2019 and Lodging Technology: Is There A One-Size-Fits-All Approach?
Turning the page on another calendar year is always fun and reflective. As we look to 2019, there are some interesting trends and new technologies that should continue to impact the lodging industry. Following is a look into two specific groups, employee and customer experiences, and how we should continue to embrace technology so it can positively affect the bottom line.
Read moreThe Broken Record Discussion – Boardroom Diversity Within The Restaurant Industry
Participating in countless client board meetings, I can say with confidence that gender diversity within the boardroom leads to first-rate ideation and collaboration. In addition, credible studies conducted by the likes of Boston Consulting Group and McKinsey & Company prove out a strong correlation between a board comprised of a larger female presence and superior results in the boardroom. While top governance experts have been promoting greater gender diversity for more than a decade, not much has changed within the restaurant industry. These glum statistics say it all.
Read moreThe Evolution Of Private Clubs
The desire to be with and around other people is an innate human characteristic. In evolutionary terms, humans quickly worked out that strength in numbers equalled survival, and this need to seek connections and to form bonds with others has remained within us over time, even as the threats to our existence have altered and diminished. The need to band together to fend off attack or to kill for food has been replaced by a want for social interaction and companionship. For most, school is the first place we begin to form relationships with like-minded fellow humans and where we form groups, teams, cliques and gangs. In 19th century London, the desire to maintain these friendships beyond school and university gave rise to the gentleman’s club. These clubs were formed on a membership basis open only to those considered to be of ‘gentleman’ status and centred on a common interest such as politics, art, sport, travel, university or section of the armed forces. As the British Empire spread so too did gentleman’s club – to India, Hong Kong, and Australia. Eventually, women were allowed to follow suit and form their own clubs. Henceforth, these exclusive clubs came to be known as ‘private member’s’ clubs.
Read moreTime to Speak Up: The Achilles Heel of Industry Corporate Governance Structures
Whether we are talking about a nation, a corporation or a small start-up, if the elected leadership is not challenged or upheld to its formal duties, infrastructural aspects may either start to derail or fractures appear which are fed by a growing disgruntlement with certain behaviour or decision-making. It is easy to find the fault in the person at the helm of a nation or an organisation, to brandish this particular individual as the “trouble-maker” or to call for new leadership to step in on the basis that the incumbent has not fulfilled their promises. But we are forgetting that there is a “collective responsibility.” As we are seeing in the current political landscape, leadership is in fact quite often following through with what they set out to do in the first place. We have just not fully listened or considered the consequences of what has been suggested as the course of action; nor has leadership clearly pointed it out to us. Thus, there appears to prevail a culture defined by superficial and oft meaningless conversations. Yes, of course there are also voices of concern or, at times, a challenge – yet, it seems that at the first hurdle, people are simply giving up.
Read moreUnderstanding The Leadership Challenges Of A Cross-Generational Workforce
For the first time in history, five generations will soon be working side by side. Executives of the older generation are working longer while the “young guns” are quickly rising through the ranks and gaining a foothold in the professional world as a force to be reckoned with. At face value, this is a complex, yet rewarding challenge for any leader in the hospitality industry. The level of experience and the, at times, distinct attitudes and character traits which are often attributed to an executive’s tenure within the industry, are often pointed out as the differentiating factors between the generations. Yet, it would be unfair to pigeonhole executives by these factors. In fact, Aethos™ has often found that those differentiating character traits are innate and disassociated to the level of experience. Yet, the cross-generational divide does exist – it is driven, though, by different personal drivers and motivations, by different world views and by different communication styles and ways to manage relationships.
Read moreBusiness Cases Strengthen Performance Management: Q&A with Dr. Michelle Crosby
Effectively predicting the future success of job candidates, both internal and external, is challenging at best. Traditionally, this process has relied heavily on interviewing – documented as one of the poorest predictors of on-the-job performance – and, occasionally, the use of psychological testing or biographical information. Yet, there are approaches available that are more effective than using such tactics alone.
Read moreGaming CEO Pay In A Year Of Reckoning
The last eighteen months has been a reckoning for powerful men in the business world and gaming has been no exception. The #MeToo Movement struck down one of the most recognizable names in the gaming industry when Steve Wynn stepped down from the company he founded, Wynn Resorts. These issues have continued to shine a spotlight on CEO pay, severance and golden parachutes. Four other CEOs in gaming are out or on the way out soon. Caesars recently announced that Mark Fissora is stepping down at the end of the year. All that said, it was a very solid year for casinos stocks, with many of the bigger companies outperforming the small ones.
Read moreHospitality Leadership Series On ‘Professional Visibility’: Engaged Leadership
We have previously explored the fundamental association between relatability and professional visibility. Subsequently, we have further defined that concept of professional visibility and segmented it into three components: credibility, confidence and charisma. Here, we examine the notion of ‘engaged leadership.’
Read moreHospitality & Technology -What To Look For When Hiring A CTO
Over the last several years, the function of the Chief Technology Officer (CTO) has become increasingly important to the success of almost every type of organization. Yet, despite its importance, it is still rare for hospitality firms to provide a board seat for this vital function. Consequently, the public profile of CTOs is often limited. So, what are the building blocks that form the profile of a successful CTO? And, what are the character traits that hiring committees should be looking for in a CTO?
Read moreHospitality & Technology – It Is Time To Change Your Mindset
To leverage technology to its greatest potential in the hospitality sector will require thought leaders who are open to seeing it from a different point of view - ask any hospitality executive about technology and their thoughts are likely to jump to distribution, sales and marketing, automation and organizational effectiveness. Our sector has done well in using technology to improve processes and to achieve greater efficiencies. In short, we have succeeded in effectively applying technology for, predominantly, transactional purposes. But there is so much more that could be done.
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