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: 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.

Briefing: Understanding Millennial priorities

The latest research on millennials from Choice Hotels found that 33% of Millennials would put off buying a home to take a dream vacation.

Holidays remain as desirable as ever. Particularly for this young generation where an opportunity to have a new experience can take priority over other areas of life. The study also found that 12% of Millennials have quit their job to take a vacation or go to an event such as a concert.

In these videos four experts discuss the behavior of Millennial travellers:

Choice Hotel’s study Uncovering the Millennial Mindset looked into the behaviours and priorities that Millennials have when taking a holiday. The survey polled 1,000 U.S. adults, ages 18-65 between September 30 – October 3, 2015.

It highlighted some differences between a Millennial at home and a Millennial on holiday, finding that 27% of Millennials have stayed in a hotel to impress someone and 79% of Millennials say they are more adventurous about eating and drinking when travelling.

The industry has had to drastically change to cater to emerging distribution methods. But tradition has not been shunned altogether, with 35% of Millennials will still turn to the friendly help of a travel agent to make their decision.

Not all the generational shifts are as drastic as the move to online research and booking. The study also found that 61% of Millennials carry hand sanitizer when travelling—more than any other generation. And 30% of Millennials keep earbuds in their ears when travelling so people don’t talk to them.

The study highlights the Millennials appreciation for instant rewards. It states that 69% of Millennials see freebies (such as snacks/sandwiches/to-go breakfast) as more important than opportunities for increased loyalty or reward points. And 43% of Millennials believe that if you do sign up to a rewards program you should receive your first benefit straight away.

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.

Chat Button