Big bang for the new year
Hotel business confidence seems buoyant in early 2012 – after the seasonal late-year blip – and most companies will continue recruiting. The economic stabilisation has also allowed players to sustain their expansion plans in Asia, with a huge supply of new hotel rooms to come.
As far as hotels are concerned, 2011 was a year of mixed fortunes, with occupancy staying relatively flat. Still, most hotels were able to boost rates – with Hong Kong and Singapore leading the way with double-digit gains. This was primarily driven by resurgent regional economies, led by China.
Generally, hotel companies are offering greater prospects for career advancement and more opportunities, albeit cautiously, as the euro zone debt crisis continues to linger.
It is expected that the “war for talent” will start to heat up again in Asia, with employers attempting to retain good staff with higher remuneration. Following the economic downturn of recent years, most employers have started to restore salaries to pre-financial crisis levels.
Hotel businesses are tipped to have a happy Chinese New Year. According to associations of workers from the food and beverage and hotel sectors, staff have started to receive year-end bonuses in recent months – and much higher than last year, with some getting up to four months’ salary. Hotel staff are expected to have a 3 per cent to 4 per cent pay rise this year.
Andrew Chan, CEO, TMS Asia-Pacific