Hospitality executive hiring trends for 2024

The hospitality industry is one that thrives on adaptability, commitment and top-tier talent. That much has been true for forever, but that’s not to say that there are aspects of the job, particularly at the c-suite and executive level, that are always evolving. As a result, I have put together my projections for trends that will shape how leaders in hospitality are hired in 2024 and for years to come.

The new standard – more diligence, longer searches

To avoid a PR crisis like the many we have seen dominate headlines over the past few years, CEOs are prioritizing diligent vetting of candidates like never before. The desire to avoid possible risks to a brand’s reputation has brought an increased focus on rigorous evaluation of potential hires, leading to longer executive search processes.

Companies are casting a wider net, adopting a broad-angle approach to candidate criteria and involving more candidates in the process. It will continue to become more standard for a company to get buy-in from more stakeholders within the organization on a potential candidate and build consensus within the team before making a selection.

Additionally, with virtual interviews becoming more commonplace than they were pre-pandemic, companies can start out with a larger pool of candidates in the first round of interviews as the level of commitment is lower than it was when in-person interviews were required. In 2019, most executive search processes lasted around 90-100 days from start to finish, whereas now we are seeing many searches lasting over 120 days with a select few searches taking up to a year. In the coming year, we project this trend to continue with search processes becoming continuously longer. While this longer hiring process may seem daunting, it is fostering a culture of inclusivity and comprehensive evaluation outside of just what is on paper.

Cautious candidates - changing priorities

Candidates, particularly in the investment and development segments, are approaching opportunities with increased caution. Many of these candidates are looking to dive deeper into a company and learn about its commitment to deploying capital. and the culture of its leadership team, to get a more holistic view outside of just the potential role. Nowadays, candidates are prioritizing finding a company that is a cultural fit, just as much as a role fit for their skill set and background to ensure a new position will align with their long-term goals.

Bid-ask spread in relocation a growing challenge

Relocation is a common discussion in executive hiring and has only become more challenging. While many major brands in the hotel sector often prefer their c-suite to be on-site and visible to their headquarters, many executives have become accustomed to remote work and are now hesitant to relocate. The thought of asking a spouse and children to relocate to a new city every few years is no longer a sacrifice that candidates are quick to concede to and as a result, the bid-ask spread is continuing to widen.

Now that many roles have transitioned to remote or hybrid over the last few years, finding a balance between an organization’s conditions and a candidate’s preferences will continue to be a critical negotiation point, especially in development and investment roles.

Alison Harrigan

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Prior to the pandemic, it was not only common but the implied understanding that c-suite and executive roles would be in-person. This misalignment between companies and candidates will continue to be a discussion point. Now that many roles have transitioned to remote or hybrid over the last few years, finding a balance between an organization’s conditions and a candidate’s preferences will continue to be a critical negotiation point, especially in development and investment roles.

Fierce competition for rockstar candidates

Top-tier operators, the driving force of the hospitality industry, are receiving unprecedented demand from companies globally. There is a high level of competition to land top talent who bring not only a wealth of experience, but also energy, enthusiasm and an exciting new perspective to their roles.

This intense competition indicates a shift toward putting in place dynamic leaders that can usher in a new era for a brand and inspire an organization’s work culture. These are the soft skills that are nearly impossible to ascertain from a resume alone. These rock star candidates know what they’re worth and aren’t going to magically materialize on their own.

Debt investors will be in high demand

In the investment world, a major trend is the increasing interest in candidates with a background in debt investing, alongside equity investing experience. As the hotel industry continues to navigate economic uncertainty, having strong leaders knowledgeable in financial strategies is a major advantage. This trend shows how many companies are looking to take a more proactive stance on potential financial challenges in the year to come.

The hospitality industry is gearing up for another year of strategic hiring as it continues to rebound and stabilize post-pandemic. In the year to come, global hotel brands will show their increased commitment to candidate vetting and seek to acquire the most exceptional talent for their c-suite and executive teams. These trends illustrate how major companies will adapt to changing economic and workplace factors by building strong and inspiring leadership teams.

Alison Harrigan is senior client partner at Korn Ferry, San Francisco

The views and opinions expressed in this column do not necessarily reflect the opinions of Hotel Investment Today or Northstar Travel Group and its affiliated companies.