The Long-Term Incentive Dilemma of Asset Management Pay
The economic impact of COVID-19 has devastated the hotel industry in myriad ways, from sinking revenues to company restructurings. Hilton announced in June that it was laying off 2,100 employees, about 22% of its corporate staff. In March, Marriott reported it would furlough roughly two-thirds of its 4,000-person corporate workforce. The COVID-19-induced lodging recession has not only dug into property owners’ bottom lines, but it might also have a ripple effect of draining companies of their top-tier asset-management talent. No longer bound to a company with the “golden handcuffs” of long-term incentive plans or even annual bonuses, high-performing asset managers are considering career resets that will leave owners without the talent they’ll need to thrive in Hospitality 2.0—a time sure to be marked by a wave of distressed assets and workouts that demand the attention of talented and experienced asset managers.
Read moreThe New Work Environment
“Organizations worldwide spend more than $350 billion on corporate training and education each year, but much of it is ineffective.” Companies will continue to look for more effective and efficient ways of delivering training and particularly for methods that support the transfer of learning into behaviors that drive workplace performance. No longer will the key measures of training be the amount of money a company invests or the number of hours each employee spends in training. Training expenditures need to answer the same question as any other business investment: Is there a justifiable return?
Read moreCovid Uncertainty Does Not Discourage European Hoteliers
As the UK prepares for reopening the hospitality industry, Aethos™ sought to get a clearer picture of the sentiment amongst branded as well as independent hotel operators. The idea – to contrast the mood of the British hospitality industry with that of a country where hoteliers have already had a little ‘head start’ due to the earlier lifting of restrictions.
Read moreDo Not Let Covid Infect Your Brand
The first thing that came to mind when Marriott International furloughed two-thirds of its corporate and property staff was - Is this going to severely impact the Marriott brand and the relationship with their most important asset: PEOPLE. Many blue-chip companies in hospitality, gaming and travel followed suit. These same companies have spent untold millions over the past decade building both a customer and an employment brand. Would their reputation be severely impacted in ninety days?
Read moreBiannual US Hotel Asset Management Compensation Report
AETHOS' biannual US hotel asset management compensation report is designed to provide current and credible compensation trends and covers asset management compensation information for the following three positions: senior vice president asset management, vice president asset management and director asset management. All information was collected through a confidential survey from a diverse group including public lodging REITS, private equity, owners/developers and asset management advisory firms. In total, more than 1,500 data points from 240 survey respondents were processed (data responses submitted between 1/1/2020 – 2/15/2020).
Read moreKey Questions on Employees’ Minds Right Now, Part II/II
Many hospitality students and professionals around the world recently participated in AETHOS’ series of development webinars. These sessions offered attendees the opportunity to complete the 20|20 Skills assessment to gain a personal SWOT analysis to help them navigate these challenging times of occupational crisis and change. Interestingly, the attendees consistently voiced certain concerns and follow-up questions.
Read moreThe Myth Of ‘Crisis Leadership’
Google the phrase “crisis leadership,” and you get over half a billion (yes, with a “b”) entries. It is one of the hot topics on social media now, with new entries appearing daily. Everyone in the business world is talking about it, and they all seem to characterize it the same way: that crisis leadership reflects a highly specialized skill set or psychometric profile that is significantly different than “everyday” leadership. The spirit or intent of these articles is certainly commendable. Indeed, leadership development remains as much an art as a science, and so data-driven guidance is critically important. However, the core premise of crisis leadership as it tends to be discussed is often misguided or blatantly incorrect.
Read moreKey Questions on Employees’ Minds Right Now, Part I/II
Many hospitality students and professionals around the world recently participated in AETHOS’ series of development webinars. These sessions offered attendees the opportunity to complete the 20|20 Skills™ assessment to gain a personal SWOT analysis to help them navigate these challenging times of occupational crisis and change. Interestingly, the attendees consistently voiced certain concerns and follow-up questions.
Read moreWhat is Your Business 2.0
The government has effectively shut down the hospitality and travel industries. Yes, this will end, and no, it won’t go back to 'normal'. What will the new normal look like? I have heard all kinds of predictions from a V-shaped recovery to social revolution; a wide spectrum to say the least. The fact is no one can see the future and the past is not always a great predictor of future results. We at Aethos™ have been spending some of our new-found 'down time' to think about the new normal.
Read moreRethinking the Nature and Relevance of ‘Legacy’
It would be an understatement to say that the service-hospitality industry is experiencing unprecedented times. The global ‘Black Swan” event has arrived, and the light at the end of the tunnel appears the size of a pin hole. However, our industry is critical to the ongoing wellness, social connection, and enchantment of consumers, so it will certainly persevere ― hotels will re-open, cruise ships will set sail, restaurants will seat guests, galleries and studios will re-engage visitors, and the Vegas lights will again dazzle.
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