My Revenue Hub

The HSMAI Revenue Advisory Board have selected specific news, insights, education, jobs and more. Let us do the work filtering the relevant information for you.

FASTRACK YOUR REVENUE PROFICIENCY!

It takes a long time to train a new person for the revenue Department. Speed up the process with an online study program. HSMAI have developed a course especially for people who have less than two years experience in revenue functions. The “Certificate in Revenue Management (Hospitality)”. Start anytime, study anywhere.

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ARE YOU CERTIFIED?

Get certified and boost your professional status. Executive certification offers you the chance to confirm your knowledge, experience, and capabilities in the field of revenue management.  Get your CRME designation from HSMAI now….read more

Your name, CRME

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HOTEL REVENUE INSIGHTS

HSMAI Foundation Talent Best Practice

As hospitality organizations, our team members’ voices are important. Their level of engagement affects their service delivery and directly impacts our guests’ satisfaction. We solicit our team members for feedback in their self-evaluations, team member satisfaction surveys, annual reviews, quarterly development lunches, random one-on-ones, and several team member engagement activities. With all these activities, do we do an adequate job providing our team members with the tools to articulate how they contribute to the organization’s culture and success? StrengthsFinder (now called CliftonStrengths 34) is an assessment tool designed to showcase a person’s top strengths and what that means for them as an individual. The assessment has been taken by more than 25 million people worldwide. I am privileged to work for an organization that has a dedicated StrengthsFinder coach on property. We leverage this expertise in a variety of ways including our internship program, mentoring program, and personal development courses. It has made a dramatic difference in my perspective and how I lead, daily, as a Director of Resorts Marketing. Before we start on this journey, I want to share my definition of what StrengthsFinder is vs. what it is not: What It Is:  A tool to help gain greater insight for self-awareness. There are 34 strengths that can be identified by...

Incentivizing Today’s Sales Team

We have all discussed the need for recruiting, retention, career development, breaking down the silos, and keeping teams motivated while avoiding burnout. Compensation is just one critical piece of the puzzle. Recently the Sales Advisory Board got together to discuss the evolution of incentives for sales teams while driving desired results and keeping teams motivated. The jury is still out... The jury is still out on the best model of incentives, individual or team-based. However, the advisory board agreed that their incentive models have changed since the pandemic’s start. Several advisory board members are using a combination of group incentives and individual performance, while others have done away with individual incentives and are 100% team-based. In the past year, some have moved from team-based incentives during the pandemic and switched back to individual incentives. Many began to look at incentives holistically and increased bonuses to make it more competitive. Locations of the hotels also played a role in the incentive models used. Many advisory board members are looking to 2023 for the industry to stabilize and bring the sales objective back to 2019 levels, especially as hotels in city centers have been lagging the recovery curve when compared to resort destinations.  All...

The Budget Process – What Do We Do Differently?

Last month the Revenue Optimization Advisory Board met for a discussion of the budget process. A timely topic, as many companies are in the midst of developing budgets and preparing for 2023. I posed the question, is budgeting a waste of time when it is rarely accurate anyways?  Especially in the current environment of pandemic recovery, inflation and recession rumors, there are so many unknowns that make budgeting akin to throwing a dart at the wall. What is the point of taking hours, weeks and even months away from doing real strategy and optimization to put numbers together for a budget?    If your budget relies on historical data, what data do you use? Are we still looking at 2019 that is no longer valid for trend comparison? If we cannot use the past, and if future projections are unreliable (as we have seen from the last few years of wildly inaccurate industry forecasts), what do we use for budgets to simplify the process?  Why do we still develop budgets?  Advisory Board members agreed they must prepare budgets for financial requirements. They also discussed the need for targets. There was an interest in using more real-time data to understand trends and build strategies....

Regional Conferences

Events for Revenue people

Events

Regional Conferences

Events for Revenue people

REVENUE ARTICLES

REVENUE ROUNDTABLES

2) Chief Revenue Officers Executive Roundtable

21st March, 2018 – Singapore

Chief Revenue Officers Roundtable – Australia/Pacific 
26th March, 2018 – Sydney
Chief Revenue Officers Roundtable – Australia/Pacific

25th July, 2018 – Sydney

Chief Revenue Officers Executive Roundtable

17th October, 2018 – Singapore

Note: Roundtables are Invitation-only events

Please contact us if you lead the Revenue function for your hotel chain or company and you would like to be on the invitation list.

Economics and Business

Service design is a form of conceptual design that involves the activity of planning and organizing people, infrastructure, communication and material components of a service in order to improve its quality and the interaction between the service provider and its customers.

Service Management

Service design may function as a way to inform changes to an existing service or create a new service entirely. The purpose of service design methodologies is to establish best practices for designing services according to both the needs of customers and the competencies and capabilities of service providers.

Administrative Service

If a successful method of service design is employed, the service will be user-friendly and relevant to the customers, while being sustainable and competitive for the service provider. For this purpose, service design uses methods and tools derived from different disciplines, ranging from ethnography

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