The perception and expectations of the relationship between business and society are changing. The levels of trust in brands are decreasing, and consumer behavior is evolving at a fast speed.
Now, more than ever, hospitality industry leaders have an opportunity to build back better and focus on service and significance.
¿What does service and significance mean?
Today's managers are under so much pressure. Shareholders are looking into agility, bright strategies, and resilience. Furthermore, governments and communities are increasingly expecting businesses to support social issues and tackle global sustainability challenges. Service is at the core of the tourism industry business model. Despite a very complex industry system,
It could have a greater positive impact if leadership teams and mid-management are involved with global grand challenges so they can contribute to tackling them. That means using business as a force for good, purpose-driven, and focus on significance.
As the tourism activity reactivates, more jobs will be automated by technology. Thus, some operational roles will keep evolving, and other change or even disappear as we know them today. This is especially important for the academic world. Universities should include practical knowledge about soft skills, sustainability, and technology in tourism studies.
As the hospitality industry blossoms from the current situation, it will be more evident that tourism and hospitality education programs must include technology and sustainability teaching, or content will be irrelevant, and students will not be prepared for market needs.
From the operations side, learning and development departments have to foster educational programs that include leadership, sustainability, and technology education for entry-level employees, mid-management, and leadership roles.
service and significance is a new paradigm where rethinking business models and making purpose a priority is a must to use hospitality businesses as a force for good.
The industry has an opportunity to redefine strategies and develop regenerative practices that support the local community, suppliers, biodiversity conservation, employees' wellbeing, shareholders, and all the business stakeholders. The causes supported and a value-driven approach to management must be at the business core.
Only by serving purpose companies will be profitable in the long term. The purpose is the answer to How is the world a better place by your company being here? - Alex Edmans
The power of purpose is obvious as the world battles the threat that the COVID-19 pandemic presents to societies today. Hospitality industry leaders have an opportunity, and moral responsibility, to commit to tackling global grand challenges (SDG's).
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