Briefing: Global business in the face of uncertainty

According to a report from Markit and CIPS, the UK services economy rebounded in August with The Business Activity Index up to 52.9 in August, from 47.4 in July. But we live in a global world and work in an international industry so global forecasts and upsets are always in mind. Markit and CIPS also state that Eurozone economic growth is at a 20-month low in September. FocusEconomics panelists see GDP in China rising 6.6% this year with a slow down to 6.3% next year. This is still positive but reflects a change from recent years.

This week our hospitality experts discuss market uncertainty and global business:

The month-on-month gain in the UK business activity index, at 5.5 points, was the largest observed over the 20-year survey history, following a record drop of 4.9 points in July. This goes to show how changeable today’s economy is.

Markit’s Eurozone PMI® Composite Output Index suggests that the economy is losing, rather than gaining, momentum  as the average index reading over the third quarter (52.9) is below that of quarter two (53.1).

According to FocusEconomics there is suggestion that things are looking in Russia up as GDP fell just 0.6% annually in Q2, the smallest decrease since Q1 2015.

As our experts discuss above long term confidence is difficult with so many factors possibly affecting business. But all business that embrace the international perspective are more expectant of these changes and better equipped to perform in all weathers.

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: Millennial culture emphasises teamwork

According to Deloitte’s Human Capital Trends 2016, 80% of executives report that they are either currently restructuring their organization or have recently completed the process. The report states that the need for innovation and the growing Millennial workforce among other factors is driving a trend for businesses to be organised into ever-changing “networks of teams”. Another important finding is that 82% of survey respondents believe that “culture is a potential competitive advantage.”

In these videos our hospitality experts discuss the importance of strong teams and positive working culture:

Deloitte says that in the new “network of teams” structure, ‘companies build and empower teams to work on specific business projects and challenges’. The rigid hierarchies of business past are slowly disappearing and empowerment is now the name of the game.

Companies now want to focus on getting the right people for each job. Great culture will make a company more attractive to talent and will bolster the team to work hard and produce results. Deloitte say that 50% of companies are currently attempting to change their culture in response to shifting talent markets and increased competition.

But culture can be a hard thing to measure – the report says that fewer than 12% of companies believe they truly understand their culture.

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: Digital or Detox? Finding your technology balance

A study by Expedia has revealed that 60% of travellers globally say they would be unwilling to go on holiday without a mobile device. Consumers are increasingly living  in the digital world. In order to connect with and provide for guests, hospitality leaders must embrace technology. But how much of this tech addiction is permanent and how much is just a phase?

Four hospitality professionals discuss changes in communication and what constitutes essential technology in hospitality:

Mobile technology is ingrained in our lives but does come with some negative side effects and there are rules to be followed. In Expedia’s survey, 58% of travellers say that they would consider it bad etiquette to play music, games or videos without headphones in public areas.

This constant connectivity is changing the nature of what a holiday is. According to the Expedia survey almost one-quarter (23%) of travellers have purchased inflight Wi-Fi on a leisure trip in order to connect to work.

Holidays should be a time to unplug relax and get away from it all right? Or is this ideal long gone? Well in Expedia’s survey, 35% of respondents claimed to use their mobile device more on vacation than they do at home. Even for those resisting the urge to check in with work, when less of their time is taken up by business, people have more time to explore the digital world on their phone. On top of this the phone can be an essential tool to help travellers discover new places to go, and use the map on their phone to get there and share their experiences with others. They may use a banking app to keep an eye on how much they are spending, even be able to use their phone to pay for items, and in some hotels they may be using their phone to unlock their room. With all this technology making peoples live less stressful, is it any surprise that 60% of travellers agree they never truly ‘’unplug’’ on leisure trips?

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

Briefing: Serviced Accommodation gets five-star recognition

The AA is now taking applications for its new Serviced Accommodation accreditation scheme. Unlike the hotel scheme, which rates properties from one to five stars, the new scheme only accredits properties which achieve a quality rating of three to five stars. This expansion of the AA’s services is a response to the growth of the industry and reflects the increased consumer awareness of the sector.

In these videos experts discuss customer expectations of serviced apartments, and the similarities and differences to hotels.

There is an existing accreditation scheme within the industry run by the The Association of Serviced Apartment Providers (ASAP). However, this addition could further expand interest in serviced products.

The AA Serviced Accommodation Scheme recognises 9 designators within the sector including Extended stay, Corporate Housing, Serviced Apartments, Budget, Studios and Aparthotel.

Product definition has been a continuing challenge for the industry. In its quality standards, the AA scheme clearly differentiates between Corporate Housing and Aparthotels, while ‘Serviced Apartment’ acts as a catch all designator. A separating criterion, for example, is that Corporate Housing would have a minimum stay and Aparthotels would not. Also aparthotels would have a fixed inventory and corporate housing would have flexible inventory.

The scheme scores the properties across 11 elements, which must all achieve a minimum standard to achieve a star rating. These elements include overall ‘hospitality’ (interaction and customer care), overall ‘service’ (staff performance and information provided), cleanliness, bedroom, bathroom etc.

The AA has been around for over 100 years and is one of the UK’s most recognised and trusted brands. The AA currently accredits Hotels, Restaurants, Guest Accommodation, Self-Catering accommodation, and Caravan and Campsites. The latest version of the AA Hotel Guide has details of over 3,500 establishments.

If you’ve been sent to this page and you’re not yet on the circulation list to receive these regular briefings and you would like to sign up, you can do see here. It’s free.

Video clips produced by ybc.tv for the Hospitality Channel, including interview from industry conferences such as the IHIF conference as well as specific Hospitality Channel shoots.

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