The CEO Merry-Go-Round Continues: Recent Trends in CEO Compensation
Being a CEO in the restaurant industry is tough work; and short lived for many. Nearly 20% of the CEOs in our annual study of pay-for-performance resigned, retired or were pushed out. It would stand to reason that deficient performance would precipitate a CEO’s ouster, but was that really the case?
Read moreProfile of Women in Leadership: A Tale of Two ‘Unicorns’ at Preferred Hotels & Resorts
A “leap year” happens every four years -- an extra day is added to the calendar to align it with the solar year. And in the span of just four years, it could be said that Preferred Hotels & Resorts has achieved many big leaps due to the strategic and cultural vision of its relatively new CEO, Lindsey Ueberroth. Since joining the company in 2004, Lindsey has helped solidify the position of Preferred Hotels & Resorts as an iconic global hospitality brand, a preferred partner for independent hotels and resorts, and a trusted resource for travellers seeking an authentic, independent luxury hotel experience. Today, Preferred Hotels & Resorts represents more than 650 independent hotels, resorts, residences, and small hotel groups across 85 countries.
Read moreHospitality Leadership Solutions Series: Communication
Communication in the 21st century – personal or professional – involves less conversation and more electronic sharing of information. Written communication, therefore, is often the norm. Sadly, many good business people are very poor writers. Poor writing in any context leaves a lasting impression, which can be especially detrimental in today’s workplace of enduring email, texts, digital documents and social media. The six tactics below will make you a better writer.
Read moreGaming’s top boardrooms of 2017
The gaming industry is one of the most regulated businesses in the world. With a colourful past, the industry has gone to great lengths to earn a reputation as “squeaky clean.” But has that translated to the boardroom and corporate governance in general? We think so. Casino Journal and Aethos Consulting Group™ have been analysing board practices for more than a decade; rating gaming companies on how well they are organized, managed, communicate with shareholders and pay themselves and executives.
Read moreNIMBYism: The Most Significant Cultural Threat for our Industry in 2018
In a meeting with the CEO of a student housing owner-operator just before the holidays, our conversation steered from ‘anticipated challenges for 2018’ to local politics and frustrations caused by difficulty in getting through planning permission for new-build developments. The conversation reminded me of others that I have had with hotel companies and developers as well as restaurant operators in the recent past – they all referenced the rise of ‘NIMBYism’ as something that has caused a lot of frustration to them and their companies.
Read moreHospitality Leadership Solutions Series: Accountability
Leaders have the responsibility of holding team members (direct reports or even peers) accountable for their actions and commitments. It’s often simple in principle but difficult in practice because doing this means leaders must be ready, willing and able to handle conflict. Sadly, many managers avoid any manner of unpleasantness because they value being liked more than being respected, or they overlook bad behaviour when offenders deliver financial results or meet other critical targets. Both approaches do a disservice to team members who should be benefiting from proactive mentorship and honest, constructive performance feedback. Five tactics make handling conflict easier for all.
Read moreAnxiety When Sitting in a CEO Role: Servant Leadership Making Kindness a Daily Routine
Leaders in any industry admit to having anxieties associated with making tough choices, especially choices that affect their employees’ lives. The level of accountability and responsibility implicit in serving in a CEO role isn’t for everyone. Mythology refers to the Titan Atlas who carried something very heavy, possibly the weight of the world, on his shoulders. It is typically assumed that this was a punishment that came down from Zeus, king of the gods, after Atlas sided against Zeus in the war of the Titans vs. the Olympians. But the famous Roman author Vitruvius claimed this “burden” was actually a reward, for "through his vigorous intelligence and ingenuity, he was the first to cause men to be taught about the courses of the sun and moon, and the laws governing the revolutions of all the constellations.” Indeed, we have likewise consistently found that modern leaders view their power, influence and responsibility as a great privilege.
Read moreThe “Trick” to Navigating the Turbulent Seas of Transition
Approximately a month ago, following Ritz Carlton’s previous announcement about moving into the cruise line sector, I contemplated the issues that must have been discussed in the board room prior to committing to such an endeavour. It stirred my thinking about a company’s transition into a new business area that requires new skill sets and a firm’s transformation from a company culture perspective to accommodate and welcome a new talent pool into its realms.
Read moreWhy ‘Heart And Soul’ Is Also A Strength In Leadership
One of the most difficult and humbling things for us human beings is to admit we don’t know something. Our brain has evolved over thousands and thousands of years into a three-pound, organic computer with the sole task of “making things more certain.” Gaining mastery and a sense of control over our physical and psychological environments is a natural, inherent human drive.
Read moreRecap of the 2017 Cornell Hospitality Research Summit (CHRS)
This year marked the 4th annual meeting between academics and industry practitioners at Cornell University in beautiful upstate New York. Like past years the October conference was well-attended, and the speaker slate was varied albeit markedly skewed toward hotel and lodging. Despite this, there was enough general content that was applicable for businesses across the spectrum of hospitality.
Read more