The Future of Hospitality Work: Three Questions for Industry Leaders
By Bruce Tracey Professor of Management, Cornell University's School of Hotel Administration | April 14, 2019
Co-authored by Michael Warech, Founder & President, Warech Associates, LLC
This past November, an article was published in HR Executive Magazine online that discussed how the future of work (FoW) has become top of mind for leaders who are wrestling with how to best prepare their organizations for a future that is getting more and more difficult to predict. This article described the FoW as the "realization that dizzying advances in technology, coupled with significant changes in workforce demographics and required skill sets, necessitates a widespread overhaul not only of our organizations, but of the very definition of work itself".
The article highlights critical areas that will need attending to, including a company's brand, harnessing agile pools of talent, requirements for new and different skills, a redefined concept of leadership, and powerful tools and technology. Finally, the article paints a vivid picture of what such an organization will look like and how it will operate in 2023.
So, what does this mean for the hospitality sector, given some of the well-known inherent challenges in this space? In this piece, we focus on some of the implications of FoW for the hospitality industry, and present three questions that can be used by organizations as they adopt the necessary strategies, tactics, and practices to support FoW.
The Good News
On a macro-economic level, the hospitality industry plays a significant role in driving GDP in developed and emerging markets around the globe. Indeed, as a key component of the travel sector, the hospitality industry has demonstrated impressive growth worldwide over the past several decades, and a similar trajectory is forecasted for the next several. The industry also offers substantive investment opportunities – both public and private – as well as numerous opportunities for entrepreneurs and start-ups.