By:Dr.Adal M.Hussain,Phd (AKA) Dr. Abbey ,Editor @ Large for World Liberty TV
NYU School of Professional Studies .
Jonathan M. Tisch Center of Hospitality Hosts the 43rd Annual NYU International Hospitality Industry Investment Conference, Convening Renowned Hospitality Thought Leaders In-Person in NYC.
Featured Speakers , Jamie Dimon, Chairman of the Board and Chief Executive Officer, JPMorgan Chase, and CEOs from Accor, BWH, Hilton, IHG, and Marriott, Among Others, Share Insights and Forecasts.During Enlightening General Sessions Complemented by Innovative Breakout Discussions.
The NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality convened top hospitality industry executives and thought leaders from across the US and around the world for its 43rd Annual NYU International Hospitality Industry Investment Conference at the New York Marriott Marquis in New York City. This leading hospitality forum is one of the first major industry conferences to resume in-person in NYC since the pandemic struck.
Jonathan M. Tisch, chairman and CEO of Loews Hotels and Company, and Co-chairman of the board of Loews Corporation, who serves as Conference chair, opened the event, which spans three days (November 7-9) by delivering remarks on the state of the industry and providing a preview of the content to come. In his opening remarks, while he focused on the issues the hospitality, travel, and tourism industries continue to face due to the pandemic, he also stressed the opportunities at hand, specifically in the areas of business travel, global events, and the power of these industries to bring people together.
The first day of content was highlighted by thought-provoking general sessions with high-profile leaders and innovators sharing their insights.
“The CEOs Check-In: A View from the Top,” featured hospitality executives who discussed the evolving investment landscape, and how the hospitality industry is growing once again. Sara Eisen, anchor, “Closing Bell,” CNBC, moderated this discussion with Keith Barr, chief executive officer, IHG Hotels & Resorts; Sébastien M. Bazin, chairman and chief executive officer, Accor; Anthony Capuano, chief executive officer, Marriott International; David Kong, president and chief executive officer, BWH Hotel Group; and Christopher J. Nassetta, president and chief executive officer, Hilton. The executives shared positive outlooks as the industry focuses on 2022. From foreign travel resuming to family members and friends eager to be back together, they expect to see continued growth in the sector, with people feeling more comfortable with traveling. While the pandemic caused tremendous hardship, these leaders are clearly embracing the accelerated change that has come from it—particularly in the area of customer experience. They also see efficiencies across the sector, technology, and remote work, as being key influences now and in the months ahead.
During “Beyond the Boardroom,” one of the most popular sessions at the Annual NYU International Hospitality Industry Investment Conference, Jonathan M. Tisch, chairman and CEO of Loews Hotels & Co. and co-chairman of the Board of Loews Corporation, interviews prominent business leaders for their perspective on the current business landscape. This year’s distinguished guest was Jamie Dimon, chairman and chief executive officer of JPMorgan Chase, who engaged in a thought-provoking discussion on the complex social, political, technological, and economic forces disrupting today’s world and their impact on the global travel and lodging industry. Dimon shared why he is in favor of bringing teammates and employees back to the office, placing an emphasis on the collaboration, creativity, and company culture it inspires. He also touched upon the importance of diversity and inclusion across all levels of the industry and shared insights into the work he and the JPMorgan Chase management team are doing to continue prioritizing D&I. Dimon also discussed his thoughts on technology, climate change, and the long-term growth of America, and more.
During “Reimagining the Workforce: Labor Challenges and Opportunities in Travel and Lodging,” Vanja Bogicevic, PhD, director of the HI Experiential Learning Lab and clinical assistant professor at the NYU SPS Jonathan M. Tisch Center of Hospitality; Tom McCaleb, managing director at Boston Consulting Group; and Oliver Bonke, advisor at Boston Consulting Group and member of the advisory board of the Tisch Center; discussed reimagining the travel and lodging workforce to meet the evolving labor challenges and opportunities across the hospitality industry, as described in a recently developed white paper they, along with colleagues at their respective organizations, authored. The white paper will serve as the launch point of a new think tank designed to identify and coordinate strategic solutions for key issues affecting the industry.
During the ever-popular “CEO’s Check-In: A View from the Top” panel at the NYU Hospitality Conference, CNBC’s Sara Eisen, led a discussion that included Keith Barr, CEO of IHG Hotels & Resorts; Sébastien M. Bazin, chairman & CEO, Accor; Anthony Capuano, CEO, Marriott International; David Kong, president & CEO, BWH Hotel Group; and Christopher J. Nassetta, president & CEO, Hilton. They discussed the evolving investment landscape, the industry’s changing consumer base, and how the competition and travelers are driving them to lead their brands and differentiate their companies.
During “Beyond the Boardroom,” one of the most popular sessions, of the Annual NYU International Hospitality Industry Investment Conference, Jonathan M. Tisch, chairman and CEO of Loews Hotels & Co. and co-chairman of the Board of Loews Corporation (left), interviews prominent business leaders for their perspective on the current business landscape. This year’s distinguished guest was Jamie Dimon, (right) chairman and chief executive officer of JPMorgan Chase & Co, who engaged in a lively discussion on the complex social, political, technological, and economic forces disrupting today’s world and their impact on the global travel and lodging industry.
During “Reimagining the Workforce: Labor Challenges and Opportunities in Travel and Lodging” Vanja Bogicevic, PhD, director of the HI Experiential Learning Lab and clinical assistant professor at the NYU SPS Jonathan M. Tisch Center of Hospitality; Tom McCaleb, managing director at Boston Consulting Group; and Oliver Bonke, advisor at Boston Consulting Group and member of the advisory board of the Tisch Center; discussed reimagining the travel and lodging workforce to meet the evolving labor challenges and opportunities across the hospitality industry.
The global travel and lodging industry has experienced a multitude of changes over the last decade including dozens of new brand launches, and the emergence of new technologies that have transformed booking and guest experience. During this time, many industry leaders have grown concerned with the rising cost of labor and what that means for the industry. The global pandemic compounded this pressure on the labor market, which responded to historically low occupancy rates (nearly as low as 20% in the US) by furloughing thousands of workers.
While the situation has improved incrementally, a recently authored white paper identifies the causes and reverberations of a labor shortage that continues to challenge a full recovery. The paper—Reimagining the Workforce: The Future of Work in Hospitality— is a collaborative research effort between Boston Consulting Group (BCG) and the NYU School of Professional Studies (NYU SPS) Jonathan M. Tisch Center of Hospitality, and was presented at the NYU International Hospitality Industry Investment Conference, this week.
“The paper, which is the first in a series, will serve to launch an industry think tank initiative facilitated by the Tisch Center and BCG, who will convene industry leaders to identify, define, and coordinate the most effective strategic solutions for current labor challenges. That process begins by understanding the current situation, its root causes and implications—all issues that are explored in the white paper,” said Nicholas Graf, Jonathan M. Tisch Chaired Professor and associate dean, NYU SPS Jonathan M. Tisch Center of Hospitality.
“This industry experienced an unprecedented disruption over the past two years, and no single organization alone will overcome the labor challenges that continue to impact operational stability and recovery,” said Tom McCaleb, Managing Director and Partner at Boston Consulting Group. “While there will be some quick wins, the long-term solutions will be cross-industry and complex. The industry has a choice—it can use the labor challenges as a catalyst for innovation. Hospitality businesses must understand what employees value most and then adapt by innovating their employee value proposition, talent acquisition and management, and actions to increase equity and diversity.”
While nearly 70% of global travel and tourism workers were either laid off or were subject to decreased working time during the pandemic (2021 BCG/The Network “Decoding Global Talent”), when conditions for travel and tourism improved, most of the guests returned, but many hospitality, travel, and tourism employees chose not to go back to their jobs.
Two self-reinforcing issues are behind the post-pandemic exodus of employees from the hospitality, travel, and tourism industries—shifting labor demographics and labor-force participation and changes in employee preferences after the pandemic.
Shifting labor demographics and labor-force participation: The Accommodation and Food Service sector had nearly 1.6 million job openings in July 2021, according to the US Bureau of Labor Statistics. That is roughly twice as many openings as in December 2019. But the labor force in Leisure and Hospitality declined by approximately 10% over roughly the same period (January 2020 to August 2021). The decline caused labor shortages and higher labor costs.
Changes in employee preferences after the pandemic: Industry employees have also shifted their priorities, and the white paper focuses on three key aspects of what is now more important than ever to those working in hospitality, travel, and tourism. These factors are categorized as: What matters at work, Where and when employees want to work, and the Importance of social values. What matters at work now includes shorter-term factors such as relationships with colleagues and superiors, as well as factors related to job security and financial stability as opposed to longer-term factors such as career development opportunities and skills training.
When labor costs rise, companies in the hospitality sector often try to reduce costs elsewhere. The research showed that many hotels have eliminated key services and/or have switched to an “only upon request” service mentality; reduced scope of food and beverage outlets; and have decreased high-value amenities such as airport shuttles. These may also reduce the average daily rate (ADR), because guests are unwilling to pay as much as they used to for the reduced services and the diminished experience. Exacerbating this is the negative impact of the service cuts on the employee experience, which is driving even more people away from the industry. Hotels thus risk a downward spiral that leaves profit squeezed between the rising labor costs and the declining ADR.
When and where employees work has also changed, as flexibility has become an important decision criterion for job seekers. The hotel industry has felt the impact, with 36% of employees pivoting away from hospitality in favor of jobs with a self-directed schedule like driving for a rideshare service or delivering groceries on-demand. Another 17% have switched to a job with weekly variable schedules, as opposed to fixed-schedule part-time jobs.
The prevalence of social values in the workplace has also become mission critical to businesses. Based on the results of a 2021 BCG/The Network study, diversity and inclusion are significant factors for employees in the travel and tourism industry. Some 75% of participants indicated that the issue of diversity and inclusion has become more important to them over the past year, with higher agreement towards this sentiment for respondents under 40 years old. Additionally, 53% of employees indicated they would rule out companies that don’t match their beliefs when it comes to diversity and inclusion.
During the 43rd Annual NYU Hospitality Industry Investment Conference, held at the New York Marriott Marquis, Nicolas Graf, Jonathan M. Tisch Chaired Professor and associate dean, announced two new full scholarships that will be created through the generous support of Loews Hotels & Co and its Chairman and CEO, Jonathan Tisch. The Loews Hotels Scholarship and the Jonathan M. Tisch Scholarship will be bestowed annually upon two graduates of Howard University and/or other Historically Black Colleges or Universities (HBCU), who seek to pursue a master’s degree at the NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality. The students who will receive this tuition assistance will be known as the Loews Hotels Scholar and the Jonathan M. Tisch Scholar, respectively.
“These scholarships will serve to ensure that diversity and inclusion, which are core values of the hospitality industry and the Tisch Center, remain at the forefront of all that we do to prepare the next generation of industry professionals. They will provide students from HBCUs with the opportunity to gain the graduate education and build the network they need to prepare for careers in the C-suite,” said Associate Dean Graf.
Jon Tisch, who earlier this year made a transformational gift to the Tisch Center of Hospitality to establish the Jonathan M. Tisch Endowed Chair, is a philanthropist who is a staunch supporter of higher education and a true believer in its ability to empower individuals from all walks of life to reach their full potential. “Providing the means for students from historically underrepresented groups to acquire the knowledge and skills they need to lead successful careers, is the greatest investment we can make in their future and in the future of this industry,” he said.
“We are incredibly grateful to Jon Tisch for his continued generosity and for his and Loews Hotels’ commitment to our students. Their gifts and the scholarships they will fund, will help to ensure the equitable outcomes that are so critically important for the hospitality industry and for society as a whole,” said Angie Kamath, dean of the NYU School of Professional Studies. “On behalf of the School and our students, I thank Loews and Jon for all that they do to make our programs accessible to all.”
During the final day of the 43rd Annual NYU International Hospitality Industry Investment Conference, a wide range of topics was discussed that illustrated the accelerated pace at which the industry is evolving while providing a preview of what’s to come. Stimulating general sessions and roundtables provided deep insights into the factors that will be most critical as the industry continues to recover from the pandemic.
During “The Leaders Check-In – Part Two: Consolidation, Scale, and the Structure of the Hospitality Industry, panelists discussed a wide array of topics related to the hospitality industry, including the impact of technology; the labor force; consumer demand; and the importance of diversity, equity, and inclusion. Scott D. Berman, principal and US hospitality industry leader at PwC, moderated the panel, which featured Geoff Ballotti, president and chief executive officer at Wyndham Hotels & Resorts; Michael J. Deitemeyer, president and chief executive officer at Aimbridge Hospitality; Stephanie Linnartz, president, Marriott International; Elie Maalouf, chief executive officer, Americas, IHG Hotels & Resorts; and Patrick Pacious, president and chief executive officer, Choice Hotels International. The panel started on a personal note with each executive sharing a story regarding the pandemic and its impact on their personal life and/or professional trajectory. One theme was resoundingly clear—everyone enjoyed the extended family time. Following these stories, each individual shared their insights into how the travel and hospitality industry will continue to evolve as things pick back up. They all agreed that while online and virtual meetings can be very productive, they cannot replace authentic, in-person interactions that are such an invaluable part of doing business. The panelists also discussed the many labor challenges facing the industry—from staffing issues to creating equitable opportunities for all employees.
The Conference focused on diversity, equity, and inclusion and the ways in which the hospitality industry can play a leadership role in ensuring that people from all walks of life can excel in a field that offers so much opportunity.
During a roundtable discussion titled “Forging a New Path Toward Racial Equity in the C-Suite,” which was moderated by David Marriott, director, board of directors, Marriott International, Wayne A.I. Frederick, MD, president of Howard University, and Andrew Hamilton, PhD, president of New York University, discussed their respective institution’s commitments to ensuring that individuals from underrepresented racial groups are empowered through education to succeed at the highest levels of the industry. Each gave examples of the many initiatives their universities have instituted and will institute to ensure equitable outcomes. Recently, Howard University, The J. Willard and Alice S. Marriott Foundation, and the hospitality industry joined together to launch the Marriott-Sorenson Center for Hospitality Leadership, which will serve to change the complexion of hospitality leaders by creating a pipeline to the executive suite.
During a lunchtime discussion titled “Partnering for Change: A Dean’s Discussion,” NYU SPS Associate Dean Nicolas Graf and Howard University School of Business Dean Anthony D. Wilbon discussed the need to create meaningful pathways for students from underrepresented racial groups to be able to graduate with the skills and the professional networks that lead to successful careers in hospitality. Associate Dean Graf then announced two new full scholarships that will be created through the generous support of Loews Hotels & Co and its Chairman and CEO, Jonathan Tisch. The Loews Hotels Scholarship and the Jonathan M. Tisch Scholarship will be bestowed annually upon two graduates of Howard University and/or other Historically Black Colleges or Universities (HBCU), who seek to pursue a master’s degree at the NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality. The students who will receive this tuition assistance will be known as the Loews Hotels Scholar and the Jonathan M. Tisch Scholar respectively.
A late afternoon discussion between Patrick Clark of Bloomberg and Sébastien M. Bazin, chairman and chief executive officer of Accor, revealed how profoundly the pandemic has affected industry leaders. Bazin expressed how much he has learned over the past few years as the industry has grappled with this global crisis. He highlighted the need for top talent at all levels of the hospitality industry, interdependency between big companies and smaller organizations, and a focus on what matters most. Heading into 2022, he is optimistic—people want to see family and friends, and to enjoy life, and that is exactly what the hospitality industry is all about.
During the roundtable discussion titled “Forging a New Path Toward Racial Equity in the C-Suite” at the 43rd Annual NYU International Hospitality Industry Investment Conference, David Marriott, director, Marriott Board of Directors, Marriott International (left), Wayne A. I. Frederick, MD, president, Howard University (center); and Andrew Hamilton, PhD, president, New York University (right), focused on the changing dynamics of the hospitality industry and the workforce in general, as well as the ways in which institutions of higher education can serve to prepare individuals from underrepresented racial groups with the knowledge and skills to reach the C-Suite, ensuring equitable outcomes across industries.
We covered the 43rd Annual NYU International Hospitality Industry Conference-2021, for the first time in our World Liberty TV, Business channels and blogs, and as Mr Andrew Hamilton, President of New York University said, this is our first live Conference in the last one year and half. Close to 1100 hundred people were in attendance, great speakers from around the world in attendance.
A touching tribute to Arne M. Sorenson, President and CEO of Marriott International, who passed unexpectedly on February 15, 2021. In May 2019, the company announced that Mr. Sorenson had been diagnosed with pancreatic cancer. David S . Marriott, Director of Marriott Board of Directors went on to stay he was truly a great man who made great changes for all people in the Hospitability business. He would be never forgotten; a special video tribute was played in his honor.
I had met and spoke to to Mr Sorenson on two different occasions, one being at the Clinton Global Foundation and other times at the Times Square Marriott hotel events, he was a down to earth guy and would take time to speak to you and listen to you. The two times I met him I was very highly impressed with him and what he was doing for people of color in the Hospitability business and had his heart in the right place. His work will continue to be done and he will never be forgotten. Rest in Peace my friend.
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About the NYU SPS Jonathan M. Tisch Center of Hospitality: The NYU School of Professional Studies Jonathan M. Tisch Center of Hospitality, celebrating more than 25 years of academic excellence, is a leading center for the study of hospitality, travel, and tourism. Founded in 1995, the Tisch Center was established in response to the growing need for hospitality and tourism undergraduate and graduate education. Its cutting-edge curricula attract bright, motivated students who seek to become leaders in their fields.
Through its undergraduate degree in hotel and tourism management, its graduate degrees in hospitality industry studies, tourism management, and event management; a plethora of Professional Pathways programs; and its world-renowned hospitality investment conference, students gain the knowledge and the skill sets that enable them to manage change, to communicate, to thrive in complex work environments, and to advance the businesses of hospitality, travel, and tourism. The Tisch Center recently launched the Hospitality Innovation Hub (HI Hub) that will foster entrepreneurship and creative solutions for the industries it serves. The state-of-the-art facilities offer students, start-ups, established industry partners, and investors opportunities to learn, discover, innovate, and invest.
For more information about the NYU SPS Jonathan M. Tisch Center of Hospitality, by clicking here
About the NYU School of Professional Studies,Celebrating 87 Years of Excellence in Applied Professional Education: For 87 years, the NYU School of Professional Studies (NYU SPS) has been a deeply respected institution of higher education that is grounded in applied learning. From its early years, training returning World War II veterans to fulfill the nation’s urgent need for skilled technical workers, it has evolved into a professional education powerhouse that offers 20 graduate degrees, 14 bachelor’s degrees for traditional and post-traditional students, four associate’s degrees, and a plethora of continuing education courses and credentials.
NYU SPS is a thought leader, and serves as an incubator for new ideas in industries that are constantly changing, including real estate, real estate development, and construction management; hospitality, tourism, travel, and event management; global affairs and global security, conflict, and cybercrime; global sport and sports business; publishing; marketing; public relations; project management; executive coaching and organizational consulting, human resource management and development, and human capital analytics and technology; management and systems; translation; and professional writing. It is focused on building skills that open doors to opportunities in emerging fields and global markets. NYU SPS faculty members are leading experts in their areas of discipline, with a hands-on approach that encourages students to push beyond their limits and to break new ground.
Home to some of the largest and most prestigious industry conferences in the world, including the Schack Institute of Real Estate’s Capital Markets Conference, REIT Symposium, and National Symposium of Women in Real Estate; and the Jonathan M. Tisch Center’s International Hospitality Industry Investment Conference, the School’s invaluable connections to industry leaders is a truly distinguishing factor in the education that it provides. Through career development services and resources provided by the NYU Wasserman Center for Career Development at NYU SPS, guest lecturers, site visits, participation in numerous conferences and events, and Global Field Intensives, students benefit from an NYU education that will set them apart. In addition, they have the opportunity to learn from and network with more than 39,000 NYU SPS alumni who live, work, and contribute to innovation in industry around the world. To learn more about NYU SPS visit: www.sps.nyu.edu