Finance, Technology and Service Will Dominate
Bob Rauch | January 12, 2022
By Bob Rauch Interest rates are low, consumer confidence is stronger, oil prices are high and employment is very uneven. The Purchasing Managers Index (PMI) is at 58.7 in December 2021, down from 60 in November and 61 in October. Any number over 50 shows that the economy is expanding so the PMI is good news. Threats from COVID-19 variant Omicron should peak this month. Perhaps the biggest threat is inflation as that is starting to impact the middle class as well as the poor. The silver lining is that this inflation might cause hotel room rates to grow beyond the 6% inflation rate. Hotel Finances During most recessions, there is a signi...
Tourism Tidbits: Looking Back at 2021 and Hoping for a Better 2022!
Dr. Peter E. Tarlow | January 10, 2022
By Dr. Peter Tarlow Although 2021 was a somewhat better year than 2020, most people in the tourism industry will not be sad to say adieu to the year that has just ended. We might call the year 2021 a year of hope and despair, a year when we thought we might see an end to the pandemic and a year of false starts. This past year was not an easy year. We saw nations once again shutting their borders, Europe experienced a great deal of internal turmoil due to its being open and then closed to tourism. To add to the frustrations found throughout the tourism industry many nations suffered from supply chain failures, high inflation, and a co...
Why It Is Critical to Care About Your Employees’ Financial Wellness
UniFocus | January 6, 2022
By Mark Heymann As every hospitality leader tries to address declining employee satisfaction, one simple way to think about the problem is to spend two weeks in their shoes. Why two weeks? Because that’s typically the time frame that an employee is waiting for another paycheck to arrive, and those 14 days can feel like an eternity. According to research from PYMNTS.com, 125 million adults in the U.S. are living paycheck to paycheck. For hotels and all service-related businesses, what needs to change is clear: It’s time to eliminate that waiting period. At Unifocus, we teamed up with Rain to give all our partners who use our Labor Ma...
What Hoteliers Can Learn About the Tragic Mars Climate Orbiter Crash
Ryan Hamilton | January 5, 2022
By Ryan Hamilton Back in 1999, the trajectory of a NASA satellite made the news – and not for the reasons you might expect. When the satellite reached its destination (Mars) to begin orbiting the planet, the Mars Climate Orbiter deviated course and crashed into the planet due to a ‘data integration error’. As it turns out, a breakdown between two software programs caused the satellite to navigate too close to the planet. While this represents an extreme example of a technological breakdown, it speaks to a common issue that exists across countless industries – especially hospitality. In the world of hospitality, we talk a lot a...
Hotel Lawyer Labor & Employment New Year Round-Up: What to Expect in 2022
Jim Butler | January 4, 2022
Jim Butler Several new pieces of California legislation have either recently gone into effect or will take effect in 2022, impacting nearly all employers and how they handle employment agreements, disability related to COVID, training, rehiring and retention, and a range of other practices. A new presidential administration also means a shift in the political landscape and the role played by the NLRB, OSHA and other regulatory bodies. Our round-up will help you determine which key issues may impact you in 2022; contact us to be sure you’re ready for all these upcoming changes. Click the “read more” link for each topic to see a com...
Want to Win in Future Competitions? Invest in Data-Driven Decisions Now
Linchi Kwok | December 23, 2021
By Linchi Kwok Speaking of the permanent changes in the hospitality industry, many people will probably agree that demands for “bleisure”/“work-from-anywhere” travel and contactless self-service will continue to grow in the near future. Not everyone, however, realizes that data-driven decisions will become a key driver for growth in the industry, which has already affected how we do business now. Automatic service enables businesses to capture more operational and consumer data for business decisions One advantage of using automatic service comes from its ability to spontaneously capture and store real-time operat...
How Technology Is Combatting the Labor Shortage and Improving Guest Experience Heading Into the Holidays
Amy Jeffs | December 22, 2021
By Amy Jeffs Airlines and hotels could soon be enjoying a boost in bookings heading into the holidays. The increase in guests brings great opportunities for the industry looking to recover the nearly $300 billion in losses that were incurred during the pandemic, however, it also causes concern for those serving the influx in guests. After COVID forced the hospitality industry to shut down last year, many furloughed workers found new lines of work. This left a third of hospitality workers not returning to the industry. On top of this, hospitality workers quit their jobs in August at a rate of 6.8%, or more than double the record national...
One Simple Idea That Can Help You Retain Your Best Employees
Shep Hyken | December 22, 2021
By Shep Hyken We had some great feedback on The Three N’s of Employee Fulfillment article and video. Plenty of great comments. Here’s a very short refresher in case you missed it. Leadership expert Tim Durkin shared with us that our employees want to be needed, noticed, and known. We welcome him back this week with a simple feedback technique connected to his Three N strategy that will help you motivate and keep your best employees. The short version of this is to not just praise the performer, but also the performance. It’s very simple. You not only praise your employee, but you tell them why you appreciate what t...
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