Month: November 2017

Hospitality is big business. According to the US Bureau of Labor Statistics, about 15,979 people were employed in Leisure and Hospitality careers, along with an additional 13,694 in the field of Food and Accommodation. The hotel industry alone generates half a trillion dollars annually, and salaries for qualified and experienced professionals can be both lucrative and rewarding. Better still, many hospitality management careers may include the potential for travel, room for professional advancement and the opportunity to interact with new people on a daily basis. Careers in hospitality management involve overseeing multiple departments, facilities, budgets and personnel, all with the goal of creating a memorable customer experience. Essential to this role are exceptional skills in business administration, leadership and customer care.

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Hospitality, in the broadest sense, is the business of accommodating people. Hospitality is a massive, lucrative and utterly unique industry. Tourism sustains culture. Special events shape our biggest life moments. Cuisine and dining define cities. Globally, $493.76 billion flows through the hospitality industry every year, and with good reason: research shows that spending money on experiences, rather than goods, leads to greater happiness. Whether that experience is a romantic dinner with a date or a trip to Disneyworld with the family, people remain willing to pay top dollar for a memorable experience. Careers in hospitality management are equally unique. Working in the field requires exceptional professionalism, flexibility, organization and exceptional interpersonal skills.

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Managers of restaurants are one of the most common hospitality positions. Restaurants are, after all, all around us and probably the hospitality establishment the general population frequents the most. While almost every city of any size is able to support scores or even hundreds of restaurants, the market is competitive. And it’s not uncommon to see new restaurants fail. While sometimes this is due to the “concept” of the restaurant being off, oftentimes restaurants fail due to mismanagement and poor business decision. Balancing marketing, pricing, the supply chain of dishes, storage, waste, payroll, HR, public relations, and regulatory concerns, requires a very wide-ranging skill set. This skill set — while obtained and mastered by many — requires years of experience or very specific education. And that’s what we will talk about below.
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What is Hospitality Management

When you think of hospitality management, what image comes most readily to mind? Do you think of a hotel manager, a restaurant manager, or something entirely different? Hospitality is simply the interaction between a host and a guest, a combination that encompasses so many of our interactions. Today the hospitality management sector includes event planning, tourism and leisure, night life, cafes and bars, experiences, hotels, and every niche in between. Hospitality management is also incredibly lucrative, and drives economies of major cities. In fact, according to the bureau of labor statistics hospitality management is the third largest field after health care and business. Worldwide, hospitality is ancient. Particularly when you view it as an exchange between host and guest. In Japan, entire ancient ceremonies (still present today) center around the presentation of tea. In the past, feasts were a pan-cultural experience and supported many entrepreneurs (even if they weren’t called so at the time). These are all hallmarks of what hospitality still means to us today. One difference between hospitality in the past and today is that hospitality is today a multi-billion dollar industry, powered by massive logistics trains, and multinational corporations. While there have undoubtedly been many shrewd providers of hospitality in the past, in today’s interconnected world it’s even bigger business. Millennial behaviors, the climate, and technology are among some of the top influences for change in the industry. Below we will take a closer look at how some of these top influences will change your career in hospitality management, and how that informs the answer to what one can do with a master’s in hospitality management.

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