Acronyms. Our industry is famous for using them. ADR. RevPAR. ROI.
But a few more, in more recent times, have been added to the hospitality discussion: ESG. CSR. DEI.
And, more and more, they all are not mutually exclusive. Environmental, social and governance; corporate social responsibility; and diversity, equity and inclusion are influencing not only the way we do business, but the way our businesses perform.
And holistically addressing these areas by serving all stakeholders (workers, customers, shareholders, the environment, etc.) will help you better support your communities, keep your assets competitive and increase occupancy.
For example, recent data suggests a shift in consumer mindset, with CSR being a “must-have,” providing real evidence that it can drive consumer loyalty and employee satisfaction. Consumers are also saying that the impact brands have on people, communities and the environment seems to matter as a key factor in decision-making.
While these terms are newer to the conversations and strategies in our space, they are here, gaining traction, and making a powerful impact on how we lead our organizations, conduct ourselves and protect our reputations within not only the hotel industry but on a broader stage. Purpose-driven initiatives enhance positive impacts on the world and in the communities in which we operate.
As such, while Hotel Business has reported on various organizations and associations that have put in the work to pioneer advancements in environmental and social commitments, we decided a while back to focus in a more comprehensive way on what this all means for our industry and how making an impact is beneficial to business and to the world in which we live. Hence, our cover story is about just some of those companies that not only pay attention to environmentally conscious and resource-saving management, but are also committed to doing their part when it comes to social issues. Moreover, it’s our plan at Hotel Business to make it an annual special-issue focus. ESG can be used as a strategic advantage in the hospitality industry via various paths, and you can use your ESG story to increase loyalty and retention for both guests and employees. By creating and implementing a comprehensive infrastructure to deliver a mission and measure its impact—whether it’s through design standards with a lower carbon footprint; environmentally conscious corporate practices; cost savings and waste reduction through a greener global supply chain; sustainable development; or diversity, equity and inclusion with local sourcing—these initiatives are indicative of how hotels are striving to create more social harmony and to ensure sustainable development.
Check out the story, which begins on page 16, and learn about how creating thrive-and-progress strategies rooted in the health of our people and the health of our planet is something that should inspire us, motivate us and energize us all into action to, well, “do the right thing.”