James Houran joins Jack Easdale (Corporate Director of Revenue Management, Gaylord Hotels) and Mike Getka (Regional Director of Revenue Management, Hyatt Hotels Corporation) in presenting a breakout session entitled "RM Resource Planning and Developing an RM Training Program" on June 16th, 2008 in Austin, Texas.
The session addresses high-level strategies for recruitment and training, as well as specific best practices for developing revenue management professionals. The 20|20 Assessment™ team is also available to organizations that require a consultant to help bolster their recruitment and training initiatives with revenue management and other key personnel. For example:
At a high level, what are some of the current best practice approaches to recruitment, selection and training for revenue management?
General due diligence remains best practice, although it is easy to cut corners on the process. Due diligence ideally involves a standardized skills assessment, at least one structured behavioral interview and proper reference checking. A modern assessment like 20|20 Skills™ is especially valuable in guiding due diligence and it leverages technologies that support recruitment, selection and training goals simultaneously.
Are personality traits important when selecting team members of revenue management?
Recent research shows that personality is not a useful predictor of job performance. Personality measures might be useful at times for evaluating fit with team members and to some extent, company culture. However, supervisors should focus on evaluating skill set and attitude. These are the most robust predictors of performance in service industries.
What are the characteristics of top performing revenue managers?
Modern assessments can facilitate empirical benchmarking to answer this very question for individual organizations. It can be tempting to think of the ideal candidate as someone with high intelligence and good analytical ability, but top performers also exhibit talent for "group process – or team building." People skills are crucial for effectively relating to and impacting internal and external customers.
What can managers easily "miss" when developing training programs?
Retaining top talent is an issue often missed in training programs. Employee incentive programs are useful to develop in tandem with employee training programs. Non-monetary incentives, in the form of professional development, are equally or more effective as monetary rewards.
Fortunately, development opportunities for ambitious professionals can dovetail extremely well with an organization's need for "on the job" training initiatives through mentoring programs. 20|20 Assessment™ can work with organizations to structure and measure the success of these types of business solutions.The breakout session at the HSMAI Revenue Management Strategy Conference presents more than theoretical knowledge.
The effectiveness of the practical strategies offered by 20|20 Assessment™ is evident in a recent case study at the Courtyard by Marriott Downtown Toronto:
20|20 Skills™ was instrumental in ensuring that we had the right candidate in place for our Revenue Management position. The last time we searched for a Revenue Manager, it took us 4 months to find someone. Many properties are finding that they need to go outside of market to source Revenue Managers and need to pay relocation fees. Much was riding on this decision and my ability to offer Pam the position. To-date, we have had the best year yet – and I would have to say that it has a huge amount to do with having the right person in the right position. With Pam, we have been able to complete a huge project, changing the way we inventory our room pools, allowing us for additional revenue streams. Pam's 20|20 Skills™ report came to fruition. We are now using Pam's report to prepare an Individual Development Plan in order to ensure that we keep her.
– Ronit Keith, General Manager, Courtyard by Marriott Downtown Toronto
Many hotels would state that the inability to find good employees is one of their most challenging problems. Yet, few organizations devote much of their time or energy to this element of their business. They post a notice on an online job board and hope job seekers will apply. They conduct almost no recruiting, and they interview only when there is an opening.
Devoting more time and effort to recruiting, developing and retaining employees pays big dividends. All employees should be involved in the recruiting effort, and it should be a continuous process to develop your employees. Making the business grow is in everyone's interest and that recruiting and retaining the best people is essential to accomplish that goal.
About the Author
James Houran, Ph.D. is an 18-year veteran in research and assessment on peak performance and experiences, with a special focus on assessment. His award-winning work has been profiled by a myriad of media outlets and programs including the Discovery Channel, A&E, BBC, NBC's Today Show, Wilson Quarterly, USA Today, New Scientist, Psychology Today, Forbes.com, CNN, Court TV and Rolling Stone. He is also a regular contributor to many service industry forums, including 4hoteliers.com, TTG Global Publishing, Daily Hotel Industry News, Enterprise Innovation, Global Hospitality Newsletter and Daily Restaurant Industry News, ConventionSouth Magazine and Hospitality Magazine.
For information on the Best Practice 20â"‚20 Skills™ assessment system and organizational development services, contact:
James Houran, Ph.D.
516.248.8828 x 264