Briefing: The value of thoughtful recruitment

Recruiting new ways of thinking into your business can be very advantageous. A study by Delloite says that ‘diversity of thought’ within a team can ‘help increase the scale of new insights’ and ‘guard against overconfidence’. Teams that hold a variety of skillsets, identities, and backgrounds will challenge each other and encourage learning and innovation. Whoever you choose to bring into your business, ensure you are supporting them to achieve their best.

Our experts look at the importance of thoughtful recruitment and training:

The advantages of having diverse teams, beyond the immediate social importance, is noted in various studies. McKinsey found that ethnically diverse companies are 35% more likely to financially outperform competitors. While a study in a PNAS journal revealed that traders in diverse markets were better at accurately pricing stocks.

When recruiting new employees you should consider ‘what they can bring to the team’, and also what they can bring out in a team and what you can bring out in them. Think about more that filling a gap and relying on old habits and assumptions, but really look at how they can fit in the business and work to help them develop, as discussed in the above videos.

A drive for recruitment and upskilling in the industry is needed this year is especially in light of Brexit, which could see UK hospitality businesses losing many of their valuable staff. BHA say that “Assuming that 10% of the EU workforce (70,000) leave the sector and/or the UK each year and the industry’s total headcount grows by a conservative 1% (45,000) annually, the annual recruitment need is for over 100,000 people.”

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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: The importance of strong leadership

A new survey from Hospitality Sales and Marketing Association International (HSMAI) has uncovered the work, challenges, and concerns of senior Revenue Management professionals. It found that critical thinking was considered an important or very important management skill by all respondents, as was business acumen by 98% of respondents. What else is required to be an effective manager and how much of a difference can the right leadership make to a business?

In these video, experts discuss leadership and management in hospitality:

The HSMAI survey shows that there is a desire from Revenue Managers to have more control to push businesses forward; the top-rated responsibilities the respondents said they would like to add to their duties were Sales and Marketing, and Strategic Planning.

The HSMAI survey found that revenue management professionals currently spend on average 5.5 hours per week on Human Resource Management, 14 hours on Strategy, and 5.6 hours on Technology Application.

The survey also covered the challenges that the Revenue Managers faced. The most challenging aspects of the revenue managers position was found to be; advancing the thinking & decision making in related disciplines, and elevating the strategic application of data throughout the enterprise.

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: A good reputation goes a long way

A new study from Resonance Consultancy has named London as the World’s Best City Brand. The results were based on analysis of social media comments about cities, by both locals and visitors. So how important is it that people are talking about your brand online, and how far are hospitality companies relying on Social Media for feedback on their performance?

Four hospitality experts discuss word of mouth and building a loyal customer base:

Outside of Social Media, performance on dedicated review sites continues to have a great impact on a hospitality business. ReviewPro’s 2016 Top Luxury Hotel & Brand Report, found that Luxury Hotels receive 1,008 reviews on average per hotel per year. Within that, an amazing 83% were positive reviews.

China had the largest number of top of top rated luxury properties in ReviewPro’s report, and had experienced a dramatic increase of +46% reviews year-on- year, further reflecting the fast changing developments in China.

The UK had the third most top reviews and unsurprisingly the Maldives had the second largest number of top rated luxury properties.

To return to Resonance Consultancy’s Word’s Best City Brands Report, the full top 5 best city brands were found to b: London, Singapore, New York, Paris and Sydney.

 

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: Hospitality leadership is more than revenue management

A survey published in the Harvard Business Review has revealed that the top two leadership qualities, as rated by global leaders, are having ‘high ethical and moral standards’ and ‘providing goals and objectives with loose guidelines/direction’. In hospitality, leaders at hotel management level and brand executive level have different but equally important roles to play in the success of a business.

In these videos industry experts discuss the importance of good leadership in hospitality:

In 2016, 89% of companies see leadership as an important or very important issue (up from 87% in 2015). That is according to Deloitte’s Global Human Capital Trends 2016.

As a business or industry develops leaders must be able to change and learn. This was reflected in the number four choice in the HBR survey; having ‘the flexibility to change opinion’.

One report that focused on leadership in a world of change is IBMs Global C-suite Study. This found that today’s CEOs say technology is the chief external influence on their enterprises. They think that user-based mobile solutions and cloud computing will be big drivers of change. 82% of the CEOs surveyed expect to engage more digitally over the next 3 to 5 years.

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: Design = Context and Lifestyle

Last month Marriott opened two new AC Hotels, ‘bringing the brand’s European design and style to the UK for the first time.’ Earlier this year the Grand Hyatt Rio De Janeiro opened. Hyatt had employed an internationally acclaimed interior designer in order to ‘set a new standard of luxury’. Meanwhile Starwood is a majority investor of Design Hotels™, a selective membership group for original and extraordinary hotels.

Why is design such a big selling point for these major groups? As our experts discuss in these videos, it can be a vital aspect of brand relevancy:

Marriott’s two new hotels are a 142-room AC Hotel Manchester Salford Quays and The 90-room AC Hotel Birmingham City Centre, situated at The Mailbox shopping area. According to Marriott the AC brand is ‘based on a belief that purposeful design can enrich lives’. Each hotel features a Lounge and a Library. One area is designed to be a lively hub other designed as a quite space, but both intended to offer a place for creativity and socialisation.

Internationally acclaimed interior designer Yabu Pushelberg, designed the accommodation at Grand Hyatt Rio de Janeiro in Brazil with the local assistance of Brazilian designer firm Anastassiadis Arquitetos. Also, acclaimed Brazilian architect Arthur Casas designed 3 signature restaurants for the property. Hyatt says that, ‘the hotel is meticulously designed to exemplify the Grand Hyatt brand’s signature level of grandeur with an abundance of options for creating spectacular experiences.’

The Design Hotels™ website allows you to search and book a holiday from a specially selected listed properties. It says that more than 400 hotels apply for membership with Design Hotels™ each year, but only about 5 percent of them are approved. Elements that influence this decision are ‘thought-provoking design and architecture; integration into the local scene; a strong identity; cultural and environmental responsibility; and the people behind the property’, among other factors.

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: Finding your place in hospitality

Statistics from the Bureau of Labor Statistics show that 27% of baby boomers held 15 or more jobs throughout their working lives. Will the millennial career path look the same? Boston College Center found that 64% of the millennials have established career goals for themselves, and 58% would prefer to stay with one employer and advance internally.

Whatever the journey looks like it takes time to build a career and find the right role. These videos discuss the many ways to have a great career in hospitality:

So how are today’s up comers approaching their careers? Boston College’s research ‘How Millennials Navigate their Careers’ revealed new insight into their mind-set and suggest that millennials may have more traditional ambitions than often thought. The survey revealed that the top three approaches to job hunting by millennials was to be referred by a friend, to research potential employers, and to search for posting on a company website.

The survey suggest that today’s young candidates are self-aware with 94% agreeing or strongly agreeing that they knew the work skills they possessed. More than 84% knew what was important to them in their careers.

In terms of what they are looking for in a role, career growth opportunities, salary and benefits were most important. 44% agreed that it they tend to make career choices based on their own values and interests rather than the choices provided by my employer.

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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