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2 Aug 2012
With regards to the evaluation of Mr. Kannangara, I am not convinced that his view on the current labor market is a realistic assessment of the situation. I do not share his opinion that the demand for talent is shrinking and that the balance of power has shifted from candidates to employers for the following reason: Apart from Bio-Technology, Pharmaceutical and Renewable Energy, the Tourism industry is the fastest growing industry sector worldwide. For the next 10 years, the UNWTO forecasts an annual growth of 4-6 percent in worldwide tourism. Following this development, hotels spring up like mushrooms around the globe. Currently there are about 5,000 upscale hotels under construction worldwide, adding a total of 1.2 MIO hotel rooms in the next months (by the way, as part of its global expansion, Starwood plans to open 50 new hotels in Europe, Africa and the Middle East by 2012, with multiple signings in Saudi Arabia, the UAE, Libya among others?.). This development is mainly driven by the developing markets, mainly in Asia and in South America. A simple numerical example illustrates a realistic scenario: if, based on the economic growth in their countries, only 1% of the Indian and Chinese population will become able to travel nationally or internationally for five days per year, this will generate an additional 120 MIO room-nights per year. Someone has to make these beds and serves these breakfasts? Shrinking demand for talent? This is why I don?t think so.