Employment Trends in the Hotel/ Hospitality Industry
“As consumer confidence returns and people have a little more discretionary spending power, the market for hospitality jobs will heat up more.” John Challenger
The hotel industry is a leader in job creation, advancement opportunities and high wages.
After taking its share of hits during the recession, employment and hiring within in the hotel/hospitality industry, has begun to rebound. In the last year, the industry has added 527,000 jobs (2.6 million since 2004) and that number is projected to increase even more in 2016, as an increased number of travelers is expected.
With the increase in hotel/hospitality jobs and revenue generated by hotels, we can expect to see a few changes in hiring and employment within the industry.
1. Increased demand for Revenue Management Professionals
One of the most prevalent upcoming trends is the increasing demand for revenue management professionals. As the advancement of technology allows for more accurate forecasting of optimal revenue rates for hotels and businesses, it will be imperative for hotel businesses and CEOs to not only attract the top revenue management professionals but also to retain their existing ones, as the demand for revenue management professionals currently grossly outnumbers the supply.
2. Changing how we maintain top talent
Today attracting and retaining top talent requires more than just having a big brand to impress top hotel/hospitality professionals; it requires a great employee experience. Hotels and businesses that have adopted this are realizing that a great employee experience is as important as the customer’s experience because it not only creates a great customer experience, but also creates advocates for the organization.
3. A shift of power
As the economy continues to rebound, hotel/hospitality executives are feeling more optimistic and open to new job opportunities. Hotel and hospitality executives’ mindsets are shifting from simply having a job to working for a company who is going to give them what they want (i.e. benefits, company environment, work-life-balance, etc.) and allow them to make a difference. Great executive leadership talent now has more choice available to them than ever before and employers will have to fight even harder to attract the best.
Sources:
AH&LA. (2014, September 5). Wagewatch results, bls economic data show continued job growth in hotel sector [Blog post]. Retrieved from Hotel News Resource website: http://www.hotelnewsresource.com/article79660.html
Crystal-ball gazing: Top trends in the hospitality industry [Blog post]. (n.d.). Retrieved from Hcareers website: http://www.hcareers.com/us/resourcecenter/tabid/306/articleid/278/default.aspx
Hcareers. (2015, January 7). 2015 u.s. hotel industry recruitment on the rise [Blog post]. Retrieved from Hotel News Resource website: http://www.hotelnewsresource.com/article81504.html
Womack, J. (n.d.). Hospitality employment trends: What to expect in 2011 [Blog post]. Retrieved from Hotel Business Review website: http://hotelexecutive.com/business_review/2445/hospitality-employment-trends-what-to-expect-in-2011