Revenue Management – Our new project
With investment into the UK’s hotel industry hitting an eight-year high of £6.1 billion it is no wonder that the demand for Revenue Managers is increasing.
The most widely accepted definition of Hotel Revenue Management is: Selling the Right Room to the Right Client at the Right Moment at the Right Price on the Right Distribution Channel with the best commission efficiency.
The investment increase, up 55% since 2013, means that there is a greater need for Revenue Management professionals to storm the hotel, airline and travel markets acting as one of the key architects to the company’s future fortunes.
The niche skills possessed by Revenue Managers, can mean that far too often the recruitment process can be far more draining than necessary. It can often be very difficult for a Manager or HR worker in the hospitality or leisure industry to qualify a ‘good’ revenue manager, when they do not have the technical skills required to be a revenue manager themselves.
Many people are able to grasp the basic concept of revenue management but are misled into thinking it is a fairly easy position, just changing a couple of rates around. It is not. It involves carefully analysing segment pick-up curves, doing complex calculations, analysing book patterns and market trends, working with a CRS and updating a channel manager.
So how can these industries recruit for the best revenue managers?
People are often put off by the ideas of outsourcing the recruitment of Revenue Managers but actually, this may be one of the best ways to recruit an outstanding revenue manager. By using an external company who really understand the job and the market they will be able to sufficiently qualify the skills of a potential Revenue Management candidate. At MRK Associates we strive to ensure we take a very hands on approach to recruitment and are always up to date with our market and market needs.
We would like to share some exciting news about the market! Over the past number of months we have been working with an online marketing business, creating a niche online job board which aims to significantly raise the profile of Revenue Management jobs in the market. This job board is www.revenuemanagementjobs.com.
A year ago MRK started advising on the new job site and after much thought, design and testing the new site is live and fully functional!
The primary aims of the site are:
- To promote the Revenue Management industry
- To make the recruitment process easier bringing all relevant jobs and candidates to one place
- To assist the growth and development of the Revenue Management marketplace
We are proud and very excited to be working with www.revenuemanagementjobs.com and the work we have done so far to help develop the site. We are now at an exciting moment with the launch of the site and would encourage all revenue managers, hotel/airline/travel professionals and recruiters in the sector to check it out. Particularly as it’s free to use for now!