Taktikons Blog about Revenue Management

Taktikons Blog about Revenue Management

Revenue Management

In this blogg I aim to give a background on Revenue Management and Distribution. It discusses both organizational issues as well as lectures regarding Revenue Management and Distribution. Many of the blogs can be used as preparation to the Courses and Workshops in Revenue Management and Distribution that Taktikon organizes.

The art of Recruitment

RecruitmentPosted by Annemarie Gubanski Dec 12, 2013 18:02:58

The art of Recruitment

Recruiting is vital for the success of your business, it is not always too easy as you not only are looking for the perfect candidate; the perfect candidate will have to be looking for new challenges at the right time as well. Recruiting a Revenue Manager is extra challenging, as the image of what a Revenue Manager does can differ from hotel to hotel. Many recruiting companies find Revenue Management recruitment to be one of the most challenging requests they receive, as the job description differs from customer to customer. Also, a Revenue Manager should ideally be strong on four competences; Analytical, Commercial, Technical and Communication, though not all these four competences are vital for all properties

Your Revenue Manager’s Competences

Yes, the ideal Revenue Manager has a strong development on all four competences, depending on the property; your new employee could have a different Skill Package. The following factors can be taken into account

- Why are you looking for a Revenue Manager? Is it a new position or is it a replacement from a previous Revenue Manager?

- What are your expectations? Are you expecting to be able to increase your result and if so; what is your budget?

- What are the strengths and weaknesses of the rest of the teams your Revenue Manager will take part in? The four competences are vital for all members within the Management Team but each individual has his/her own strengths and development areas. Which competences should the new candidate have for the team to be in perfect balance?

- What is the level of knowledge you require from your Revenue Manager? Are you looking for an experienced Revenue Manager or would you prefer your new employee to be more junior and take care of his/her development yourself?

The personal skills

Anyone that likes their profession has the possibility to be great at it. In the recruitment processes I perform, finding this enthusiasm is one of the first things I look for. This usually is combined with connecting the right type of property to the candidates. Does the Revenue Manager want to work for a chain or a privately held property and which of these choices is best for his/her personal development? What is the atmosphere within the team and does this fit both personal skills as personal preferences of the new employee? What are the expectations does the new employer have and how do the candidates strengths and weaknesses correspond to these expectations? In order to make sure that recruitment is done properly, I find that an assessment is the best option to find the right candidate. This is an investment that usually makes sense as the candidate can be tested both on knowledge as well as on personal skills.

The Experience Level

Many properties choose a less experienced Revenue Manager or perform an internal recruitment as this might save expenses on wages as well as obtain the possibility to “form” the Revenue Manager and create a base of knowledge and experience that the Revenue Manager will benefit from. The Time Factor needs to be taken into account. Both time spent on personal training and development of the candidate as well as the time it takes to benefit from the full capacity of your Revenue Manager has to be seen as an investment.

Another factor is that properties often find themselves forced to look for a less experienced Revenue Manager is the fact that it is much more challenging to find an experienced Revenue Manager. The higher the level, the smaller the choice of candidates gets. Furthermore, from this small group of perfect candidates, the new employer should hope to find a Revenue Manager that happens to be looking for new challenges. Mostly these candidates are not found in the regular base of Recruitment Companies, but often come from personal networks and specialized Head Hunting’s.

The Role of a General Manager

The absolute best Revenue Managers I have come across in my career all have one thing in common; a great General Manager with a solid knowledge of what Revenue Management means. No matter how experienced a Revenue Manager is, they all need personal development and a sounding board from their immediate superior. As the correct place for a Revenue Manager is within the Management Team, this is most likely to be the General Manager.

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