Why Creativity and Problem-Solving are the Best Indicators of Success
It’s not speculation, opinion or assumption…. the fact is that the common mantra of “Hire for attitude, train for skill” is a misguided perspective on hiring, promotion or performance. Many so-called attitudes, motivational or temperament factors are in fact learnable skills themselves. Research consistently reveals that personality tests are poor predictors of workplace performance, whereas measures of General Mental Ability (reasoning, planning, abstract thinking, comprehending complex ideas and learning quickly) and role-specific skills are stronger and more consistent predictors of performance. Think about it, cognitive and emotional intelligence underpin ability and speed to new learn things, as well as capacity to adapt to new circumstances and handle stress. Personality factors, on the other hand, have been shown by independent research to be an inconsistent predictor of professional performance. It seems counterintuitive, but personality factors per se do not drive success in the workplace.
Read moreCEO Talk: Scott Bahr, ResortCom International
It’s no secret that the timeshare industry has witnessed its fair share of change over the last few years, especially with all the consolidation and spin-offs. Just recently, Wyndham Worldwide (NYSE: WYN) announced it will be mirroring the actions of Marriott and Hilton and will be spinning off its vacation ownership division, ultimately resulting in two publicly traded companies.
Read moreIs Perfection Possible?
One of the greatest coaches in history, Vince Lombardi, once said, “Perfection is not attainable, but if we chase perfection we can catch excellence.” We love Lombardi but in this instance we profoundly disagree. We believe that perfection is all around us. That said, we do believe that perfection is fleeting, given that the universe—and the nature of the reality in which we live and work – is in a constant state of flux.
Read moreTips To Operate With Living Wage In The British Hospitality Sector
Mark and I spoke about how a significant number of employees in the UK received their biggest pay rise to date as the National Living Wage leapt to £7.50 an hour on April 6th, 2017. In line with Chancellor Philip Hammond’s Autumn Statement and Spring Budget announcement, more than two million employees over the age of 25 benefited from the 4% increase. Further to this, 21- to 24-year-olds received a rise of 10 pence per hour. This is in a bid to reach the government’s target of £9 per hour by 2020 for over 25s, with further demand to extend this increase to 21- to 24-year-olds. According to Tahola, an industry’s leading business analytics provider, this could result in operators facing an annual increase of £100,912.50. However, it’s not just labour costs that will hit operators; planned increases in employer pension contributions from 1% to 3% could elevate the cost to operators to more than £109,000 by 2020.
Read moreWomen’s Presence Growing in Hotel Boardrooms
The issue of diversity, and the lack of it, has popped up frequently in recent conversations with leaders in the hospitality world to the point where it seems that if a candidate for a job is neither female nor of a minority ethnicity, then their application is at a disadvantage. Grey-haired white men continue to be the largest faction of leaders sitting around most hotel company boardroom tables. The good news is that a lot of these companies are self-aware enough to recognise that the composition of their leadership needs to better represent their customer and employee bases. In the same way that a fish rots from the head down, the thinking goes that changes at the top of the organisation will percolate down through the rest of the employee body, as staff become inspired by the leaders above them.
Read moreCEO Talk: Daniel del Olmo, DineEquity
Industry observers will have noted that restaurant organizations worldwide are facing a more crowded market space. With it comes a plethora of old and new challenges. Those that restaurant entrepreneurs and larger corporations have struggled with for decades, and that will continue to be “hot topics” going forward, include, for example, skill shortage, succession planning and retention as well as fierce competition from the “new kids on the block” (i.e. the up-and-coming and sexy start-up brands). “How do we keep our staff?” and “Who is the person best equipped to handle the expansion plans of our business?” are questions discussed at most senior management meetings.
Read moreOn Logistics and Supply Chain Solutions in Hospitality
Aethos Consulting Group™ Managing Director & CEO Keith Kefgen and Axis Global Logistics Managing Partner Wesley Cheringal sat down earlier this week at the 39th Annual NYU Hospitality Industry Investment Conference to discuss the importance of their strategic partnership. Kefgen and Cheringal share insights on why Axis, a logistics and supply chain solutions company, is important in the hospitality sector.
Read moreSummer Trends in Southern California 2017
Agnelo Fernandes serves as Senior Vice President of Sales & Marketing for Terranea Resort. Providing leadership as brand champion, he actively serves on Terranea’s strategy committee, as well as regional and corporate marketing committees with Two Roads Hospitality. With more than 25 years of experience, Agnelo held senior executive positions with brands including Canyon Ranch, Sonesta Hotels International and Rex Resorts.
Read moreDriving Away Top Talent
Imagine the typical home-buying process… but riddled with unexpected gaps in communication, unanswered questions and a sneaking suspicion that the seller is hiding something from you. What if the realtor is hesitant to have a phone call or meeting to talk through issues, but gives you endless rounds of paperwork and questions to complete before you are even ready to consider putting in a bid? Reasonable buyers would not tolerate this for a decision as important as buying a house. Why do companies think they can get away with perpetrating similar red flags when trying to recruit top talent to their firm? The fact is, they can’t.
Read moreHotel Industry CEO Compensation Study 2017 – How Well Do CEOs Earn Their Paychecks?
According to a 2017 report from the Economic Policy Institute on CEO pay, chief executives at the largest 350 public companies in the United States made US$15.6 million on average in 2016 — 271 times what the typical worker earns. In the hotel industry the average total compensation for a public CEO was US$5.7 million or about 100 times more than the typical worker. Should hotel CEOs be criticized or praised? We think it’s a combination of both, but you might be surprised who gets criticized and who gets praised.
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