According to the World Travel and Tourism Council (WTTC), the hospitality industry is one of the most important labor and employment markets worldwide providing around 100 million jobs with a projected steady annual growth of 4% over the next decade.
In Mexico, this industry alone accounts for 8.7% of GDP and is also expected to grow yearly as the country develops and matures new and existing markets such as Cancun, Los Cabos and Nayarit/Jalisco (with much more potential and possibilities as far and wide as the geography of the country itself). Mexico is actually the perfect example of how a growing industry can impact the social, political and economic climate of a nation that has the territory, weather and culture of service that is favorable for tourism and incoming businesses.
Territorial conditions, steady climate, logistics and connectivity however are not the only realities that need be factored in to plan and project growth. Progress and opportunity must be matched by an increase in talent development, attraction and retention, alongside a culture of compliance, prevention and legality to guarantee results and favorable consequences for the country, for investors, employers and employees in general. The WTTC has been clear when stating that the economic cost of not having qualified human resources available and not conducting proper training, will be excessive for the industry if growth is maintained with unmatched available resources. It is essential thereafter to invest and focus on training, HR strategies and talent development in service and customer satisfaction as to be prepared for increased investment, international connectivity and a steady demand.
The future of every brand, not only lies in preparing and training for the forthcoming experience but in strengthening corporate identity and developing loyalty in employees that are fleeing from other industries and sectors to service customers and hospitality brands nationwide. This social and economic phenomenon that is taking people out of the cities and moving them towards developing tourist centers is essential for HR departments and business leaders to guarantee success for upcoming growth. Talent acquisition and retention must become crucial in an era where mobility characterizes an otherwise poor generation in terms of stability and loyalty. This social modification taking place entails that all investors and brands shall identify, train and retain talent to support and match projected development in Mexico.
Growth and opportunity in this industry must not only be encountered with investments in physical infrastructure and development as well as with advancement and maturity in Human Resources to service facilities and clients, but also with legal strategies that will comprehend and embrace development responsibly with security and reassurance for all investors.
There is a great area of opportunity for internal and external legal teams to generate a significant amount of structural change in a country where international anti-corruption and compliance laws are still to be taken seriously. It is imperative to meet evolution and advancement with preventive legal strategies that will aid in migrating narrow minded habits to authentic and transparent win-win solutions for country, investors and clients.
Yet another area of opportunity worth mentioning is the presence of unions and unionized employees in the industry. As this fast-paced business keeps rising, union life nationwide is enhanced and must also be viewed as an area of opportunity that should be developed and groomed in accordance with economic, legal and HR strategies that favor employers and employees. Collective bargaining on a yearly basis is a great way to analyze growth, develop reliability and strengthen employee relations, it makes great sense to use collective bargaining as a legal preventive method that should reinforce corporate culture all around.
As strategic members and consultants in this fascinating industry we believe that the conditions are in place to develop and fulfil growth projections in the next decade. We have a first-row seat and look forward to accomplishing economic, legal, HR and international compliance standards that should catapult Mexico in many ways.