There is a fine line between competitive pricing and a price war. Prices can be lowered only to a point where it doesn’t hurt your hotel or brand positioning, and more significantly, the hotel’s profitability.
Unfortunately, investments made towards training and development of human resources are poorly measured and tend to skew disproportionately in favour of operations delivery, resulting in a zero-sum-game.
The importance of not just the brand, but also patents and trademarks, technology and intellectual property as well as human capital is now being ascribed value, which in many cases, has caused a measurable shift in the market value of hotels when compared to their book value.
Finding and keeping the right people are two key dilemmas at the forefront of every organization committed to success, growth, and a dynamic and supportive work environment.