
Increase wages and add flexibility : For certain positions , having a flexible schedule seems nearly impossible . If employees think this is important to them , engage them in conversation to see what their ideas are and what could be implemented to increase their satisfaction . A flexible schedule does not mean working fewer hours , but it does mean providing more balance .
Happy and engaged employees provide better service , so the discussion is worthwhile .
Also , if wage increases have not already occurred , it is time . With the cost of living on the rise , fierce competition for the same people and the lack of workers to fill positions , resorts must aggressively strive to attract and / or retain good team members .
Boards and managers often forget how high the cost of turnover is . A solid wage increase to resort employees could actually save money over the cost of hiring new people .
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Increase revenue : Probably most important , the time has come to increase revenues , including maintenance fees , restaurant and bar prices , and room rental rates .
Without doing so , a resort can ’ t operate at breakeven going into 2023 . At many resorts , maintenance fees haven ’ t been raised in any significant way in several years to appease owners — but if those owners come to the resort and find no staff to take care of them , and the property shows signs of physical wear and tear due to lack of attention , the effects are more far-reaching .
Owners ’ association boards must be realistic and create revenue streams that allow their resorts to operate well , provide an excellent owner and guest experience , maintain and improve the property , and create employee satisfaction and engagement .
GOVERNANCE & MANAGEMENT
The tip of the spear
Some concessions and compromises in strategy will be necessary to fill open positions ; combat the effects of inflation on wages , transportation and utility costs , and other operating costs ; and keep a balanced budget .
At the tip of the spear in all this discussion is managing owner and guest expectations while providing employee satisfaction and minimizing the financial impact on the resort .
To create the best balance possible , boards and management also must keep an ever-watchful eye on industry trends , inflationary pressures , and satisfaction ratings from employees and guests .
Lena Combs , CPA , CGMA , RRP , is a partner in Withum , a forward-thinking , technology-driven advisory and accounting firm committed to helping clients in the hospitality industry be more profitable , efficient , and productive in the modern business landscape . For further information about Withum and its cybersecurity , digital advisory and hospitality services teams , contact Lena at LCombs @ withum . com or 407-849-1569 , or visit www . withum . com .
What is your Resort doing with its Non-Paying Intervals ?
The Homeowners Association of Sapphire Resorts is accepting proposals from homeowners associations to accept their non-paying intervals for inclusion in our Club .
Sapphire Resorts and its managing agent , GetAways Resort Management , LLC work cooperatively with numerous industry management companies to resolve HOA delinquencies .
The Homeowners Association of Sapphire Resorts has acquired more than 25,000 deeded timeshare intervals since 2004 .
The Homeowners Association of Sapphire Resorts has paid over $ 50 Million in HOA fees to our timeshare association partners .
With over 30,000 members to date , Sapphire Resorts provides its members with a lifetime of memories at nearly 60 resorts in some of the finest destinations in the world .
Let Sapphire Resorts become a valuable piece of your resort ’ s sustainability strategy , both today and into the future . Contact us today to learn more .
( 951 ) 415-3047
Tom Johnson , President – tjohnson @ getawaysresorts . com | ( 951 ) 415-3047 www . staysapphire . com
www . timesharingtoday . com to start or renew memberships .