We answer burning questions about strategic revenue management from hoteliers around the world every single day—here are just a few from this week
Charles Wang, regional head of Consulting Services, explores how hoteliers in emerging markets can capitalize on strategic revenue management and attract the industry’s top talent.
- It’s difficult to recruit and keep qualified revenue managers in my emerging market. What can I do as a hotelier to attract and retain top talent?
It’s very true that good revenue managers are a hot commodity in many markets. With so many new properties coming into the market every day, the need for qualified revenue professionals never seems satisfied. Why is this? If you think about it, a good revenue manager today need to be a strategic-thinking person, hands-on in accomplishing very detailed tasks, an organizational leader that can drive effective change and also be innovative in trying new strategies, data and technologies. There are a lot of requirements for today’s revenue managers, which means it’s important that hotel c-level executives invest time and money into this talent pool. From our experience in Asia and China, revenue management often starts with education.By educating the executive team and key stakeholders about what revenue management is—and what it entails—hotels can build a culture and environment for revenue managers that drives profitable change. The education and training programs for associate revenue management professionals should also be designed carefully. While we need to equip all revenue managers the right knowledge and skills, we also need to coach or provide mentorship in job responsibilities. An approach that combines standard training with on-the-job coaching is something we find to be very effective in nearly every market since it can help revenue managers excel in their abilities much more quickly. - As the hotel industry continues to face what could be described as a shortage of talent, how can the industry better prepare for the future?
Education is an important area of contribution that IDeaS continues to address to help solve this challenge. As an organization, we put a large focus on our Academic Program, which is designed to not just help one hotel or hotel group, but the industry as a whole. This program gives university students studying the fields of hospitality and revenue management the opportunity to handle “real world” experiences within their college curriculum. For hotels or hotel groups looking to attract top talent, take time to design a clear career path for your incoming revenue managers. This is an important consideration for revenue professionals, and demonstrates to candidates that there is an opportunity to grow with your organization. - Will hotel groups centralize revenue management in the future?
Yes. From an organizational structure perspective, more and more hotel groups are leveraging cluster or regional types of centralized revenue management approaches to make the most out of their limited resources. This structure also lends well to implementing corporate strategies efficiently. In some cases, this type of organizational design can help improve the positioning of different properties within the portfolio, better leverage the sales force and account management, and optimize inventory control.
- It’s difficult to recruit and keep qualified revenue managers in my emerging market. What can I do as a hotelier to attract and retain top talent?
Where there’s smoke, there’s fire. Here’s another red-hot article turning up the heat these days:
- Social? That’s for consumers. Deloitte and Facebook explore revelations on how today’s consumers view social media in relation to leisure travel. There’s even a comprehensive “Quick Facts on Travel” infographic you can share with your coworkers. One surprising takeaway? 83% of people are using the internet while vacationing—and the majority of them are using their smartphone to do so.
IDeaS Revenue Solutions is the world’s leading provider of revenue management software and services. Combining industry knowledge with innovative, data-analytics technology, IDeaS creates sophisticated yet simple ways to empower revenue leaders with precise, automated decisions they can trust.
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