Tess McGoldrick, Vice President, Travel & Hospitality, Revenue Analytics, HSMAI Revenue Optimization Advisory Board Member
It is no secret that we are still facing a labor shortage. However, the hospitality industry isn’t just grappling with a talent shortage, we are dealing with a retention problem. The answer may lie in the way we approach leadership. I brought this topic to the HSMAI Revenue Optimization Advisory Board to discuss purpose-driven leadership in revenue optimization.
Top 3 Takeaways
- Shift from Transactional to Purpose-Driven Approach: Embrace Purpose-Driven Leadership in revenue analytics and operations to go beyond short-term profits. Revenue analytics has often been pigeonholed as merely a tool to boost a company’s bottom line. But look deeper, and its potential is transformative. It’s not just about the money, it’s about enriching guest experiences, framing their stay, their meals, and their interactions in a way that can change their day. This function is pivotal in sculpting the value proposition for guests. If we continue to perceive revenue management and revenue operations as just mechanisms to make money, we could be setting our teams up for burnout. This discipline holds a unique position – it sits at the intersection of data, operations, and human interactions.
- Inspire Innovation and Human-Centeredness: Encourage innovation by asking “why” and “how” to transform the guest experience. Education plays a key role in instilling the human-centeredness of the discipline, ensuring teams understand the importance of their work beyond financial gains.
- Enhance Talent Retention through Purpose: Purpose-Driven Leadership becomes a powerful tool for talent retention. When employees connect with the broader purpose of their roles, they are more engaged, motivated, and committed to the organization’s mission, contributing to a more fulfilling work environment.
One of my fellow AB members shared the wisdom of Mark Twain: “Travel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts. Broad, wholesome, charitable views of men and things cannot be acquired by vegetating in one little corner of the earth all one’s lifetime.
As revenue leaders, we have the platform, the capability, and the mandate to make this vision a reality. By embracing purpose-driven leadership, we’re not just improving our revenue, we’re enriching lives and catalyzing change. Let’s not lose sight of that purpose.
- Leadership in the Hospitality Industry
- Leading with Purpose: Why Purpose-Driven Leadership is the Key to Success
- How to Be a Purpose-Driven Leader Without Burning Out
Questions to ask your team:
- How can purpose-driven leadership directly impact the bottom line and overall profitability of our organizations?
- How does purpose-driven leadership foster a culture of adaptability and innovation, allowing us to stay competitive and agile in dynamic markets?
- What are the potential challenges or misconceptions regarding the integration of purpose-driven leadership within a traditionally profit-focused business model.
- What metrics and key performance indicators (KPIs) can be used to track the success and effectiveness of purpose-driven leadership initiatives in our companies?