The Brain Drain: How to Make the Most of, and Protect Your Intellectual Capital.
By Paul van Meerendonk Director of Advisory Services, IDeaS Revenue Solutions | November 17, 2014
All staff involved with, and alongside the revenue management team need to be provided with ongoing guidance and support. This investment is of particular importance during any period of time involving the planning and implementation of new sales and marketing strategies, but should also take place throughout normal day to day operations as well.
These strategies will help staff meet their own personal and team sales goals, which will see an increasing rise in worker moral and resultant improvement in overall levels of staff retention. The ongoing success and financial viability of a hotel can often be decided by how pricing decisions are implemented by various staff members. To ensure this process is done with as much preparation as possible, hotels need to invest in the staff behind the decisions.
A recent report in the Harvard Business Review(1) highlighted how Starwood approaches the potentially complex issue of ensuring that their organizations high-achievers and most talented staff are being put to best use and are constantly engaged. Starwood seek out those talented staff members and give their innovators real projects and access to top management in order to 'test people with live ammunition.' This means that the parent company of hotel chains such as Westin, W and the Sheraton lets 'innovators build and manage cross-functional teams to develop their projects and then present full-fledged sales / marketing plans to the company's top executives.'(2)
By protecting intellectual capital and ensuring that adequate levels of staff support are in place from day one, hotels will be going a long way towards protecting their different channels of revenue. When improved levels of staff retention are achieved, hotels can expect to see more consistency in the financial results they achieve.
The effect of losing a valuable member of your wider sales or marketing team can be prolonged and negatively impact upon the financial viability of your hospitality organisation. Revenue managers and all members of the wider sales team for that matter are highly skilled and trusted people. They play an important role in the wider functioning of a hotel, and their loss can have a detrimental roll-on effect throughout the organization.
To help prevent this scenario Andrew Chan, CEO Asia Pacific, for TMS recommends: "'Implementing an overall staff engagement strategy beginning with, when an employee first starts with a company - as opposed to leaving it too late, as this is invariably what happens when employers realize they have unhappy employees, but by that time, it's probably too late and its highly unlikely employees will stay. Addressing the employee attachment factor from day one is essential at all level's of business if employers are to succeed in holding on to their staff."