A new white paper from the Cornell Center for Hospitality Research presents an analysis of the changes in the current business environment that have resulted from people's desire for greater meaning and connection.
In the "new normal" environment, businesses must do more than merely offer a good product or service to create value. For hospitality businesses in particular, whether people are customers, sales partners, or employees, all are looking for relationships with organizations they can trust… organizations that care… organizations that align with their own values. Instead of viewing people as a means to profit, contemporary businesses must see their customers and clients as stakeholders in creating shared value.
This report presents the following three-point framework for this new business paradigm:
(1) Explore deep insights into human motivation and behavior;
(2) Recognize that one size doesn’t fit all—meaning is personal; and
(3) Genuinely see people as the center of strategy.
This approach requires a fresh perspective about business, about people, and about what really drives a mutually beneficial relationship. To unlock the massive untapped potential in every stakeholder, a business must be willing to shift its beliefs about how to engage those stakeholders. Business leaders must have an understanding of human biology and psychology, along with a willingness to create mutually beneficial propositions. Some firms already understand the need for this new framework for stakeholder engagement… a framework anchored in the latest research relative to human drives and behavior.
The goal of this framework is to create better business results that simultaneously enrich stakeholders in ways that are most meaningful to them. As examples of new approaches to customers, sales partners, and employees, this report cites the specific approaches taken by three firms: Maritz, Barry-Wehmiller Group, and Embassy Suites.
Download the full white paper at Cornell University