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Full-Text Articles in Business
Coordinating Information And Controlling Costs, Gordon S. Potter
Coordinating Information And Controlling Costs, Gordon S. Potter
Gordon Potter
[Excerpt] I want to cover two essential and related topics in this chapter: determining the extent of decision rights you grant to your employees, and the management reports you provide to these employees to motivate them to effectively utilize resources. I recognize that if you are a sole practitioner, you may handle these all on your own. But if you hire people to manage your property, you should consider the points I discuss here.
Association Of Nonfinancial Performance Measures With The Financial Performance Of A Lodging Chain, Rajiv D. Banker, Gordon S. Potter, Dhinu Srinivasan
Association Of Nonfinancial Performance Measures With The Financial Performance Of A Lodging Chain, Rajiv D. Banker, Gordon S. Potter, Dhinu Srinivasan
Gordon Potter
A test of nonfinancial measures used as part of a management-incentive program by a U.S.-based, full-service hotel chain found that improvements in the nonfinancial measures were followed shortly by increases in revenue and profit. The two nonfinancial measures are customer satisfaction as measured by guests’ comment card indications of likelihood to return and level of complaints. The lag between the nonfinancial measures and changes in revenue and operating profit was six months in this case. While the test applies directly to that one chain, the lesson is important to the rest of the hotel industry.
An Examination Of “Nonleadership”: From Laissez-Faire Leadership To Leader Reward Omission And Punishment Omission, Timothy R. Hinkin, Chester A. Schriesheim
An Examination Of “Nonleadership”: From Laissez-Faire Leadership To Leader Reward Omission And Punishment Omission, Timothy R. Hinkin, Chester A. Schriesheim
Timothy R. Hinkin
Laissez-faire leadership has received much less attention than have the 3 transactional leadership dimensions of the Multifactor Leadership Questionnaire (MLQ). However, laissez-faire leadership has shown strong negative relationships with various leadership criteria, and the absence of leadership (laissez-faire leadership) may be just as important as is the presence of other types of leadership. This article focuses on a single type of laissez-faire leadership (i.e., the lack of response to subordinate performance). Using a reinforcement perspective, the authors developed measures and examined the effects of the lack of performance-contingent reinforcement in 2 forms: reward omission (leader nonreinforcement of good subordinate performance) …
Contextual Factors And Cost Profiles Associated With Employee Turnover, J. Bruce Tracey, Timothy R. Hinkin
Contextual Factors And Cost Profiles Associated With Employee Turnover, J. Bruce Tracey, Timothy R. Hinkin
Timothy R. Hinkin
[Excerpt] Employee turnover has long plagued the hospitality industry. In the lodging segment, turnover rates have been shown to average about 60 percent annually for line-level employees (Woods, Heck, and Sciarini 1998) and about 25 percent for managerial positions (Smith Travel Research, Tracey, and Tews 2002). This concern is even greater in other hospitality contexts, such as quick-service restaurants, where mean employee turnover runs in excess of 120 percent. Employee turnover has been and continues to be a particularly prolific area of research, with many publications on the topic. Evidence suggests that turnover is triggered by dissatisfaction with such factors …
Development And Use Of A Web-Based Tool To Measure The Costs Of Employee Turnover: Preliminary Findings, Timothy R. Hinkin Ph.D., J. B. Tracey Ph.D.
Development And Use Of A Web-Based Tool To Measure The Costs Of Employee Turnover: Preliminary Findings, Timothy R. Hinkin Ph.D., J. B. Tracey Ph.D.
Timothy R. Hinkin
Employee turnover continues to be one of the most vexing and costly challenges in the hospitality industry. Despite the obvious expense of turnover, few studies have attempted to account for the diverse costs associated with replacing staff. Rather than estimate the cost of turnover, the web-based tool described in this report compiles the specific costs of turnover in the following five categories: pre-departure costs, recruiting costs, selection costs, orientation and training costs, and the cost of lost productivity. Looking specifically at turnover among front-desk associates, recruiting constitutes a substantial portion of turnover costs. The greatest expense, however, that of lost …
Becoming A Leader In The Hospitality Industry, Timothy R. Hinkin
Becoming A Leader In The Hospitality Industry, Timothy R. Hinkin
Timothy R. Hinkin
[Excerpt] Leadership has been defined in many ways, but the essence of leadership involves influencing people toward a desired objective. Leaders do not push followers—they pull them. While management is often concerned about stability, efficiency, and control, leadership is focusing on innovation, adaptation, and employee development. Management focuses on coping with the day to day, while a true leader is looking into the future. A manager can develop a brilliant marketing campaign, create an innovative strategy for growth, and design the most efficient work processes, but if the followers don't engage effectively in the implementation of these initiatives, these efforts …
Using Revealed- And Stated-Preference Customer Choice Models For Making Pricing Decisions In Services: An Illustration From The Hospitality Industry, Leo Macdonald, Chris Anderson, Rohit Verma
Using Revealed- And Stated-Preference Customer Choice Models For Making Pricing Decisions In Services: An Illustration From The Hospitality Industry, Leo Macdonald, Chris Anderson, Rohit Verma
Leo MacDonald
This article presents an overview of discrete choice modeling for making pricing decisions in services. During recent years, discrete choice modeling has emerged as an effective approach for developing analytical models and for estimating relative weights of parameters based on empirical data. For estimation purposes, typically one of two forms of data is used: transactional data captured in databases (revealed-preference data); or primary experimental data (stated-preference data). In this article, we provide detailed illustration of both approaches for pricing decisions for hospitality services. Finally, we discuss the managerial implications of the discrete choice modeling approach described earlier in the article.