by Georges Panayotis
Not so long ago, participating in the growth of tourism businesses was an exhilarating adventure. It mobilized not only the energy of founders, but also that of all collaborators from the outset who were happy to build the foundations of a company and benefit personally. This collective adventure, which led to the creation of European and global groups, would offer young talents opportunities to develop even without necessarily having the most prestigious diplomas.
This same trend may be observed today with the gurus of the digital economy, such as Zuckerberg, Page & Brin and Niel. But there is one difference. Tourism pioneers were far from the zapping of companies that characterizes Generation Y, which focuses on start-ups in the new Economy, Facebook, Twitter, Instagram and other apps such as WhatsApp. On the contrary, the promise of a rising career was guaranteed by internal promotion, by continuing education and a certain “family spirit”. Young employees in tourism and more experienced managers had a mind to build for the long haul, climb the social ladder to, in time, take off whether within the family or by becoming entrepreneurs themselves. It is this clan spirit that made it possible to get through difficult periods and maintained very close ties throughout the personal experiences of each.
But that was before finance changed the rules of the game, before the accumulation of wealth within pioneering businesses brought high-flying financial investors in the business. Today the priority for growth has changed playing fields. Organic growth, arising from the experience of internal teams, has shift into the background with respect to portfolio management and M&A deals. Elaborated within the closed circle of headquarters, the strategies are not as evident for personnel because management’s goal is to satisfy financial markets rather than bring about the involvement of players that will implement them.
Change is already inherent to the nature of things and the transformation of major companies is undoubtedly the sign of a certain maturity for Tourism, which has become a sector worthy of attracting the best managers and greatest financiers. But does growing out of adolescence necessarily have to happen to the detriment of passion, desire and the spirit of adventure? There once was a time when work was not just about earning a living, but a means of personal development, of combining pleasure and knowledge, the joy of living and the professional experience.
As this sector requires a great deal of availability and personal commitment to customer contact, there is a need to find some kind of happiness and compensation in the career, and pride of belonging to a business that sticks to a conquering spirit. The enthusiasm can only be sincere if the strategy is clear, as it was prior to the financialization of the sector. It also happens through the transmission of savoir-faire that valorizes the different components of the service. This is also the only way to make sure that the new forms of accommodation, which are sprouting up forcefully, remain mostly dedicated to users with lower expectations. This is not the direction we’re heading to when major investments by hotel corporations focus on digital and distribution tools.
While we would not necessarily want to go back to the pioneer era, it is important to nurture the entrepreneurial spirit, the desire to take risks which justify the profit that is the only means of pursuing investments. Regulatory impediments, restrictive standards or high taxes also hamper our growth potential and lead companies to go elsewhere to achieve better growth.
