Maintaining a sustainable business model must be a priority for the hospitality industry
The trend of sustainability affects all industries. Having participated in hotel pandemic and restructuring program management exercises on multiple continents over the past year, sustainability is one of three priorities, including traveler safety and guest concerns.
Additionally, efforts to work with partners to drive sustainable processes come from all aspects of the business, not just purchasing, financing, or human resources.
According to the Global Sustainable Investment Alliance, companies around the world made $ 31 trillion in sustainable investments in early 2019. A study conducted by BCG Consulting in the same year analyzed and compared the ratings of companies in three main industries: chemical, energy, and mining. . Carbon dioxide emission… They found that the companies with the lowest carbon emissions got up to 13% more than the companies with the highest carbon emissions (all other conditions are the same). As always, data drives change, and these metrics influence leadership decision making.
Most companies will resume travel planning in 2020, and many will not only rethink traveler safety, measure ROI, and include well-defined goals and sustainability reports. Top management and the board are now clearly looking to partner with vendors who take a sustainable approach to their day-to-day business practices.
Additionally, these expectations often affect travel contracts and the typical business traveler experience. Buyers wonder how technology providers, sellers, and others can help reduce carbon emissions even as business travel starts to increase.
Provider changes priority to gain margin
HRS believes that large and small hotel groups are adapting to this reality. Clearly, the dramatic loss of revenue in 2020 could hamper investment in sustainable practices. In our opinion, as hotels of all sizes begin to recover, investment in these companies is expected to peak at the top of the list by 2021. Simple reason: high-margin corporate accounts demand more. information about this. What they do and how they do that. .. .. create. And how can it be measured and aligned with company-specifically defined carbon management strategies?
Hotels’ sustainability performance will increasingly show up not just in purchases, but also in the online booking tools used by travelers and CEOs. The hotel is already off to a good start here, and many are taking steps to emphasize the new hygiene protocol in the wake of the pandemic. We still have to focus on this display element. This makes it easier for buyers to identify hotels that match their personal and business preferences.
Sustainability is one of the megatrends of the last decade. As business travel increases in 2021, our need as a community to address sustainability issues presents both challenges and opportunities.
