The world today is a global village. As a result of advanced communications, and 24/7 media, the world’s travel and tourism sector is undergoing rapid changes. Local and international tourism is creating jobs, driving inclusiveness and fostering development, especially in emerging countries.
This has thrown up a range of new challenges for the senior leadership that heads both government and private sector organizations in the travel sector. Today’s global tourism is the world of on-arrival visas, travellers’ advisories, sustainable travel and multi-generational travel. Understanding new tourist geographies may well be the key to success, as Asia-Pacific accounts for a bulk of tourist dollars.
In addition, social media and a global art & movie culture are creating demand for new and exotic locales as well as bespoke tourism. Specialized tours for senior folks is another development driven by higher incomes and the desire for adventure. However, the global travel and tourism industry, growing at 3-4 percent per annum, faces several issues. For one, inadequate tourism infrastructure and trained personnel challenge all stakeholders, government and private sector alike. This requires that top leadership talent be agile at handling the demands of a sector growing in leaps and bounds. It needs leadership conversant with regulations, handling government bodies and private players and also ensuring safety and mitigating fraud. Tourism can either be a country’s engine of growth or give it a bad name.
Today’s C suite in the travel sector has to understand current and emerging tourism trends, handle regulatory issues adeptly as well as create enduring brands. Locating and nurturing the right talent is not an easy task.
Moreover, the C-suite leadership has to translate evolving trends into sustainable business strategies. Demographic and geo-political changes are also creating the need for new ways of handling the travel business. Only future-ready leadership talent can ensure that governments and organizations provide value to multi-dimensional and global stakeholders.
Hiring CXOs and Senior leadership with international, multilingual and global business exposure & experience; working with multiple stakeholders, from government departments to private tour operators; is a major challenge. Hiring these scarce resources has become competitive; for which traditional hiring strategies are inadequate.
Predicting and understanding risks associated with a global industry requires leaders who can lead as the business landscape changes, and strategies for sustainable growth. Identifying and attracting this top-level talent isn’t easy; it requires a structured & data-oriented approach in order to get the right leadership talent.
Organizations have to understand how to reward and compensate for the best talent available. Re-designing reward structures and aligning them to the new realities of travel and tourism is a daunting task; unless you have accurate and dependable salary data - which involves leveraging confidential data that is not available publicly; thus requiring experts to execute it.
Technological advances have changed the way we travel; along with interactive and exciting experiences. The technology shift goes beyond improving processes - it entails transforming the tourism system itself; with high customer service & relationships and the creation of new business models. Hence, New Tech dynamics leadership is the rise.
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