Hospitality industry: Saving Our Jobs
The economy of a country fluctuates between good and bad times. When times are good, people go on vacations or travel for business more often, thereby causing a boom in the hospitality industry. When times are bad, people delay or forgo taking vacations, and corporations in cost-cutting mode allow only a fewer people to travel. This causes a slump in the hospitality industry.
By using the Internet, locate a recent article about the current state of unemployment in the hospitality industry. Write a brief synopsis on the article and identify the reasons leading to job losses. Your paper should also include a reference to and an overview of the main themes. The paper must be a two-to-three-page Word document. Present your strategy to minimize the loss of jobs in the industry. Use your learning and research to justify why you think your strategy will help save jobs. Present adequate information, including relevant sources to illustrate your point.
Travel And Hospitality Trends for 2015
By Howard Roth, Global Real Estate Leader EY
Long gone are the days when luxury travel was a privilege reserved for the wealthy. Today's consumers have more access to these services thanks to disruptive low-cost airlines and mobile booking sites.
Recently, I've spoken with several travel providers who are racing to enhance the consumer experience, win new business and, ultimately, customer loyalty. Here are some highlights from those hospitality and travel leaders:
Supply, meet demand
Travel and tourism make up 9% of global GDP, and the industry is the world's largest employer, responsible for one in 11 jobs. However, as big as the industry is, it has the potential to be a lot bigger. Within the next decade, it is anticipated that this industry will create an additional 75 million jobs. Look at the numbers and you'll see why: the tourist population has doubled in the past 20 years and is expected to double again over the next 20 (reflecting the same increases in the middle-class population).
Customer demands, they're a-changing
Such tremendous growth has changed the face of the travel and tourism industry. As more capital flows from east to west, as the middle class continues its surge, and as the Millennial generation - which within 10 years will be in its peak earning, spending and travel years - demands faster, customized services, many accommodation providers have moved toward a model that caters to these changing demographics.
Mobile travel services will continue to be a hot platform, as will social media, digital innovation and analytics tools in a bid to engage customers and build loyalty. By using the information captured by these tools, differentiated experiences are created, which motivate customers to visit more frequently, stay longer and spend more.
Hotels, trending public
Recent hotel IPOs in the US have largely been driven by major private equity players. Several years of steady revenue growth and limited additions to supply have enhanced investor confidence, particularly where a dynamic growth story exists for the future. Other large, private owners have clearly taken notice, and this hotel IPO and venture capital trend will likely continue for large portfolio owners with the right economics and growth stories.
Hilton Worldwide, which in 2007 agreed to an all-cash buyout by theBlackstone Group, is a great example of the benefit of leveraging private equity funding. Chris Nassetta, President and CEO, shared with us his own experience. Since taking the buyout, he said, "We have become the fastest-growing lodging company in the world with growth in rooms at 37%. We have the largest pipeline in our history, with nearly 200,000, and more new rooms under construction than anyone else in the industry. Most importantly, we've received a great reception upon our return to the public markets and are feeling very positive."
It's an exciting time to be in the hospitality and travel industry, as it contends with increased competition, shifting economics, and increased and unique demands from shifting demographics. We're going to see lots of great things happening in the next decade, but one thing is for sure: travel companies are gearing up their resources to get us where we want to go and give us a great place to rest our heads.
Tell us: How have your own hospitality and travel demands changed with your lifestyle? What are your current expectations? What do you wish you could have access to?