Pay Is Only a Part of the Labor Problem
The numerous resignations of Americans during the pandemic have led to a major labor shortage. However, it’s not just about higher pay. At a recent Lodging Industry Investment Council meeting, hotel executives shared ideas about attracting and retaining talented employees. Here’s a look at some of the insights and experiences revealed at the meeting. State…
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Understanding the Benefits of Hotel Industry-specific Financial Software
Financial bookkeeping is a time-consuming yet essential aspect of your business. To give you an idea, it enables you to track your income and expenses, determine the profitability of your business, establish your financial strength, and make sound business decisions. Depending on the size of your business, you may require financial software to analyze and…
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Hotel Budget Planning During Weak Demand
Deciding on the 2021 hotel budget will be a major concern for hotel managers, due to a squeezed economy. Practical hotel budget planning will be the key to business survival for many properties in the next few years. Here are a few effective ways to manage your hotel budget during the pandemic crisis. Budget Negotiations…
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Hotel Revenue Shifts Indicate Changes in Guest Priorities
What hotel investments say about changing guest preferences. To attract guests, hotels must appeal to their interests. However, as new generations of travelers emerge, hotels must understand their priorities and make meaningful changes to address these shifts. As such, changes in hotel expenditures often reveal changing guest preferences. By looking at hotel revenue, here are…
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What New Research Reveals About Technology Investment for Hotels
Study shows that chain hotels are more likely to prioritize investments in new technology. In a study of 1,200 hoteliers, Expedia Group found that large, chain hotels are twice as likely than independent hotels to prioritize technology investment. Inversely, smaller, independent hotels are 1.5 times more likely than chain hotels to prioritize room renovations. So,…
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