The New Star Report - A New Way to Look at Recruitment
Gain Talent Share and Market Share Will Follow
By Frank Speranza President, Hospitality Talent Scouts Executive Search | March 03, 2013
Most Hospitality Professionals would likely agree that one of the most coveted and beloved reports we utilize to measure how well we perform in our markets in reference to a Hotels Occupancy, Average Rate, Revenue per Available Room and Market Share is our Smith Travel Research (STR) STAR Report. All businesses love to measure things, and our industry is no exception. Measuring results is at the core of everything we do, and it's how we evaluate ourselves and those who work for us. We not only love to measure-we love to use those measurements to compare ourselves to others. To give us a benchmark. It's just how we keep score. I believe that professionally we try to apply this measuring process to almost everything we do, or do we?
If you ask any manager what the most valuable asset in their operation is, they will without question tell you it is their people. But if this is true, one would expect that we would be measuring those people, and you would say that we do. They receive performance reviews that measure them based on their Balanced Score Card, in areas that include Profitability, Guest Satisfaction, and Employee Satisfaction. But this is not the type of measurement I mean. I'm speaking of a measurement that compares them to others in like positions in your competitive set to ensure that you have the absolute best talent available in your market/comp set.
There are a few key elements that are involved in the way that we in the industry should be looking at recruitment. These key elements will allow us to gain the talent share necessary before any organization can obtain their fair share or more of market share as it relates to revenue share, which obviously leads to profitability. I believe many of these methods will allow us to measure our success relative to our competitors as well. So let me start with the few key elements.
The Paradigm Shift – Viewing Recruitment\
What is this new way we should look at recruitment? Fundamentally, it involves individuals and organizations, so I'll start with what famed author and lecturer Stephen Covey calls a "paradigm shift." I can't begin to tell you how many leaders and organizations don't think they are competing for their fair share of the Hospitality talent base. This is partly because leaders don't really comprehend the dwindling Hospitality talent pool and why this really requires a competitive mindset when trying to secure talent. If you missed my article for Hotel Business Review in March 2012 titled "Talent Demand vs. Available Talent: The Dwindling Hospitality Talent Pool," I recommend you read it.
Not understanding the effects of the dwindling Hospitality talent pool is probably the largest reason individual leaders and organizations don't adopt a competitive mindset for securing talent. Another reason, probably the second most significant, is that many leaders and organizations have such a sense of self importance that they actually don't believe they are competing for talent. They think that their people and products are so good that they sell themselves as a desirable employer, and that it is an honor and privilege for potential candidates to work for them. These leaders are in denial of what is going on around them in terms of the dwindling Hospitality talent pool. In the long run, those leaders will eventually become unemployable themselves unless they have a paradigm shift; organizations who think this way will not prosper in the long term if they don't have a radical change in their underlying beliefs.
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