Mental Wellness and Today’s New Workplace Norms
‘Mental wellness’ is a broad topic that involves our emotional, psychological, and social functioning. In what is a reflection of the fast-paced and high-pressure environments that we nowadays live in, it has increasingly topped the management agenda of many boards and HR executives across the globe. In a high-touch and hugely interdependent business environment such as the hospitality industry, many executives had already voiced concerns about losing their ‘equilibrium’ before the current COVID-19 crisis.
Read moreThe Future State of Hospitality after COVID-19: A New Psychology of ‘Enchantment’
"... it is difficult to imagine anything people will crave or need psychologically more than a healthy dose of enchantment following weeks of monotony, restlessness, and anxiety that accompany COVID-19 quarantines." But what exactly are the core elements of enchanting experiences? Many people have talked around this question, but few research studies have actually delved into the nature and relevance of enchantment as a psychological construct or consumer motivator. Perhaps the closest guiding principle used by the tourism-hospitality industry has been the notion of the ‘experience economy.’ This reflects the philosophy that businesses compete in today’s market by offering increasingly memorable experiences versus strictly focusing on the quality of products or services. Moreover, some research has modeled the ‘ideal’ features of such ‘memorable experiences.’ Namely, the trend over the past decade or so has been for consumers to seek experiences grounded in (i) aesthetics, (ii) authenticity, (iii) education, (iv) entertainment, (v) escapism, (vi) newness, and (vii) a sense of transformation.
Read moreCompensation Impact on Taking Money from the Government (CARES Act HEC)
The key language regarding compensation in the CARES is below. How will this affect hospitality, gaming and travel companies who participate? "To receive financial assistance (in the case of air carriers and contractors), or loans and loan guarantees (in the case of other eligible businesses), a company must agree to the following limits (which generally apply during the period of assistance and for one year thereafter) on annual compensation and severance payments for each officer and other employee (other than a unionized employee) whose “total compensation” exceeded $425,000 in 2019 (“CARES Act HCEs”)"
Read moreTo Lead In Times Of Crisis, One Must Be Equal Parts Realist, Pragmatist and Optimist
As an evaluator of leadership capability, I have been asked what it takes to lead in a time of crisis, such as COVID-19. My answer has been simple, “you must be equal parts realist, pragmatist and optimist. This mixture of archetypes is essential in dealing with the fast moving and unknown outcomes of a crisis.
Read moreIs Your Business Hard-Wired for Panic or Innovation?
The COVID-19 pandemic has now become the most disruptive event in our lifetime. Understandably, virtually all organizations are bogged down in “immediate” decision-making. It is all tactical right now, because there is no place to run and no place to hide; there is no safe haven. But once the immediate circumstances settle, will your organization be hard-wired for panic or innovation?
Read moreClass Of 2020 – Forged In Crisis, The Servant Leader Of Tomorrow
People say every generation has its defining moments; often shared experiences which forge a common mentality, attitudes and character traits. Perhaps 2020 represents that turning point for the future generation of business leaders as Covid-19, however awful it is, has helped all of us to remember that we should be putting the interests of the ‘greater good’ first.
Read moreCrisis Management – Market Reactions vs Steady Leadership
Investors, and the world in general, are rightfully nervous. However, in this instance, and unlike in past (economic or political) crises, central banks are unlikely to be able to help businesses – this is a consumer confidence and demand issue. When looking at the C-suite of hotel companies, there should therefore be some comfort in the fact that these are experienced and tried-and-tested CEOs.
Read moreRestaurant Finance Monitor – CFO Compensation Report
Most industry leaders have established relationships with a mentor or a very select group of personal advisors for whom they can call upon for thoughts, advice, or direction as it relates to their career. Aethos™ has often highlighted the importance of such ‘personal boards of advisors’. For new entrants to the industry, though, it is often difficult to know who to choose as a mentor or role model. It is no surprise, then, that during last year’s “Young Hoteliers Summit”, which annually gathers more than 200 students from hospitality universities in over 20 countries, this issue was raised the most in the one-on-one discussions.
Read moreThree tips to be successful as an emerging hospitality industry leader.
The ‘up-and-comers’ are advised not only to be independent thinkers but to be more mindful as well. ‘Mindful’ is being used here with the intent to be aware of one’s own bad habits – or to make sure not to develop them in the first place.
Read moreHotel CEO Pay and Performance
In his annual review of CEO compensation in the U.S. lodging sector, Aethos Consulting Group™ CEO Keith Kefgen shares candid insights as a result of his most recent assessment.
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