HGV vs TNL & VACHedge Fund 4
Analyst
Compare HGV to TNL and VAC on the workforce signals. What's distinctive about each of the three, and where do they actually diverge?
LinkedIn Talent Data Insights
On the workforce metrics, HGV looks like the most balanced of the three. TNL is growing faster but attrition-heavy. VAC is contracting and bleeding talent to IT-services firms.

Headline numbers (May 2026 capture).

- HGV: 8,727 employees, +8% YoY, 12% attrition, 821 open jobs (9.4% open-jobs rate). Net 12-month flow +777.
- TNL: 5,059 employees, +13% YoY, 16% attrition, 653 open jobs (12.9% open-jobs rate). Net 12-month flow +633.
- VAC: 8,553 employees, -1% YoY, 10% attrition, 433 open jobs (5.1% open-jobs rate). Net 12-month flow -95.

What the data says about each.

HGV is the only one of the three with positive headcount growth, positive net flow, and a top-5 growing-skills list that is fully positive (Opera Reservation +6%, Account Reconciliation +5%, Accounting +4%, Sales Ops +3%, Ops Mgmt +3%). Attrition (12%) is sharply lower than TNL (16%) and modestly higher than VAC (10%). HGV's largest organic 12-month inflows are Wyndham Destinations +13 net, Holiday Inn Club Vacations +12, and The Walt Disney Company +12 — broad pull from non-affiliated timeshare operators and the Orlando theme-park labor market.

TNL is growing fastest on headcount (+13%) but losing more of the existing workforce (16% attrition — replacement is running roughly 808 people/year just to stand still). Wyndham Destinations is a +27 net inflow — TNL was rebranded from Wyndham Destinations in 2021, so this is largely former-parent talent rejoining. Top-5 growing skills are all double-digit (+18% Multitasking, +18% Conflict Resolution, +16% Housekeeping) and all operational/frontline rather than commercial. Reads like rapid frontline scaling, not a strategic skill build.

VAC is the only company in the three that's shrinking. -1% YoY headcount, net -95 flow, with the two largest 12-month talent destinations being IBM (-61 net) and HCLTech (-56 net) — a 116-person net outflow to IT-services firms that no other timeshare peer in the dataset registers. Sales-skill inventory is contracting on four of the top-five growing skills (Sales Mgmt -1%, New Business Dev -1%, Sales Ops -2%, Sales Presentations -3%). VAC is the only one of the three where the captured sales-tagged skill inventory is contracting year-over-year.

The verdict. HGV is the only one of the three simultaneously growing, retaining, hiring, and building positive skill momentum on its existing inventory. TNL is the fastest-scaling but on the weakest retention base. VAC is the only one with negative headcount, negative net flow, and a top-5 growing-skills list dominated by negative sales-tagged skills (Sales Mgmt, New Biz Dev, Sales Ops, Sales Presentations).

Headcount Growth (YoY %) — HGV positive, TNL fastest, VAC contracting

13%
8%
-1%
TNL
HGV
VAC

Attrition rate — VAC lowest, HGV middle, TNL elevated

10%
12%
16%
VAC
HGV
TNL

Net 12-month captured flow — HGV +777, TNL +633, VAC -95

777
633
-95
HGV
TNL
VAC

Open jobs as % of headcount — TNL signaling most aggressive 12-month build

12.9%
9.4%
5.1%
TNL
HGV
VAC

Workforce snapshot — May 2026 capture

MetricHGVTNLVAC
Employees on LinkedIn8,7275,0598,553
Headcount growth YoY+8%+13%-1%
Attrition rate12%16%10%
Hires (12mo)1,7711,390759
Departures (12mo)994757854
Net change (12mo)+777+633-95
Open jobs821653433
Open jobs / headcount9.4%12.9%5.1%
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Analyst
Walk me through the head-to-head trades. How are these three trading talent with each other and with the rest of the timeshare cohort?
LinkedIn Talent Data Insights
The direct trades between HGV/TNL/VAC are essentially symmetrical — none of the three is meaningfully winning the head-to-head bench. Where they diverge is the supporting cast.

Direct trades (12-month captured).

- HGV ↔ TNL: HGV lost 30 to TNL, gained 32 from TNL. HGV +2 net. Heaviest direct trade in the dataset.
- HGV ↔ VAC: HGV's report records HGV +6 net (16 to VAC, 22 from VAC). VAC's reciprocal report records VAC +2 net (16 to HGV, 18 from HGV) — i.e. the two sides disagree on who wins the trade. The asymmetry reflects LinkedIn capture-timing differences; in either reading, the trade is small in absolute terms (<10 net).
- TNL ↔ VAC: TNL lost 10 to VAC, gained 13 from VAC. TNL +3 net.

The aggregate read. Reading each pair from one consistent side (HGV's view for HGV-pairs; TNL's view for TNL-VAC), HGV is +8 across both peers, TNL is +1, VAC is -9 — a sum that nets to zero by construction. Marginal — these three are largely passing the same employees back and forth, and the pairwise differences are within LinkedIn capture-asymmetry on the order of 4-6 people per trade.

The supporting cast is where the picture diverges.

- HGV's largest organic inflow source is Wyndham Destinations: +13 net (14 hires, 1 departure). Holiday Inn Club Vacations follows at +12 net (20 hires, 8 departures), and The Walt Disney Company contributes +12 net (12 hires, 0 departures). Marriott Vacations Worldwide is +6 net to HGV. Broad pull from non-affiliated timeshare operators and the Orlando theme-park labor market.
- TNL's #1 inflow is Wyndham Destinations: +27 net (28 hires, 1 departure). TNL rebranded from Wyndham Destinations in 2021; this is largely former-parent talent re-entering the captured set, not external recruiting strength. Beyond that, Accor Vacation Club +7, The Walt Disney Company +5, Hyatt Vacation Ownership +3, and Marriott Vacations Worldwide +3 round out the top organic inflows.
- VAC's outflow story dominates. IBM is VAC's #1 captured outflow at -61 net (65 departures, 4 hires). HCLTech is #2 at -55 net (56 departures, 1 hire). Combined, 116 net departures to two IT-services firms in 12 months — a pattern absent from HGV, TNL, and the rest of the timeshare cohort. The most likely explanation is a captive-IT or finance-org outsourcing event; LinkedIn doesn't break down which functions, but the volume implies it's a structural workforce decision rather than individual moves.

The verdict on the trade book. HGV is winning the timeshare-internal trades modestly, and winning the broader Orlando labor pool more decisively. VAC's net workforce decline is not coming from losses to its timeshare peers — it's coming from losses to IT-services firms that aren't present in HGV or TNL's departure tables.

Head-to-head 12mo trades — modest, with HGV slightly net positive on both

Trade pairOutInNet to first-named
HGV vs TNL3032+2 to HGV
HGV vs VAC1622+6 to HGV
TNL vs VAC1013+3 to TNL

Top 12mo inflow sources — HGV pulls a wider Orlando supporting cast

RankHGVTNLVAC
#1Wyndham Destinations +13Wyndham Destinations +27 (former parent)Wyndham Destinations +3
#2Holiday Inn Club Vacations +12Accor Vacation Club +7HGV +2
#3Walt Disney Company +12Walt Disney Company +5UCF +1
#4Marriott Vacations Worldwide +6Hyatt Vacation Ownership +3TNL 0 (12-12)
#5Walt Disney World +6Marriott Vacations Worldwide +3— (no further net positive sources)

VAC's distinctive outflow signature — 116 net departures to IT services in 12 months

DestinationVAC netHGV netTNL net
IBM-61Not in top 10Not in top 10
HCLTech-55Not in top 10Not in top 10
Marriott International-9Not in top 10Not in top 10
Vacatia (timeshare)-6-16Not in top 10
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Analyst
What does the skill-mix data say about where each company is investing — and at VAC, what's actually contracting?
LinkedIn Talent Data Insights
The skill-momentum signals diverge sharply across the three. HGV is investing in revenue/finance functions; TNL is staffing up frontline operations; VAC's sales capability is structurally eroding.

HGV's top-5 fastest-growing skills are all positive and weighted toward revenue management and back-office finance.

- Opera Reservation System +6% — the dominant property-management system in hospitality; growth here is consistent with continued PMS rollout or standardization across HGV's property estate.
- Account Reconciliation +5%, Accounting +4% — finance-function build.
- Sales Operations +3%, Operations Management +3% — operational scaling.

None of these are dramatic numbers, but the consistency (all positive, all in commercial/finance/ops) is the signal. The existing skill inventory (Hospitality Industry 1,424 / Hospitality Management 1,086 / Customer Satisfaction 1,084 / Hotel Management 924 / Opening Hotels 910) is being incrementally extended on revenue-management and finance dimensions specifically (Opera Reservation, Account Reconciliation, Accounting).

TNL's top-5 fastest-growing skills are all double-digit but all frontline operational.

- Multitasking +18%, Conflict Resolution +18% — frontline service skills.
- Housekeeping +16% — operational rather than commercial.
- Sales and Marketing +12%, Executive Office Administration +12% — broader operational skill build.

The magnitude is impressive, but the composition matters. TNL is staffing up the operational base — consistent with the +13% YoY headcount growth — but the skill build is replacement-volume rather than capability-deepening. Combined with 16% attrition, this reads as rapid frontline turnover with continuous re-skilling, not a strategic capability moat.

VAC's top-5 fastest-growing skills are 4-of-5 negative, and the negatives are all on the sales motion.

- Digital Marketing +6% — the only positive.
- Sales Management -1%, New Business Development -1% — leadership-layer sales eroding.
- Sales Operations -2%, Sales Presentations -3% — execution-layer sales eroding.

All four of VAC's negative growing skills are sales-tagged (covering management, business development, operations, and presentation execution). Combined with -1% headcount and -95 net flow, this is the most material skill-mix divergence in the dataset between the three companies. It is also rare: across the Lumen dataset, all-negative top-5 growing skills are visible at companies in identifiable contraction (Peloton, where every top-5 growing skill is negative on a -9% YoY workforce). VAC is the only timeshare operator in our coverage with a similar mostly-negative top-5 signature.

The verdict on skill momentum. HGV's skill momentum is positive across all top-5 growing skills, weighted toward revenue management and finance. TNL's skill momentum is positive in magnitude but concentrated in frontline operational categories rather than capability-deepening ones. VAC's skill momentum is negative on 4 of 5 top-growing skills, and the negatives are concentrated in sales-tagged skills.

HGV — Top 5 fastest-growing skills (all positive; revenue + finance bias)

6%
5%
4%
3%
3%
Opera Reservation System
Account Reconciliation
Accounting
Sales Operations
Operations Management

TNL — Top 5 fastest-growing skills (large but frontline-operational)

18%
18%
16%
12%
12%
Multitasking
Conflict Resolution
Housekeeping
Sales and Marketing
Executive Office Administration

VAC — Top 5 fastest-growing skills (4 of 5 negative; sales motion eroding)

6%
-1%
-1%
-2%
-3%
Digital Marketing
Sales Management
New Business Development
Sales Operations
Sales Presentations
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Analyst
How does the geographic footprint compare? All three are Orlando-headquartered — does the data show real differentiation, or just the same Sun Belt pool?
LinkedIn Talent Data Insights
All three are Orlando-anchored, but the geographic profile beneath that headline diverges meaningfully — and HGV's footprint is the most growth-aligned of the three.

Top-location share (% of total headcount in #1 metro).

- HGV: Greater Orlando 2,526 = 29% of workforce. Las Vegas 1,325 = 15%. Combined #1 + #2: 44%.
- TNL: Greater Orlando 1,173 = 23%. Las Vegas 215 = 4%. Combined: 27%. The most geographically distributed of the three.
- VAC: Greater Orlando 2,286 = 27%. Los Angeles 567 = 7%. Combined: 34%.

Growth direction within the top metros tells the differentiated story.

- HGV's top-10 metros are 8 growing, 1 flat (NYC 0%), and 1 declining (Miami-Fort Lauderdale -5%) — i.e. only one metro in the top-10 is going backwards. The strongest growth is in secondary markets: Greater Myrtle Beach +13%, Springfield-Branson +11%, LA +9%. HGV is not just adding bodies in Orlando; the secondary US Sun Belt footprint is expanding.
- TNL's top-10 metros are 9 growing and 1 declining (Greater Indianapolis -8%). San Diego +28% is the standout growth metro. The combination of high YoY growth at a lower base implies TNL is building net-new presence in markets where it had little prior footprint.
- VAC's top-10 metros are 3 growing, 2 flat (LA 0%, Hilton Head 0%), and 5 declining. Greater Orlando -4%, Maui -4%, Lakeland FL -3%, Honolulu -1%, Miami-Fort Lauderdale -1%. The contraction is geographically distributed across VAC's largest US locations rather than concentrated in any single metro. International bright spots (Costa Rica +16%, Phuket +8%) are growth on small absolute headcount.

Fastest-growing locations (low-base, high-rate signals).

- HGV: London +53%, Madison +45%, Málaga +40% — international + US secondary expansion.
- TNL: Chicago +83%, Boston +47%, UAE +44% — net-new metro entries.
- VAC: Costa Rica +16%, Avon CO +10%, Phuket +8% — modest international expansion against a contracting US base.

The verdict on geography. HGV's footprint is the profile of an integrated, growth-mode operator: large core in Orlando + Vegas, secondary expansion in Sun Belt resort markets, modest international build. VAC's footprint shows an established but contracting US base, with growth limited to small international markets that don't offset the home-market decline. TNL's footprint shows the most rapid relative expansion but the smallest absolute base — TNL is building net-new geographic presence rather than deepening existing locations.

Geographic concentration & growth — top 5 metros by headcount

MetricHGVTNLVAC
#1 metroOrlando 2,526 (+4%)Orlando 1,173 (+9%)Orlando 2,286 (-4%)
#2 metroLas Vegas 1,325 (+5%)Las Vegas 215 (+9%)Los Angeles 567 (0%)
#3 metroHonolulu 377 (+2%)Los Angeles 141 (+14%)Miami 461 (-1%)
#4 metroMyrtle Beach 257 (+13%)Indianapolis 136 (-8%)Salt Lake City 352 (+1%)
#5 metroNYC 210 (0%)Myrtle Beach 131 (+12%)Hilton Head 289 (0%)

Top-10 metros — growth balance

MetricHGVTNLVAC
Top-10 metros growing YoY8 of 109 of 103 of 10
Top-10 metros flat (0% YoY)1 of 100 of 102 of 10
Top-10 metros declining YoY1 of 101 of 105 of 10
Workforce share in top 2 metros44%27%34%

Fastest-growing locations — divergent expansion strategies

RankHGVTNLVAC
#1London +53%Chicago +83%Costa Rica +16%
#2Madison +45%Boston +47%Avon, CO +10%
#3Málaga +40%UAE +44%Phuket +8%
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Analyst
What does the LinkedIn Recruiter Open-to-Work signal say about retention risk at each company, and where does the skill-level data add to or push back on the headline attrition picture?
LinkedIn Talent Data Insights
The Open-to-Work signal nuances — and partly pushes back on — the headline picture from Talent Insights. The contracting company in the cohort is also the most retentive on a forward-looking basis.

Aggregate Open-to-Work share (2026-05-07 Recruiter pull).

- TNL: 2,200 of 5,000 captured profiles flagged Open-to-Work (44%) — highest forward retention risk, directionally consistent with TNL's 16% TI attrition.
- HGV: 3,400 of 8,600 (40%) — middle. Sits between TNL and VAC, as does HGV's 12% TI attrition.
- VAC: 2,600 of 8,300 (31%) — lowest. Despite being the only company in the cohort with -1% YoY headcount, VAC's remaining workforce is the most retention-stable on this measure.

The cross-skill consistency. VAC reads lowest or tied-lowest on Open-to-Work share in 6 of the 8 skills measured — Sales (38% vs HGV 45%, TNL 44%), plus Marketing, Finance, Hospitality Industry, Hospitality Management, Hotel Management. The pattern is not a single-skill artifact; it is consistent across the workforce.

How this sits with the TI signal on VAC. The TI growing-skills data shows VAC's sales-motion contracting (Sales Mgmt -1%, Sales Ops -2%, Sales Presentations -3% YoY). That is a retrospective signal — work the people *who already left* used to do. The OTW data is forward-looking, and it says the people who remain at VAC are *less* likely to leave next than HGV's or TNL's equivalent populations.

The synthesis. VAC's workforce contraction over the last 12 months — including the -116 net to IBM + HCLTech — appears to have been the workforce decision happening, not a workforce decision in progress. Survivors are sticky. HGV and TNL, despite stronger growth, carry higher forward retention risk on the OTW measure: TNL acutely (44%, with 16% attrition compounding it), HGV moderately (40%, with attrition middle of the pack).

The retention-risk hotspots within HGV and TNL. Operations Management and Customer Service register the highest OTW% at HGV (50% each); Operations Management at TNL is 48%. These are frontline-heavy categories where 1-in-2 employees is signaling Open-to-Work. The skill table below shows the full breakdown.

Open-to-Work aggregate (LinkedIn Recruiter, 2026-05-07 pull)

3,400
HGV — Open to Work
40% of 8,600 captured profiles
2,200
TNL — Open to Work
44% of 5,000 captured profiles
2,600
VAC — Open to Work
31% of 8,300 captured profiles

Recruiter spotlights — HGV vs TNL vs VAC

SpotlightHGVTNLVAC
Captured profiles (Recruiter total)8,6005,0008,300
Open to Work3,400 (40%)2,200 (44%)2,600 (31%)
Active talent (actively searching)867 (10%)704 (14%)627 (8%)
Rediscovered candidates746

Open-to-Work by skill — % OTW indicates retention risk in that capability

SkillHGV % OTWTNL % OTWVAC % OTW
Sales45% (2,000 of 4,400)44% (1,200 of 2,700)38% (1,300 of 3,400)
Marketing44% (1,400 of 3,200)43% (1,000 of 2,300)38% (1,000 of 2,600)
Operations Management50% (1,100 of 2,200)48% (768 of 1,600)50% (893 of 1,800)
Customer Service50% (2,000 of 4,000)48% (1,200 of 2,500)50% (1,400 of 2,800)
Finance50% (358 of 716)43% (277 of 638)43% (324 of 751)
Hospitality Industry46% (974 of 2,100)45% (490 of 1,100)41% (867 of 2,100)
Hospitality Management50% (1,300 of 2,600)43% (777 of 1,800)39% (1,100 of 2,800)
Hotel Management43% (562 of 1,300)42% (281 of 668)38% (531 of 1,400)
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Analyst
Pull it together. What's the workforce verdict on the three companies, and what's the single workforce signal that could change the picture in 12 months?
LinkedIn Talent Data Insights
HGV is the most balanced of the three on workforce signals — but its Sales motion (25% of headcount, 45% OTW) is its single largest forward retention exposure. TNL is scaling fastest with the highest aggregate forward retention risk in the cohort. VAC's workforce contraction is largely behind it; the remaining workforce reads as the cohort's most retention-stable, even as the lagging TI signals continue to point at historical decline.

The verdict on each company.

1. HGV — operational compounder with one concentrated risk. The only one of the three growing on all four operational dimensions simultaneously: headcount (+8%), net flow (+777), open-jobs intent (821 / 9.4%), skill momentum (top-5 growing skills all positive). Largest organic inflows from Wyndham Destinations +13, Holiday Inn Club +12, and The Walt Disney Company +12; 8 of 10 top metros growing, only 1 declining. The single workforce risk: HGV's largest function is Sales (25% of headcount ≈ 2,182 people), and Sales registers a 45% Open-to-Work share — meaning roughly 1,000 of HGV's sales-tagged employees are signaling Open-to-Work right now. On a sales-conversion-driven model, that is a non-trivial forward-attrition pool concentrated in the revenue function.
2. TNL — fastest-scaling, highest forward retention risk. +13% YoY headcount and multiple top-growing skills above +15%, but 44% aggregate OTW (highest in the cohort) and 16% TI attrition. The replacement-hire math: at 16% × 5,059 employees, TNL is running ~810 replacement hires per year *just to stand still*. Roughly 58% of its 1,390 total 12-month hires are absorbed by replacement before any net add. Top-5 growing skills are all frontline-operational (Multitasking, Conflict Resolution, Housekeeping); the skill build is replacement-volume rather than capability-deepening. Hiring fast on an unstable base.
3. VAC — the contraction is largely behind it; survivors are sticky. The TI signal still points at historical decline: -1% YoY headcount, -95 net flow, 4-of-5 top-growing skills negative on the sales motion (Sales Mgmt, New Biz Dev, Sales Ops, Sales Presentations), and -116 net 12-month flow to IBM + HCLTech. The OTW data partly counters this read going forward. VAC's 31% aggregate OTW is the lowest of the three by ~9 points; VAC reads lowest or tied-lowest in 6 of 8 measured skills, including Sales (38% vs HGV 45%, TNL 44%). The contraction happened; the workforce remaining is the most retentive in the cohort. The open question for VAC is whether the smaller, more retentive workforce can drive the business model forward.

Four caveats on the read.

1. HGV's skill-build is incremental, not transformational. Top-5 growing skills register +3 to +6% — directionally positive but modest in magnitude. By comparison, even within this same dataset, TNL is registering +12 to +18% on its top-5 (off a smaller base, but the magnitude difference is real). HGV is compounding its existing skill mix steadily; not building step-change capability.
2. HGV's Sales OTW% is its largest single workforce risk. As above, ~1,000 sales-tagged employees flagging Open-to-Work on the largest function in the company. If even a fifth of that pool moves over the next 12 months (≈200 sales departures), the operational compounding story takes a real dent on the revenue function specifically.
3. All three companies depend on the same Orlando talent supply. UCF and Valencia College are top-2 schools at every one of HGV, TNL, and VAC. None of the three has a structurally differentiated talent pool — the differentiation between them is operational, not access-based.
4. TNL's attrition is the most plausibly reversible workforce signal in the dataset. A 16% → 12% move would close the meaningful retention gap with HGV in 3-4 quarters and would re-rate TNL's net-add capacity by ~35%. The HGV-vs-TNL workforce-quality gap is real today but not structurally locked in.

The two competing readings on VAC — and what resolves them. The TI-side reads structural workforce decline (negative growth, sales-skill atrophy, IT-services outflow). The OTW-side reads contraction-complete-and-stabilized (lowest forward retention risk in the cohort). What resolves this in 12 months is the trajectory of two signals together: VAC's IT-services outflow over the next 4 quarters, and VAC's OTW% trajectory. Stability path: IT-services flow abates AND OTW% holds at 30-32% — the contraction is behind, retention is real. Deferred-pain path: IT-services flow continues at -110 to -130 net per year AND OTW% rises above 35% — a second wave of contraction is forming. At today's snapshot, the OTW data favors the stability read; it is one quarter of one signal, and the next reading is what decides.

Workforce signals scorecard — HGV vs TNL vs VAC

SignalHGVTNLVAC
Headcount growth (YoY)+8% ✓+13% ✓-1% ✗
Net flow (12mo)+777 ✓+633 ✓-95 ✗
Attrition (lower = better)12% ~16% ✗10% ✓
Open-jobs intent (% headcount)9.4% ✓12.9% ✓5.1% ~
Top-5 skill momentumAll positive ✓Frontline-only ~4 of 5 negative ✗
Top-10 metros growing8 of 10 ✓9 of 10 ✓3 of 10 ✗
Direct trade vs the other two+8 net ✓+1 net ~-9 net ✗
Aggregate OTW share (forward retention risk)40% ~44% ✗31% ✓
Sales OTW% (largest function for HGV)45% ✗44% ✗38% ✓
Distinctive risk signalSales OTW (~1,000 flagged)Replacement-heavy growthIT-services outflow (-116)
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Methodology

All workforce data captured from LinkedIn Talent Insights (May 2026) and LinkedIn Recruiter (2026-05-07). All three companies headquarter in Orlando, share dominant US Sun Belt footprints, and overlap heavily in talent flow with each other and the broader timeshare cohort (Wyndham Destinations, Holiday Inn Club Vacations, Vacatia, Capital Vacations, Hyatt Vacation Ownership).

Captured profiles are LinkedIn-visible employees tagged to a company. This set typically exceeds active headcount because recent ex-employees may still list the company on their profile.

Talent flow numbers are 12-month captured movements between companies. Negative net change means the company lost more people to that destination than it gained.