Global Hospitality Survey 2022
Thank you to everyone who responded to the Sousou Partners survey – Taking Stock in the Hospitality Arena. We are delighted to share with you the results including a snapshot of the answers from the respondents which offer a global outlook representing different platform types and size of company.
Despite the challenges ahead, 46% feel optimistic about the remainder of 2022, highlighted through a continued performance improvement by entering new markets and developing fresh concepts in addition to the drive for innovation triggered by Covid. There is momentum to capitalise on the expected distress and the luxury segment continues to do well.
The neutral and less optimistic respondents focused on the tough economic times ahead with the continued expectation of a slow recovery in business travel, softer leisure travel bounce back and possibly another Covid spike.
The main challenges for companies included rising costs, inflation, high interest rates, labour and contractor availability. The expected change in the financial markets will affect investment appetite and might not generate new projects.
50% of respondents expect to make changes to their company structure as a result of the challenges ahead. The companies that expect not to be making any changes also answered to be fairly / very prepared for the remainder of 2022.
Staffing challenges were repeatedly highlighted across the life cycle of employment from attracting new employees, motivation, staff development, retention and succession planning.
Staff retention tools ranged from being a great employer, having a strong focus on two-way communication, training and development, in addition to better compensation which 46% of respondents mentioned as a key lever.
53% mentioned the flexibility for working from home as a ‘here-to-stay’. There are, however, other changes that will remain because of the pandemic which we have highlighted below.
It was a brief survey to capture the current views in the hospitality space. Thank you to all who took part.