How can hospitality CEOs find hope?

The traditional approach to leadership is becoming less effective, what got you here may not get you to where you want to be in the future. Immediate priorities for the European hospitality sector include managing the inflationary pressures and streamlining operations to manage labour costs and efficiencies.

The European Hospitality Industry Outlook survey by Deloitte in 2023 found that 83 percent of hospitality leaders surveyed stated that rising costs and labour shortage were the key risks to growth respectively. Leaders must also adjust their business strategies to cater to a more price sensitive, digital savvy consumer. They must keep on top of these trends so that they can anticipate their changing demands and behaviours.

Embrace new opportunities
While our guests are looking for new and more authentic experiences and memorable products and services, they also still want value for money and exceptional quality. Today’s customer is more conscious of the green credentials, and this can influence their choices. Eco-friendly initiatives are often embraced, and sustainability welcomed, and this can result in more efficient and cost-effective operations and a reduction in your carbon footprint.

CEOs who thrive embrace change, evolve their leadership and show their team how to adapt to changing customer expectations, while meeting the need for greater sustainability.

Sharpening your own leadership skills, gaining fresh new perspectives and becoming more self-aware will enable you to be an inspiring and effective leader who can meet the changing expectations of your team. Finding staff and qualified managerial talent is a major issue. Combine this with the cost-of-living crisis and a sustained top line and profit growth become key issues facing leaders in the sector.

Putting people first
So, what are some strategies to achieve continued growth and high-quality service in this difficult landscape? Putting your people at the heart of your organisation is key – placing as much importance on looking after your team, the internal customer, as your external customer. Ensuring prioritisation of employee well-being and mental health and supporting them though the current uncertainties and the cost-of-living crisis is essential. Building a favourable organisational reputation for fair remuneration, a great culture, a respectful, positive and inclusive workplace where individuals and teams are valued and appreciated, will go a long way. Employees are seeking opportunities to learn, grow and to progress.

Engaged employees stay with a great employer, they promote their organisation to friends, family and their wider network and they are far more productive because they are experienced, motivated and well trained.