The Multifaceted, Profitable World of Global Hospitality Leadership
A multi-billion dollar global industry, hospitality comprises a range of diverse offerings—including hotels and resorts, food services, clubs, casinos, events and meetings, as well as aspects of healthcare, transportation, and residential development. The field has an optimistic growth outlook, a large population of professionals, and a relatively high demand for degrees.
A Positive Outlook for the Region, and Beyond
- The Bureau of Labor Statistics predicts the job market in the industry will grow by 7 percent through 2020.
- In 2011, industry revenue jumped 7.5 percent to $137.5 billion and is expected to grow over the next decade.
- In 2012, 1 billion travelers moved across the globe, including 70 million travelers in the United States alone.5
- In the United States, travel and tourism is among the nation’s largest services export industries, and one of America’s largest employers. In fact, it ranks as one of the top 10 largest industries in 48 states plus the District of Columbia.1
- The restaurant and foodservice industry is the United States’ second-largest private-sector employer. It employs more than 13 million people, or 10 percent of the U.S. workforce.2
- One in five Americans started their jobs in the travel industry, and it is the gateway to the middle class, where two out of five workers in the field go on to earn over $100,000 per annum.5
- Employment of meeting, convention and event planners is expected to grow 44 percent from 2010 to 2020, much faster than the average for all occupations.3
- With 10 percent industry growth in the Washington, D.C. region over the next 10 years and up to 14 percent of workers with master’s degrees4, there is great opportunity in the area for Georgetown’s Global Hospitality Leadership graduates.
Leadership Success in a Complex Industry
The hospitality industry is unique in that it is grounded at the intersection of lodging, travel, and tourism and real estate, finance, and development. Like many other global industries, it is tied to trends and events shaping the global economy, such as international affairs and consumer outlook. However, recent years have seen the hospitality industry continually innovating and pushing boundaries, as evidenced by the companies currently turning space lodging and undersea restaurants from dream into reality.
A blend of product- and service-based offerings, hospitality presents unique challenges:
- Large companies within the industry are interconnected in various ways, and have vast networks of locations, staff, and services that span the globe. The scope and complexity of these operations require professionals to create effective and sustainable strategies to market and manage diverse services and products.
- Smaller hospitality companies and entrepreneurs must cope with high consumer expectations and build brand recognition while overseeing day-to-day operations and strategic planning.
Accordingly, employees working in the hospitality industry must be savvy, service-oriented professionals as well as expert operations managers with a holistic understanding of how their brand interfaces with the global marketplace. With large workforces, numerous locations, and vast and varied consumer populations, it is vital that successful leaders master the core management areas of operations, finance, marketing and communications within the specific context of the hospitality industry while simultaneously honing their leadership capabilities.
1. Retrieved from www.ahla.com/content.aspx?id=34706
2. Retrieved from www.restaurant.org/Restaurant-Careers
3. Retrieved from www.bls.gov/ooh/business-and-financial/meeting-convention-and-event-planners.htm
4. Retrieved from www.bls.gov/ooh/
5. Retrieved from: Tisch, Jonathan. Plenary speech at NYU Hospitality Investment Conference, New York, 2 June 2014.