By Sofia Mavrou,
When we say Hospitality Management, we refer to a broad field which includes day-to-day services offered in businesses related to hospitality industries, such as hotels, restaurants, spas, private transportation, food companies, and more. The duties that are involved deal with ensuring that the facilities are properly maintained, that the customer is satisfied with the experience, that the personnel is well trained and well mannered, and that the financial and administrative records do not have any obscurities.
The qualities one needs to possess in order to obtain this degree are not linear. Combinations of both professional and personal traits have to be cultivated simultaneously; technological competence alongside with communication skills and critical thinking alongside with courtesy and understanding. It is for this reason that the degree of Hospitality Management can open dozens of doors and carve a great deal of channels to a wide range of occupations.
Another factor that influences the power of such a degree is the demand of luxury hotels in the upcoming years. In 2020, the hospitality industry faced a declined due to the pandemic restrictions imposed to the customers and the companies as well. For example, travel restrictions had a major impact to the national tourists and consequently to the hotels where they would have been stayed, to the catering that would have fed them, to the cleaning company that would have disinfected their rooms daily, and so on so forth. In the year 2022, tourism was exceptional. In the first 7 months of 2022, 57% more were the arrivals of international tourists compared to the same period of 2021. According to studies, the ascent of tourism marked the ascent in luxury hotels’ demand.
Luxury hotels are places of accommodation where deluxe experiences are offered to the high-paying guests. Facilities, services, and administration are all of high quality. Accommodations like these are increasingly online booked given that they bestow their customers with once in a lifetime experiences. Specifically, it is estimated by Fortune Business Insight that this kind of market will encounter a growth from $119.55 billion in 2021 to $238.49 billion in 2028. Therefore, the industry that will primarily be supported is the luxury hospitality industry.
The question that a more impulsive person would ask had they an individual with a Bachelor in Hospitality Management across them would be; “OK. Now, what about the salary?” Similarly to every career, the more experienced a person is obtained, the more salary they will earn. Based on the United States Department of Labor’s survey of May 2021, the annual wage of a person who practices their hospitality degree for less or equal to a year is $46,580 (approx. €45.050,00). If the experience ranges from one to four years, then the average annual salary reaches $47,963 (approx. €46.041,00). And last but sure not least, if the experience outweighs the 5 years, the average annual wage is $108,060 (approx. €104.52, 00).
The career of Hospitality Management was not even a term twenty years ago. However, society is changing rapidly and its needs are adapted to the situations either successfully or not. In our case, all signs indicate that Hospitality Management came to stay for good.
References
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INTERNATIONAL TOURISM BACK TO 60% OF PRE-PANDEMIC LEVELS IN JANUARY-JULY 2022. unwto.org. Available here
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The luxury hotel market is projected to grow from $119.55 billion in 2021 to $238.49 billion in 2028 at a CAGR of 10.4% in the forecast period [2021-2028]. fortunebusinessinsights.com. Available here
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Occupational Employment and Wage Statistics. bls.gov. Available here
