Briefing: Learning to evolve is key to success

In a survey by Gap International, 34% of executives ranked Mind-set/Attitude as the most important attribute for the success of great business leaders.  31% ranked People Skills/Team Building as most important, while only 15% rank Industry Experience this way.

In an industry that is constantly evolving, no one can expect that the same skills will always see them to success. Having an organisation that embraces change is the key to making progress. Leaders need to be open to new ideas and be willing to take the time to learn about new developments.

Our experts discuss growth and evolution in a changing world:

The way leaders deal with change and growth is very important as it can directly affect the attitudes and performance of employees within the organisation. A report by Towers Watson found that communication in an organisation going through change can be 6% worse than in an average company, whilst a high performing company could be 16% above average, making a 24% difference between the two. Company image can fall down by a massive 14% and empowerment can go down by 6%.

The study also found that a preference for change amongst employees can increase their engagement at work. The report found that among employees who prefer change 57% were engaged, while among those who preferred stability, only 19% prefer change.

So a positive attitudes toward change across the board can keep companies moving forward with the changes that are happening around them.

The Gap international study, surveyed 301 senior executives at companies in the United States with revenues of $1 billion or more.

The Towers Watson 2014 Global Workforce Study surveyed more than 32,000 employees across a range of industries in 26 markets around the world.

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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: Design – Demand and revenue

Hotel design is rapidly evolving to keep up with consumer demands and global trends. When it is done well, clever design can really add to the revenue of a hotel.

The hospitality industry spends annually about $3.7 billion on energy. Initiatives like UNWTO’s Tourism and Sustainable development goals are in place to help companies making good choices. A reduction in room size has emerged as another trend that can save hotels money while maximizing space through design.

In this briefing our experts discuss design drivers and profitability:

The pod or ‘capsule’ hotel concept, originated in Japan where space is exceptionally tight. It is being used mostly in airports and cities. Marriot has taken on board the small room concept in its Moxy brand, which has one hotel open so far at Milan Malpensa Airport. Yotel has hotels in New York, London, and Amsterdam. The successful Pod Hotel from BD Hotels has two hotels in New York, and one planned in Washington DC.

Sustainability has become an important aspect of development in all industries. As one of the worlds’ largest industries Travel and Tourism has a huge footprint.  According to the UNWTO, the industry accounts for 5% of greenhouse gas emissions, and a typical hotel uses 218 gallons of water per day per occupied room. As discussed above, improvements in this area will not only greatly benefit society and the environment, but can reduce outgoings for the hotel.

Although this movement is not driven by the consumer as much as other changes in design, such as social areas in hotels and wifi, studies have shown that guest are very much in favour of sustainability programmes. A study from Cornell University found that three quarters of guests participate in green programs when they are offered at the hotels, and 45% of guests in one hotel in New York said they would be willing to pay a higher room rate for hotel sustainability initiatives.

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: High staff turnover is costly for hospitality businesses

A new report from Deloitte, Hospitality 2015 – Game changers or spectators, found that employee turnover in hospitality can be as high as 31% and may increase further as the recession is left behind. This is nearly double the average rate for other industries and can be expensive for businesses. So how can hospitality businesses hold on to valuable staff for the long term?

In these videos hospitality experts discuss staff retention:

Staffing costs account for a tremendous proportion of hotel operation costs. Deloitte’s report states that, ‘An average hotelier spends 45 percent of operating expenses and 33 per cent of revenues on labour costs.’ High turnover rates cause extra costs in recruitment and training. According to the report 52% of the cost of replacing staff is productivity loss and 14% is orientation and training.

The report shows that the top barriers to retaining employees are lack of compensation increases and excessive workload. At entry level, hospitality jobs can typically have somewhat irregular hours and fairly low pay and can attract younger workers who may not considered hospitality a long term career. However hardworking, happy and engaged staff are essential for the smooth running of a hotel and the longer staff stay in their roles the more they will have to offer the company.

In order to impress guests companies need staff across the business who understand the industry well and are able to represent the brand at the level expected. It is well worth focusing attention on giving staff a good experience so that they want to perform their best.

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 so here. It’s free.

Video clips produced by yBC 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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