What the hospitality industry can learn from trends in the wider business world.
Learning from the successes and failures of others is key to making quantum leaps toward our goals- Robin Crow
When it comes to discussing the business sector as a whole, the hospitality industry can feel like a whole different game, let alone a different ballpark. The working conditions are unique, salary, progression and perks and simply put, there are so many parts to it that sometimes, hospitality feels like it’s even too homogenous a term to envelop all different aspects of it under one roof.
But does it really need to be so apart from the other sectors? Is there anything we could absorb from our distant business relatives that could benefit our industry as a whole?
With this in mind, we’ve taken a deep dive into the predicted business trends for 2022 to see what we can learn from the wider business world, especially in this time of rapid global transformation.
Split into three overarching categories, here are our thoughts:
Employee Experience
As Gen Z enter the workforce and the landscape sees a rise in both gig and remote workers, the expectations of employees are shifting.
The new workforce is looking for something a little different- a focus on mental health & wellbeing, flexible working patterns and a more person-centric approach. More of a focus on learning and development. Demanding less of a hierarchy and a more agile environment, fair pay and working conditions are also key- unlike the generations before, these guys really understand their worth.
But how does this work in the context of hospitality?
You need to nail the onboarding process with clear information on wages, benefits and expectations from the outset. Perks promised to need to be upheld and where possible, training should be an ongoing thing. The route to progress in their career should also be clearly signposted.
Purposeful Business
Second up is the concept of being professionally purposeful in your operations. In the wider business world, this is everything from corporate social responsibility, sustainable operations, using renewable energy and driving change. However, this also includes the authenticity of a brand and how true they stay to their missions.
As discussed in other articles, this is incredibly easy to translate into our industry. In an article written by the International Journal of Hospitality Management in late 2020, it was discovered that not only are millennials more likely to choose a ‘green’ restaurant, but they are also very willing to pay the higher tariffs for it.
This doesn’t mean you have to turn into a vegan juice bar (if that’s not your thing). It means considering your energy sources, the design of the space, the provision of a decent menu for all sorts of lifestyle choices and responsibly sourcing your produce.
Beware that modern guest are also very wary of ‘green washing’ so you have to ensure that any claims you do make as to the purpose of your mission, that this is true and maintained at all times. Anything less can be irreversibly detrimental to your business. Better to not do it than say you do and that not be the case.
Digital Landscapes
The entire internet is currently going through a shift as it moves from the aggregator-owned web 2.0 to the decentralised, internet of the people web3. Think of it as going from linear scrolling to metaverse strolling as our real-life selves become virtual avatars.
This is only going to get bigger over the year and beyond as crypto becomes the currency ‘de rigueur’ and digital pieces of art known as NFTs (non-fungible tokens) become the must-have items.
Web3 is perfect for retail brands and tech start-ups. However, despite the very nature of eating and drinking being a real-world thing, plenty of F+B brands are already taking steps into this brave new world. From the world’s first Food verse where virtual games on pixelated farms and in kitchens mean real-world culinary prizes to restaurants that are only open to NFT-holders.
There’s even global brand Pringles selling ‘crypto chips’, the greatest chips you’ll never eat.
If this is a step too far, there are other shifts in the digital landscape across the business world to pay heed to. The social media channels of web 2.0 are still in important positions and as such, expected to see spend on these channels increase.
Thanks to Tiktok, video production is dominating content output so consider spending less on your photography and more on sharp, crisp videography that drives customers to your location. Lastly, big data analytics- every piece of data you have put out there from the cookies you accepted to the apps you’ve downloaded- will help personalise for your customer. Sort of how Netflix recommends shows for you, you can use this data to target specific in-restaurant activations to specific guests or make sure your digital marketing is seen by the right people.
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