Many hospitality professionals aspire to work in management, but the most ambitious among them don’t stop there. What happens once somebody earns a coveted leadership position? Is there still room for growth? Fortunately, the answer is “yes.” There are ways for people to continue their upward mobility and increase their hospitality management salary even when they’re near the top of the job ladder.
Here are five great ways to ensure your hospitality management salary doesn’t plateau:
1) Learn Marketing and Sales
Some leaders are highly focused on general management and day-to-day operations but lack marketing and sales acumen. While people possess different strengths and weaknesses, most hospitality managers can learn the fundamentals of sales and marketing. Plus, doing so only serves to increase their value and earning potential.
Forward-thinking managers should ask for opportunities to expand their horizons within an organization. Those who work for larger corporations can usually find ways to branch out into other roles. And many executives appreciate employees who show a desire for continued development!
2) Prioritize Higher Education
Computers and the internet have changed the world for the better in many ways. One of the best results is access to credible online education programs. People can work full time while still earning valuable degrees.
Some managers may pursue a B.A. or B.S. in hospitality, management, or a related study. Those who have already completed undergraduate studies may opt to earn that MBA they put off years ago. Regardless of the individual situation, studies show hospitality professionals with degrees earn more than their less-educated counterparts.
3) Develop Leadership Skills
Hospitality managers already serve in leadership roles, but a person can always improve their skills. General Managers, for example, may ask Regional Managers for additional opportunities. It’s important to remember such requests should focus on the educational value, not pay or other incentives. The idea is for managers to build their resumes and skillsets for rewards and increased salary down the road.
4) Stay Current on Technology
Workers can increase their hospitality management salary by adding value to their employers through technological literacy. Restaurants and hotels regularly implement new computer solutions that increase efficiency and profit margins. Professionals who integrate technology into their day-to-day operations will ultimately command top pay and secure lucrative promotions.
5) Study Accounting & Finance
Hospitality managers aren’t usually expected to be CPAs or finance gurus; however, a basic knowledge of accounting, finance, and economics is very helpful. Company owners and executives are always looking for mid-level leaders who can assume bigger roles within the organization.
A strong foundation in business principles can be acquired in the classroom, but employees can also learn valuable skills on the job. Ambitious professionals who seek to optimize their hospitality management salary are wise to cross-train with their accounting and finance co-workers.
Most people who’ve reached the ranks of management are ambitious, so it only makes sense they wish to continue up the corporate ladder. Ultimately, a top performer will cultivate certain practical skills to maximize their hospitality management salary while also growing professionally.