Get Ready for the Millennial Generation’s Hospitality Industry
According to STR, the leading global provider of competitive benchmarking, information services and research to the hotel industry, and Tourism Economics’ forecast, the global hospitality industry will see a positive growth in 2016 (1.4% in supply and 2.2% in demand). Much of this growth is linked to the development of SaaS (Software as a Service) providers, which offer business products including booking, customer management systems and email services to hospitality leaders.Furthermore, successful startups such as Uber and Airbnb will continue to grow and mature in the coming year, allowing the hospitality industry’s economy to expand its arena to new influencers. With the hospitality industry taking a new turn, moving from a traditional path to modern patterns, now is the time to become a key player of this sector!
So which skills will the next generation of hospitality leaders need to navigate the global hospitality industry of the future? What career opportunities exist in this dynamic, expansive international sector? And how could the MSc in International Hospitality Management from EMLYON and Institut Paul Bocuse prepare you for your dream career in hospitality?
Consider the millennial consumer as your new customer Millennial customer
Millennials will become the core customer in the travel and hospitality sector, a generation which will reach its peak earnings within the next 10 years. These savvy consumers who have grown up with connected devices and social media expect a fast booking process, an even faster response to their needs, and are attracted to highly personalized services and the experience of being privileged customers.This represents key opportunities as well as challenges for hospitality organizations. Future managers of the hospitality industry will need a strong understanding of changing consumer needs and the ability to adapt their business in order to constantly delight the new millennial generation, keeping them visiting, staying longer and spending more in the hospitality sector. The MSc in International Hospitality Management equips you with a broad, strategic view of hospitality management, teaching you how to create, manage and maintain the customer experience that is key to success in this industry.
Place digital innovation at the heart of your career in hospitality Digital innovation
Understanding and knowing how to use new technologies and innovation to your advantage is of paramount importance in today’s global hospitality industry. From mobile check-ins such as Booking.com, geo-location to special discount apps, online advertisement and a digital concierge system, you will have to make sure that your customer’s experience is not only perfect but also unique. Furthermore, knowing how to monitor social media and forums and developing a true social strategy within your business will help you go a long way. As millennial consumers are very keen on reviewing hotels, venues, spas and restaurants on many different apps and social groups, it is essential for you to listen and be engaged on social media and manage your e-reputation. According to Killarney Hotels, “Software as a Service (SaaS) is a mainstream technology topic in cloud computing but a newer concept within the hotel sector which is less expensive as there are no initial hard costs or no need for full IT staff to maintain the system.” Once you enter the hospitality industry, innovation will be key not only for your consumers but also for your company or the company you work for in order to become more competitive, cut down on operating costs and ultimately develop a new and unique business model.
Innovative hands-on projects throughout the MSc in International Hospitality Management require students to take an active role in their own learning, develop the capabilities to deliver new concepts and offerings and therefore create tangible value.For example, the New Venture Creations Project allows students to work in small teams to create a virtual hospitality company and understand the implications of marketing, sales, finance and management. The Concept Design and Development Project enables students to develop their creativity by launching a completely new restaurant or hotel concept around a specific theme. Also the Professional Immersion Module taking place at the very beginning of the program at Institut Paul Bocuse will help you immerse yourself in the operations and culture of hospitality from day one and therefore understand the challenges and new market trends right from the start of the program.
“Innovation is not just a formula. It is a mind-set which needs to be cultured and guided into a way of thinking by being exposed to many different types of cultures.” – Charlotte Pedersen, Institut Paul Bocuse alumnus
Understand the booming Asian hospitality industry Asian hospitality industry
According to Deloitte’s Hospitality 2015 report, it is predicted that by 2019, China will have exceeded the US in absolute industry growth. Penetration of the domestic travel markets in China and India will yield the greatest long-term returns for international brands. It is important for future hospitality leaders to understand Asian consumers’ needs, as well as how to take advantage of this huge growth opportunity. This is why students of the MSc in International Hospitality Management spend a semester in Shanghai studying the Asian business environment, Asian etiquette and hospitality in the new Asia. Students of the program also work as a consultant to a hospitality business as part of the in-company project in Asia in order to apply the knowledge they gained throughout the program and benefit from hands-on experience in an international environment.
“Shanghai is probably the most exciting city in the world right now in terms of development […]. The Asian hospitality industry has always been a mythical industry with a great service record and some of the greatest hotels in the world.” – Jeffrey Catrett, Academic Director of Institut Paul Bocuse and one of the Program Directors
Network with leading brands to launch your career in hospitality Launch your career in hospitality
The hospitality sector spans a huge range of industries, from hotels, casinos and resorts, to restaurants, event management, valet companies, cruise ships, to travel, spas, tourism and airlines, among many others. And the range of careers awaiting graduates is just as varied and far-reaching. Hospitality management graduates are equipped for management positions within hospitality operations, such as a hotel manager or catering manager, or as specialists or managers in specific industry functions within the hospitality industry, such as sales, marketing, operations or finance. Positions could also include consultancy, research and advisory or even design, as well as crossover into other industries. According to Jeffrey Catrett, Academic Director of Institut Paul Bocuse, by studying hospitality management, master’s students will get a heavy customer focus that they would not get from a straight management program – something that today’s employers truly appreciate. The opportunity to network with leading hospitality brands from day one and access to the careers services of both EMLYON Business School and Institut Paul Bocuse is another advantage. Companies regularly participate in careers events, recruitment forums, conferences and expert panels, giving students the chance to gain insight into the global hospitality industry, build their professional network and search for career opportunities. Among others, this year’s intake benefited from a Special Guest Day over at the Institut Paul Bocuse, during which students met with key players Accorhotels, Hyatt International, Hilton Worldwide, Oetker Collection, Hotel Plaza Athénée, Groupe Yuzu and Alain Ducasse Entreprises.
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