Hotel Risk Management, Knowledge Management and Talent Management: Linking Them for Success
By Mostafa Sayyadi Management Consultant, The Change Leader Consulting Inc | December 08, 2019
Hotel executives can develop a strategic vision and improve relationships with employees, customers and business partners. They can, in fact, lead hotels' values and visions toward to a higher degree of social responsibility and productivity. In doing this, hotel executives can articulate the direction of the vision of the organization, set up a repository for information storing and retrieval, update knowledge on a real-time basis, access and use it to formulate budgets and large expenditures using internal-rate of return and net-present valuing of assets.
In here, hotel executives' success is highly reflected in moral and ethical standards and the degree of awareness about organizational visions can in-turn be used in strategic decision making. Also, it is dependent upon how hotel executives can effectively engage employees, customers and business partners in formulating their hotel's vision.
Scholars presented hotel executives with a slew of internal resources such as all tangible and intangible assets, follower and senior management capabilities, developmental and transferable competencies, new and more effective organizational processes, and cultural but hotel attributes that provided a strategic vision for the hotel. This new set of tools, procedures, and ideas began to improve the hotel's competitive advantage and hotels went from having a competitive advantage to distinctive competitive advantage. This opened up a whole new world of competition. Some hotels found their uniqueness.
Hotel executives across the globe can also create competitive advantage through engaging employees, customers and business partners to develop a more comprehensive vision for the future by incorporating upcoming trends in the business environment. Each hotel executive plays a critical role in shifting hotels toward the creation of new services. Through the customer engagement, hotel executives can contribute to new services to meet dynamic market needs, through higher expectations and stimulation for new and strategic opportunities to meet the needs of customers in the marketplace.
Further, hotel executives can enhance employee engagement through empowering human assets and developing an inspiring vision for future. When hotel executives can generate a shared and inspiring vision for the future expansion into global markets, they will secure a foothold in the ever-expansive global marketplace.
Moreover, it is evident that networking with external business partners propels business partner engagement, thereby providing directions for hotel executives to develop a more effective vision incorporating various concerns and values of external business partners. Partner engagement can also enable performance in globalized markets through exchanging organizational knowledge. This knowledge exchange positively contributes to hotel executives to develop a more effective vision incorporating more exact and comprehensive information about external sources and environment.