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Traditional leadership methods are becoming less effective, and what got you here may not get you where you want to be in the future. Priorities for the European hotel industry include managing inflationary pressures and streamlining operations to manage labor costs and efficiency.
Deloitte’s 2023 European Hotel Industry Outlook survey found that 83% of hotel industry leaders surveyed stated that rising costs and labor shortages were respectively the main risks to growth. Leaders must also adapt their business strategies to cater to more price-sensitive, digitally savvy consumers. They must keep up with these trends to be able to anticipate changing needs and behaviors.
Embrace new opportunities
While our guests are looking for new, more authentic experiences and memorable products and services, they still want value for money and exceptional quality. Today’s customers place more emphasis on green credentials, which influences their choices. Environmentally friendly measures are often welcomed, as is sustainability, which can improve operational efficiency and cost-effectiveness and reduce carbon footprints.
CEOs who thrive embrace change, develop leadership, and show their teams how to adapt to changing customer expectations while meeting greater sustainability needs.
Improving your leadership skills, gaining new perspectives, and becoming more self-aware will make you an inspiring and effective leader who can meet the changing expectations of your team. Finding employees and qualified management talent is a major issue. Coupled with a cost-of-living crisis and continued revenue and profit growth, it becomes a critical issue for leaders in the industry.
people oriented
So, what strategies are there to achieve continued growth and high-quality service in this difficult environment? Putting your people at the heart of your organization is key—put as much emphasis on taking care of your team, your internal customers, as you do your external customers. Ensuring employee wellbeing and mental health is prioritized and supported during the current uncertainty and cost of living crisis is vital. Building a good organizational reputation, fair pay, a good culture, respectful, positive and inclusive workplace where individuals and teams are valued and appreciated will go a long way. Employees are seeking opportunities to learn, grow and advance.
Engaged employees stay with great employers, they promote their organization to friends, family and wider networks, and they are far more productive because they are experienced, motivated and well-trained.
Please visit europeanceo.com to read the full article
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