The Commercial Team needs to become more productive to cope with the job to rebuild revenue after the worst year in hospitality history. Hotels are different from most other businesses, but maybe we can learn something from those companies that excel in productivity.
According to research from the consulting firm Bain & Company, companies like Apple, Netflix, and Google are 40 % more productive than the average company. High productivity means 30 % - 50 % higher profit margins than industry averages. The hotel industry can apply some, if not all, of their ideas. Three components of human capital impact productivity more than anything else: Time, talent, and energy.
Hotels need commercial talents
Most companies spread their talents across all roles in the company. The most successful companies identify business-critical roles and fill these roles with A-level quality employees. These talents will manage the most critical parts of the business for success. If every team member is a star player, productivity will become remarkably high.
The average company loses more than 25 % of its productive power to processes that waste time and prevent people from getting things done. This decreases employees' output and raises costs, and demoralizes people, reducing the energy and enthusiasm they bring to their work.
Talents bring in more revenue
An engaged employee is over 40 % more productive than a merely satisfied employee. An inspired employee is 125 % more productive than a satisfied employee. Companies that inspire their employees perform better. Companies that invest in developing inspirational leadership create a meaningful impact on productivity. How could these insights be used to increase productivity in commercial work in hotels?
In this white paper we list how to manage talents, motivate them and manage their time. Many of these ideas can be used to make commercial activities in hotels more productive to increase revenue faster during the recovery.
Five building blocks
Apart from hiring and managing A-level talents, this white paper outlines four other building blocks needed to create a high-performance commercial team to recover faster during the next couple of years.
The five building blocks are
- Build the proper organizational structure
- Hire A-level talents
- Automate to minimize waste of time
- Execute the recovery strategy
- Communicate progress