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Earlier this summer, HSMAI hosted a Chief Revenue Officer (CRO) Executive Roundtable in Toronto. Talent management emerged as a topic that continues to challenge leadership. As CROs, they acknowledged the role talent management has in effective forecasting. The participants discussed the importance of attracting and retaining skilled professionals in revenue management and related fields. They also mentioned the need for continuous training and development to ensure that teams have the necessary skills and knowledge to perform their roles effectively. Read on for the top strategic insights from this session.
Prioritizing Employee Retention and Tackling Burnout
The resounding theme throughout the discussion was the importance of retaining talent and combatting burnout. The CROs recognized the necessity of providing flexibility within teams, whether on-site or remote, to alleviate burnout risks. Encouraging team members to utilize vacation time and invest in personal growth emerged as vital strategies to sustain a motivated and dedicated workforce.
Embracing Holistic Skill Development
Examining the nuances of skill development, the conversation pivoted towards the need for a well-rounded skillset. Beyond analytical prowess, the CROs emphasized the cultivation of emotional intelligence, negotiation finesse, and effective communication. Acknowledging the role these complementary skills play in shaping leadership effectiveness, participants suggested a shift in focus towards holistic professional development.
Cross-Training for Enhanced Collaboration
Collaboration emerged as essential for success, prompting the exploration of cross-training to foster interdepartmental collaboration. Many agreed on the necessity for revenue leaders to undergo sales training, thereby cultivating a commercial culture that harmonizes various teams. By breaking down silos and cultivating cross-functional understanding, the industry aims to amplify innovation and responsiveness.
Optimizing Organizational Structure for Success
The group discussed how the structural underpinnings of an organization impacted role definition and tiering. Participants considered potential tiered structures based on service levels, coupled with a finer delineation of roles within each tier. The hope is that such an optimization would align with development plans, bonus structures, and other critical facets, fostering a cohesive and purposeful workforce.
The assembled CROs stressed the urgency of addressing retention, skill development, collaboration, and structural optimization. For more talent insights, check out the HSMAI Foundation’s State of Talent Report.
Thank you to the sponsors of this roundtable, OTA Insights, Revenue Analytics, and ZS. We’re grateful for the candid discussion from the 20 executives from 17 companies, including:
- AccorHotels
- Arlo Hotels
- BWH Hotels
- Castle Hospitality Group
- Graduate Hotels
- Hyatt Hotels Corporation
- IHG
- Loews Hotels
- Margaritaville Enterprises
- Marriott International
- Montage International
- Omni Hotels & Resorts
- Preferred Hotels & Resorts
- Red Roof Inn
- Schulte Hospitality Group
- Sonesta International Hotels Corporation
- Wyndham Hotels and Resorts
HSMAI hosts this unique by-invitation only forum annually for CROs. If you are interested in being invited next year, please email Bob Gilbert.