Empower Women – HCL does so perfectly

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August 25, 2021

Economists say that employee happiness can increase productivity by more than 10% at work. Employee engagement is linked to employee pleasure.

Understanding what motivates employees is critical, as is providing them control over their training and development. TCS’s training programmes are meant to be completed anywhere, at any time, allowing employees to finish them on their own time and without feeling rushed. TCS promotes lifelong learning and encourages its employees to participate in regular learning development courses to stay motivated and obtain skills applied in the workplace.

Another issue in such a massive, worldwide company is allowing employees to form meaningful relationships across geographically scattered teams. TCS has dealt with this in two ways: first, through leadership development. Global managers must comprehend the difficulties of managing teams across borders, building trust, encouraging honesty, and dealing with sensitive topics. TCS has its social network, Knome, open to all TCS workers for business or personal projects collaboration. Knome (pronounced “know me”) uses social networking and gamification features to enable users to interact with colleagues from different countries, share ideas, socialize, and learn – thereby converting each group into a true team.

TCS has cultivated a culture where employees are encouraged to bring their spouses, partners, and families to TCS social events, such as community picnics and festive celebrations.

This not only brings individuals together but also shows the family that the company values them. Whether through children’s contests, family days, or cultural events like Diwali, ensuring that employees have more opportunities to spend meaningful time with their families is critical. It goes a long way toward helping employees understand their coworkers and superiors better since it allows them to see into their personal lives.

Like many other companies, TCS focuses on allowing workers to participate in the hobbies and pastimes they enjoy, whether joining a photographic society or participating in an inter-office sports league. Whether one is participating in the sport or simply watching it, it can bring people together. Most TCS offices have sports teams or leisure activities to encourage coworkers to interact with one another outside of the workplace and start a healthy competition.

Fit4Life, a unique software developed by TCS, aims to promote health and wellness through technology. Employees can use the app to log their physical activity, partake in charity contests, or compare themselves to their coworkers.

Employees have reacted positively, with ‘virtual teams’ participating in competitions or raising funds for various causes.

As a technology company, it is natural that digital innovation plays a significant role in TCS’s training, the way it communicates as a global team, and the employees’ overall engagement. Their involved learning platform allows employees to take part in training courses anytime, anywhere. TCS has a record of training 120,000 employees across 400 different technologies. The ‘virtual teams’ that deliver client projects from multiple locations worldwide are also only possible because of digital technology.

Technology must, however, be matched with a healthy culture; otherwise, employee engagement will suffer. After all, a virtual team cannot have the same level of control and visibility as a physical team, posing a management challenge. As a result, TCS promotes a “trust on credit” strategy, in which team leaders trust their colleagues to complete their work, demonstrating faith and allowing them the freedom to work as they see fit. TCS has put technology at the heart of its business, from Knome to the Fit4Life app.

In 2015, the company received an HR Distinction Award for Innovative Technology Use.

TCS has been named the #1 Most Powerful Brand by Brand Finance and the #1 Most Satisfied Customer by Whitelane. Employee culture is reflected in these awards and recognitions. Importantly, employee engagement efforts result in tangible company benefits. The majority of TCS’s revenue comes from repeat customers, which is a testament to the company’s excellent customer service.

This, in turn, can only be accomplished if personnel are satisfied and driven to provide excellent service to clients.

Human relationships, not human resources, are what matter in the end. Whether one has a team of ten, a hundred, or a thousand people, the secret to success is nurturing those relationships and treating employees like people rather than machines.

Taking COVID-19 Pandemic into the picture, the way TCS has conducted business has transformed. The home-office boundaries have blurred in the new work order. A recent study by Linkedin shows that about 36% of the respondents struggled to balance their personal and professional lives. There seems to be a fundamental shift in the definition of satisfaction and happiness in the lives of TCS employees. Today, the role of the employer has become more critical than ever before. The uncertainty heightened by the pandemic has resulted in a significant increase in the sense of fear and anxiety, and providing safety mechanisms has become a critical imperative.

In today’s virtually connected work world with the dispersed employee setup, organizational engagement has gone much beyond collaborative tools and internal virtual events. Employee empathy has become an essential building block of the corporate culture. An empathetic organization will find its recipe to ensure employees feel Oneness while being distant physically.

TCS never waits for a crisis to put in place practices and policies to support employee well-being. It believes that customer centricity and employee empathy are two sides of the same coin.

The initiative – TCS Cares was put in place long before the pandemic, focuses on employees’ mental health and emotional well-being and encourages a culture of awareness, understanding, and acceptance. All employees have access to counselling sessions, self-help resources, self-assessments, and a host of initiatives focused on maintaining emotional and physical health.

By creating self-help networks of associates with similar interests, TCS has empowered associates to support and guide each other. TCS believes that continuous engagement and a lot of thoughtfulness help build a solid psychological contract between employees and the organization.

How hotels are diversifying their services to increase revenue, especially during pandemics?

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August 25, 2021

With events and travel delayed last year, all hospitality industry segments have been forced to rethink their business strategies to stay afloat. While there are signs of recovery, such as increased hotel bookings, the pandemic has drastically altered consumer wants and expectations, necessitating businesses to adapt their offerings.

Hotels, in particular, have been forced to rethink their traditional business strategies and come up with innovative methods to utilise their available space. Hotels have begun to use their suites as coworking spaces, offer in-suite private dining packages, and offer a range of incentives to generate money throughout the pandemic. While COVID prompted the implementation of these new revenue techniques, guests will continue to seek unique experiences that are secure.

Day bookings for remote work are available.

With remote work becoming the new normal and the chance of office lease renewals being low, many people are searching for a change of scenery, allowing hotels to provide them with a means to remove the “home” out of “work from home” and shift to “work from hotel.”

Taking advantage of enormous areas for small gatherings

Despite how accustomed we have all become to virtual meetings, there is something to be said for meeting colleagues face to face.

While corporations may have traditionally reserved huge meeting spaces for large conferences, hotels may now use these more extensive facilities to connect in person while maintaining a safe distance.

Providing incentives for more extended stays

Going to a new destination for a longer-than-usual stay has proved appealing for those trying to scratch their “travel itch” during the pandemic due to quarantine limitations after visiting. Employees who have never worked remotely (many for the first time) have discovered a whole new world for those who have the flexibility to relocate and work from various locations for months at a time. Hotels can take advantage of this opportunity by giving discounts on prolonged stays to this demographic.

Private dining reimagined

Developing a constant stream of recurring customers requires creating unique and memorable experiences for guests. Making use of hotel rooms as private dining rooms is a fantastic approach to create a memorable experience.

In addition, hotels with restaurants have collaborated with their staff to provide takeout meals for their guests or those in the surrounding neighbourhood who want to get a quick bite to eat. Hotels have offered grab-and-go markets, curbside pickup, meal kits, and collaborations with delivery apps to increase dining revenue.

Taking the initiative to move forward

The hospitality business is regaining its footing. More people are getting the COVID-19 vaccine every day, and many feel optimistic about resuming their pre-pandemic lives. People are starting to feel more secure than they have in over a year.

With spring and summer activities on the horizon, hotels can begin preparing to welcome guests back with open (six-foot distance) arms if they haven’t already. Finding innovative ways to provide unique visitor experiences while increasing revenue will be critical for hotels to continue their path to recovery.

Redefined marketing trends bring out version 2.0 of the Hospitality Industry

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August 25, 2021

The hotel marketing trends for 2021 reflect that the hospitality business underwent significant changes last year. As a result, it’s easier to foresee what customers want in some aspects, starting with wellness, safety, and peace of mind. Meanwhile, social development has established new criteria for hospitality businesses, owing to shifting values in the aftermath of the pandemic’s most intense period and role to greater customer awareness of all things ecological and meaningful.

What is Hotel Marketing, and why is it so important?

Hotel marketing is an umbrella phrase that refers to the many marketing strategies and approaches hotels use to promote their business and leave a favourable impression on guests. It all comes down to making a hotel as appealing as possible to attract as many visitors as feasible. Hotel marketing takes place online and in-person in the digital age. Therefore, hotel businesses must maximize their visibility through website traffic, social media, email, and a range of other platforms.

Competition is one of the most significant issues that every hotel face in the hospitality industry. Hotel marketing is critical since it allows hotels to promote their properties, emphasize their distinctive qualities, set themselves apart from competitors, and define the benefits of being there. Staying updated with hotel marketing trends and engaging customers through marketing can assist hoteliers in increasing the number of bookings and income they earn.

For the hospitality industry, 2020 was a year unlike any other. While the downturn has substantially impacted the sector, it has also provided hoteliers with the opportunity to rethink and reset their sales and marketing strategy for 2021. The top ten hotel trends to watch in 2021 are as follows:

#1 – Staycations

Travel restrictions in 2020 have encouraged the rise of staycation. Some tourists prefer to stay closer to home for environmental or financial reasons, with a significant increase in holidays spent closer to home this year.

#2 – Digitalized guest experiences & Contactless Technology

Apps, in particular, are becoming increasingly crucial in how hoteliers manage the services they provide to their consumers, and they now influence many areas of the guest cycle and experience. In 2020, the trend toward digital and contactless services was expected to acquire even more traction. , The traditional customer-facing services are redesigned due to the increased usage of technology-assisted choices such as smartphone check-in, contactless payments, voice control, and biometrics. In addition, consumers who have grown accustomed to using facial and fingerprint recognition to open their smartphones and laptops will soon expect the same convenience in their hotel rooms, according to experts. However, these modifications may be costly to instal and maintain for the companies that want to accept them.

#3 – Personalization

Guests today have come to expect to be acknowledged and treated as individuals. While platforms like Mailchimp and Zoho have made customized email marketing accessible to the people, providing highly targeted audience-specific messaging, establishments go the extra mile to greet their guests personally. In addition, data provides insight into past purchase behaviours, allowing hotels to customize offers and promotions and automatically offer similar services to previous stays, much beyond merely adding the customer’s name to email pleasantries.

#4 – Experience economy & essentialism

Customers expect tremendous personalization and one-of-a-kind experiences, among other things. This could lead to the demise of the travel agency and the growth of the self-guided traveller.

There is such a thing as travel guilt. Minimalism has breathed new life into the tired adage “less is more.” As a result, travellers are less interested in displaying their money and prefer to spend carefully, meaningfully, and have a beneficial impact on the globe. As a result, niche properties, adventurous vacations, and relaxation retreats are in high demand, as unique experiences give back to local communities in meaningful ways.

#5 – New Hospitality skills & asset management

The asset-light strategy has gained popularity in the industry. The separation of operations and real-estate assets now allows hospitality organizations to concentrate on their primary business, increasing efficiency.

However, it adds to the complexity and possibility for agency issues, which explains the creation of new types of employment like asset managers.

In addition, as the hospitality business has become more complicated, new job profiles have evolved. Simultaneously, the demand for quantitative skills (for forecasting, budgeting, and so on) has grown.

#6 – Solo Travelers

Many people have embraced the meditative advantages of spending time alone and venturing into the big wide world unafraid, mingling and finding acquaintances to whatever degree suits them in the age of mindfulness. As a result, barriers between hotel personnel and visitors are being removed, interior design decisions made to suggest a sense of homeliness, and an informal atmosphere fostered to help solo travellers feel at ease. This, combined with a less pronounced distinction between guests and locals, promotes a sense of hotel community.

#7 – Generations X and Y

In comparison to previous generations, these new generations have different requirements and needs. Hotels and automobile rentals come to mind for older generations. Airbnb and Uber come to mind for younger generations.

#8 – Sustainability

A modern hospitality trend has been a hallmark in recent years: “sustainability.” More far-reaching ethical and environmental considerations impact decisions made at the hotel management level, as a logical extension of avoiding disposable plastics, eliminating excessive paper consumption due to opt-in receipts, and decreasing food waste. When decisions concerning simple things like which towel rails to place during renovations are made at scale, they have huge ramifications. Replace small toiletries with larger, locally sourced dispensers, use ethically created bedsheets made from organic materials, and reduce energy consumption with smart bulbs, among other simple eco-friendly changes. Vegan and vegetarian choices have well-known environmental benefits. Environmental and social issues are becoming increasingly important to people.

#9 – Virtual & augmented reality

Following the trend toward aesthetically appealing material, it seems only natural that businesses in the hospitality industry would want to capitalize on features like virtual tours, which allow customers to imagine themselves in a digital environment.

Videos of restaurant ambience, beautiful tiny café terraces surrounded by flora, or beachfront hotel sites, for example, are the ticket to make a business stand out this year.

As always, keeping the entry barrier low is critical to reaching the broadest potential audience with virtual reality content: making content accessible on a range of devices without using a VR headset.

Once on-site, visitors should be able to use their trusty sidekick – their smartphone – to summon extra information by simply pointing it at real-world artefacts. Augmented reality enhances in-person environments with graphical or informative overlays. Guests can use the app to access restaurant opening times, reviews, interactive tourist information maps, and even produce user-generated content once they have downloaded the app.

#10 – Automation & technology

This comprehensive, overarching category encompasses technology advancements such as those that have reduced wait times, “outsourced” menial labour to robots, and used big data to enhance procedures, among other things. In addition, AI-powered chatbots have proven valuable customer support assets during the booking process and in response to frequently asked inquiries about COVID-19 safety measures.

The use of management systems to monitor and maximize revenues, customer interactions, property, channels, and reputation progressively shapes hotel operations. As a result, solutions that are mobile, cloud-based, and integrated are in high demand. The growing relevance of integrated messaging, predictive analytics, customer profiling, and middleware aims to link diverse systems together.

The hotel industry is incredibly competitive, which is why hotel marketing is so crucial.

Are you considering owning a hotel franchise but are unsure whether it is a sensible investment?

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August 25, 2021

Purchasing a franchise allows you to own a business without having to create one from the ground up. Of course, it’s no secret that buying a hotel is costly, let alone the ongoing operating costs. A travel franchise or hotel business, on the other hand, can generate substantial earnings and potentially make you a millionaire if correctly managed.

The critical question is whether or not a hotel franchise is a good long-term investment?

To understand that, here are some of the benefits of having a franchise:

Not Taking The Road Less Traveled

The biggest mistake a potential franchisee can make is to invest in a franchise without first researching its track record. The hotel franchise industry, thankfully, has a long history. In fact, for the past four decades or so, franchising has been the most common route for investors to acquire hotel ownership.

Purchasing a hotel franchise will not be too foreign. Many mentors will be available for guidance, and one will follow in the footsteps of successful franchisees. One can improve their chances of success as a business owner by learning from their strengths, shortcomings, and failures.

Get Instant Identification

When a person purchases a hotel franchise, they are given an immediate identity. The location quickly becomes known, and they begin to receive customers on the first day of operation. In a world where consumers seek unique experiences and brands, consider that brand identity is crucial.

Profitability is ensured with year-round support.

In most hotel franchises, the franchisor or head office provides training, technical support, and customer service to franchisees. Even before that, the franchisor plays an essential role in determining a strategic location based on an extensive study. Being a franchisee allows one to study the franchise’s previous financials to estimate expenses and revenue.

Excellent Option

When it comes to profitability and brand awareness, not all hotel chains are made equal. However, with so many hotel franchises to pick from, one may easily select the one that would provide the best return on investment in the target area. It all comes down to picking the correct franchise to make money as a franchisee.

Comparable Low-Starting-Costs

While buying a hotel franchise isn’t inexpensive, the launch expenditures are much lower than starting from the ground up. There are no costs associated with hiring, outfitting, or even remodelling.

Financial Aid for Purchasing a Hotel Franchise

Obtaining business financing to construct or operate a hotel can be a complex undertaking. As a franchisee, you must shoulder the responsibilities of the franchisor. Lenders are often more than eager to issue a line of credit as a result of this. Creditors, suppliers, and other business partners will be happy to extend the necessary financial credit.

Revenue Management System (RMS), the backbone of the Hospitality Industry

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August 25, 2021

Every profit-oriented company’s primary goal is to generate an acceptable profit. As a result, “profits” has become a vital indicator of a company’s efficiency. Businesses can manage their profitability in a variety of ways in practice. For instance, an industry can manage its turnover by charging customers in a different method. It implies that a wide range of clients is willing to pay.

The technique of using data to construct intelligent, profit-boosting pricing models is known as revenue management.

It’s used in various kinds of enterprises. Revenue management is used more explicitly in the hospitality industry, and it is handled through a Revenue Management System (RMS).

Now, What exactly does the RMS do?

A Revenue Management System (or RMS) is an intelligent software system that automates crucial revenue management processes to save time and improve efficacy. Based on the data they collect and analyse, these systems let hospitality organisations determine and recommend appropriate prices for a specific time of year, customer type, or channel.

It is the nature of the tourism sector. No matter how big or small, all hospitality operators must compete with a plethora of factors that eventually affect their reservations, such as supply and demand. Revenue Management Software (RMS) assists with this, which is why it is such a significant resource for hospitality industry owners and operators.

It first and foremost aids firms in increasing their bottom line by optimising rate tactics, but it is far from the only advantage.
RMS software can significantly improve operational efficiency. These systems put in the effort to do time-consuming calculations and labour-intensive jobs, reducing human error and wage costs.
It’s also critical for providing organisations with revenue estimates in the future, allowing them to make better-informed strategic decisions and boosting overall business stability.

There is no such thing as a “one size fits all” solution to Revenue Management Systems (RMS). RMS software is frequently available as a standalone system, but other software packages, such as Property Management Systems (PMS), typically include revenue management functions that might be just as useful.

Revenue Management Systems are, for the most part, complete software programmes with a wide range of features and functions. With that in mind, below are the key features:

1. Rate Recommendations

The capacity to swiftly and accurately calculate appropriate room rates utilising advanced algorithms, prior performance data, current market data, and other information is perhaps an essential aspect of most Revenue Management Systems. Room pricing can thus be modified across all distribution channels from the main dashboard.

2. Competitor Information

Most RMS software offers an integrated competitor rates capability that quickly compares room prices for nearby hotels or comparable-sized hotels. This feature is helpful since it takes a more strategic approach to your pricing once you better understand your competitors’ rates.

3. Key Performance Data

A Revenue Management System stores and provides essential performance data, such as occupancy rates, revenue per available room (RevPAR), and average daily rates (ADR), among other things. Users can see performance data from the previous month, the same time last year, and a range of different alternatives in most circumstances.

4. Revenue Estimations

Finally, in addition to displaying historical data and setting room rates, a Revenue Management System provides estimates for both the revenue and profit that is likely to be generated through the current pricing strategy. And also the revenue and profit potential that can develop through alternative pricing strategies.

A Revenue Management System can help with each of these factors. Revenue management is the practice of selling the appropriate room, to the right client, at the right time, for the right price, via the right distribution channel.

The government intends to give over Air India by December

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August 24, 2021

The Department of Investment and Public Asset Management (DIPAM) has voiced high hopes that the financial bidding process for Air India’s strategic disinvestment will take place next month, while also stating that the government intends to give over the airline by December.

According to a source in the department, the Bharat Petroleum Corporation (BPCL) transaction will be concluded only by the end of the current fiscal year, with financial bidding expected to be done by December.

The second wave of the COVID-19 epidemic has hampered BPCL’s strategic sale, but it will be completed before the end of the current fiscal year. In the meantime, due diligence is being conducted in the instance of the Shipping Corporation of India.

The Cabinet Committee on Economic Affairs authorised the strategic sale of Air India in February 2019, while the strategic sales of BPCL, SCI, and Container Corporation of India were approved in November 2019. The government intends to raise Rs 1.75 lakh crore in the current fiscal year through disinvestment and strategic sales.

India must pick between a $35 trillion loss and an $11 trillion gain in terms of climate action impact

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August 23, 2021

Depending on its path now, India could lose as much as $35 trillion in economic potential or gain as much as $11 trillion in economic worth. According to a research by the Deloitte Economics Institute titled “India’s Turning Point: How Climate Action Can Drive Our Economic Future,” India must act now to avoid losing $35 trillion in economic potential. However, if India can keep global temperatures from rising too high and realize its potential to ‘export decarbonisation’ to the rest of the globe, its fortunes could turn around and the country could earn as much as $11 trillion in economic value.

By the end of the century, average global temperatures could have risen by 3 degrees Celsius or more if no action is taken. As a result, people will find it more difficult to live and work as sea levels rise, crop harvests plummet, and infrastructure is damaged, among other things.

In terms of economic activity, services (both public and private), manufacturing, retail and tourism, construction, and transportation are predicted to be the most impacted industries in the next 50 years. Currently, they account for more than 80% of India’s GDP. According to the analysis, these five industries alone would lose more than $1.5 trillion in yearly value added to GDP.

Not all has been lost. According to the report, if governments, corporations, and communities act quickly and forcefully to address climate change, global warming might be restricted to roughly 1.5 degrees Celsius by 2050. Not only for India but also for the rest of the world, this would reduce the impact of climate change. India could provide the products, services, and financing that the world would require to keep global warming to a minimum and achieve major economic growth.

According to the paper, accelerated decarbonisation might benefit both India and the rest of the world. It might help India migrate to a low-emissions economy, restructure its economy, and take advantage of lower-cost clean energy export markets.

Because India is a developing country, the transition to a low-emissions economy would be difficult. It will have to strike a balance between the requirement for economic growth and the rise in energy demand that follows and investing in and transitioning to developing low-emission technologies. According to the analysis, the economic benefits of ambitious climate policy implementation would be obvious as early as the first year. This might result in an 8.5 per cent increase in GDP in 2070 alone.

India’s ReNew Power will go public on Nasdaq, to raise $1 billion

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August 23, 2021

Tomorrow, ReNew Power, India’s largest renewable energy independent power producer (IPP), will go public on the Nasdaq, raising around $1 billion. It will be the first major renewable energy company in India to go global and list on the New York Stock Exchange.

ReNew Power is now backed by Goldman Sachs, CPP Investments, Abu Dhabi Investment Authority, GEF SACEF, and JERA. Goldman Sachs’ ownership will drop from 49 percent to around 33 percent after the IPO. CPP Investments and Abu Dhabi Investment Authority’s shareholdings, which were each over 17 percent, will be reduced to around 13 percent. The new institutional investors will own roughly 20% of the company.

The proceeds from the IPO will be used to fund the company’s expansion goals, which include a goal of 18.5 GW of operational wind and solar power by 2025. ReNew now has roughly 6 GW of operating capacity and another 4.5 GW in the works. On the back of around 7 GW of commissioned capacity, the company is expected to generate an EBITDA (earnings before interest, taxes, depreciation, and amortization) of $800 million in the current financial year. ReNew is looking at the potential in battery storage, grid management systems, solar panels, and module manufacturing as India’s power sector opens up.

Paytm and HDFC Bank have partnered to launch co-branded products for digital payments

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August 23, 2021