By Catherine Morgen
At the end of 2020, there was only one woman chief executive officer for every 17 men leading hotel companies, according to a report from the Castell Project, which is a non-profit organization focused on bringing more women into top hospitality positions. That same year, the odds of women advancing to CEO, COO and other top executive leadership roles in hospitality were one woman to 5.7 men. Additionally, during this time period, a significant number of women compared to men lost their jobs in the industry or left them for Covid-19 pandemic reasons, further reducing the numbers of potential women leaders in the years to come as the female talent pool shrinks.
Studies highlight the positive impacts of women leaders
With data showing the positive impacts women in the C-suite and other top leadership roles make throughout industries, it is to the benefit of hotels and other hospitality companies to encourage their upward progression. A research study released in 2020 by the Harvard Business Review concluded based on its assessments related to the pandemic that women were more effective and stronger leaders during times of crisis. The study ranked both men and women on areas such as solving problems, developing strategies and taking initiative. Women scored higher in these and several other leadership areas. Other research has shown that women who hold leadership positions that influence financial performance improve the bottom line of companies when it comes to profits and share prices. Hospitality companies that encourage the growth of women into these bottom lines positions may find themselves at an advantage in the future.
How companies can position women for top leadership positions
There are various steps that hospitality companies can take to encourage retention and growth of female workers, and thus ensure a strong talent pool of women. With women leaving their jobs because of child care concerns and the decreased boundaries between home and work that has resulted from the pandemic, hotel companies that offer more flexible and understanding workplaces stand a better chance of keeping female employees. Companies that provide training, mentorship programs, networking opportunities and otherwise promote environments that encourage women (and men too) to reach their full potential can also help the hospitality industry develop a dynamic talent pool.
Women can also seek out mentorship opportunities on their own with leaders they admire and respect, which can often lead to enhanced opportunities. Additionally, ownership is another route to leadership in the hotel industry. Fortuna’s Table and other Industry programs that help underrepresented women become owners for the future will bring more women in as decision makers for hotel companies.
Opening up opportunities in jobs that drive bottom lines
While women are often well-represented in leadership roles at hospitality companies that are traditionally considered more “female,” such as marketing, human resources, communications and others, they are often left out of managerial and executive positions that drive bottom lines. As Peggy Berg, founder and president of Castell Project said, “We need to focus on making progress in the areas where women have the least representation, such as in the fields of investment, development, technology, and information. To grow as an industry, we cannot maintain the status quo.”
When women are trusted working in the types of positions that directly impact an organization’s profits and bottom line, they are more likely to make it into the C-suite. With the majority of C-suite roles currently held by men of the Baby Boomer generation, and with that generation facing retirement, it is a good time for hotel companies to begin putting in place initiatives and plans that will contribute to a reimagining of the makeup of future leaders.
