Hospitality Bouncing Back!

01 July 2022

With consumer confidence and demand increasing, a worker shortage in the field has led to a fantastic opportunity for those looking to enter the industry...

It is no secret that the hospitality sector was hit hard during the Covid 19 pandemic. Reduced international travel, concerns over safety and uncertainty over the pandemic’s duration, led to the closure of many businesses with large numbers of workers becoming unemployed.

However, as we approach the half-way point of 2022, there is cause for renewed optimism in the industry with consumer confidence rising and a noticeable reaction to the easing of international restrictions on travel.

The Business Research Company’s Hospitality Global Market Report 2022 (HGMR) projects a compound annual growth rate of 15.1% in the industry this year, with the market growing from $3,952.87 billion in 2021 to $4,548.42 billion in 2022.

In addition, the World Travel & Tourism Council report that Q1 and Q2 figures for 2022 show triple-digit growth for inbound flight bookings around the world compared to last year.

As well as the obvious boost delivered by the rise in global travel numbers, the HGMR also attributes this growth to hospitality companies having to reevaluate their business practices and use of technology in the face of the Covid challenges.

A process that was already underway pre-Covid has been fast-tracked by the extremity of the challenges faced in the last few years, resulting in a great competitive benefit to firms who have proved more flexible and embraced early adoption.

One example cited is the use of near field communication (NFC) to allow for data exchange between devices, making mobile payment an instant and seamless experience. Technology is also being used to create more ‘bespoke’ experiences for guests - for example, a robot delivering amenities direct to the hotel room.

A more efficiently run business still needs highly trained and skilled employees, and staff shortage is where the real cost of Covid has been felt by many companies.

The United States' Bureau of Labor Statistics reported a sharp decline in the number of people employed in hospitality in the country from 2019 to 2020. This was a trend seen worldwide as the financial hit of the pandemic started to take hold forcing businesses to make redundancies and long-term hospitality workers to seek roles in other industries.

What is undoubtedly a problem for employers could well turn into a great opportunity for employees though, with the balance of power shifting in the direction of the workforce as newly re-opened businesses seek skilled staff to meet the new demand.

Making its predictions for the industry in 2022, Hub International identified improved working conditions, benefits and pay as one of the key trends to look out for.

Referencing a Business Insider report that claims that a third of former hospitality workers won’t return to the industry, the site feels that protecting existing and new employees will become a number one priority for firms as they look to attract staff.

A market hungry for new personnel is obviously good news for students specializing in hospitality study and looking to enter the industry in the near future.

At IMI, our Swiss Advanced Diploma programme offers students a comprehensive blend of F&B and culinary practical skills alongside the business management theory required for more senior roles.

With a practical internship semester after each of the three study semesters, it provides invaluable work experience and culminates in a supervisory placement after the final study semester.

Students on this programme get a thorough overview of the industry which covers all areas of a hospitality business operation. In addition, they have the opportunity to improve their language skills with German or French classes available.

For an industry actively seeking workers, the Swiss Advanced Diploma provides the ideal preparation and benefits from being Swiss federally approved giving it worldwide recognition.

Of course, a key consideration when undertaking any vocational study course is the prospect of finding work on completion of the programme. Given the current situation within the global hospitality industry and the structure and developmental nature of the Swiss Advanced Diploma, this might just be the perfect time to make that investment in your future employability.

For further information on the Swiss Advanced Diploma or any of IMI Switzerland’s other hotel and business management programmes, please feel free to contact us or visit our website.

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