After a decade of prosperity and a fight for the best talent in the market, many companies are switching to pure labor cost management. The battle for talent is interrupted. Switching to “crisis mode” presents companies with many challenges, such as:
There is no return to the old world before COVID-19: let it go. With the coronavirus crisis, our world experiences not only the often-quoted slowdown or sometimes even a full stop or crash, but also an extreme deconstruction of everyday life with all the resulting economic relationships. It suddenly becomes more obvious what actually holds the world together and what does not.
I’m excited about change. In this time of change, we as leaders and the holders of the status quo are being put to the test. Success will come to those who can adapt the fastest and most effectively to the new needs of the market.
The Sunk Cost Fallacy describes a psychological phenomenon in which we hold on to decisions because we have made a high initial investment and for this reason do not want to walk away from it. The saying goes, “I’ve already put so much into it, I can’t back out now.”
Why do we do what we do today?
Where do we want to be in five to ten years?
What would always be important to us even in an economic crisis situation?
What values would we pursue even when the company is at the mercy of turbulent times?
What would we hold high even if it were an (apparent) competitive disadvantage?
Positioning in the hospitality industry is an organized system for opening a door to the guest’s memory and anchoring yourself there. Positioning means taking a particular position and standing for something specific and distinctive, and not others. Consequently, positioning is a conscious preference for certain guests and a renunciation of other guests.