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Executive Summary
The trends influencing the hospitality sector talent, particularly in sales, marketing, and revenue optimization, have demonstrated consistency with previous years. However, it is important to acknowledge the significant developments and emerging shifts that are impacting talent within hospitality. This report offers insights into past and emerging trends while examining how the industry has addressed these issues. The HSMAI Foundation State of Talent Report is made possible with the support of the HSMAI Foundation’s corporate talent partners and individual donors and is authored by Dorothy Dowling, Managing Director, Horwath HTL, and a special advisor to the HSMAI Foundation board.
The 2023 -2024 HSMAI State of Talent Report explores 9 key talent trends:
01 Meeting the Needs Of Multigenerational Workforces
- Promote cross generational learning through mentorship and collaboration.
- Staffing levels are predicted to return to pre-COVID levels by 2031. There is a slow entry of new employees into the workplace and retention of older workers.
- Digital academies can provide advanced training in digital skills.
02 The Rise Of The Gig Economy and Fractional Staffing Models
- A marketing mindset and dedication to employer branding is needed for recruiting.
- Gig, fractional, and independent workers are growing in relevance and value.
03 Retention Through Upskilling, Reskilling and Upward Mobility
- Hands on learning can fuel the talent pipeline.
- Internal employment marketplaces can increase retention.
- Lifestyle contracts, development plans, and career mapping are expected.
04 Transforming Employee Engagement
- Employee engagement is a pivotal metric.
- Listening and learning from employees’ fuels efficiency and productivity.
- Utilize dynamic employee engagement tools.
05 Leadership Defines Culture and Organizational Purpose
- Leaders must connect the dots for teammates to contribute effectively.
- Employee well-being are foundational pillars in successful hospitality business.
- Upskilling investments to leverage new technology.
06 Return to Office and Hybrid Work Models
- Culture and teamwork are fueled by intentional efforts like collaboration days.
- Some see in-office work as important for career growth.
- Discussion continues how fully remote employees are tied to different compensation models.
07 Cross Functional Teamwork and The Evolution Of Commercial
- Cross functional teams require effective leadership, people development, collaboration, and training.
- Shared objectives and KPIs help cross functional teams.
- Labor shortages and the changing demographics of the workplace make cross functional teams more important.
08 The Rise of AI
- AI is indispensable, enhancing efficiencies across commercial functions.
- Embracing AI is becoming the key to unlocking its full potential.
09 Prioritizing Emotional Wellness
- Employees value workplace cultures that prioritize personal growth and happiness.
- Leaders need to ensure employee engagement surveys to provide insights into employee well-being.
To read the full report, visit: 2023 -2024 HSMAI State of Talent Report.