Hyatt’s CEO reveals the simple equation that underlies his management, hiring, and firing strategies
Mark Hoplamazian, CEO and president of Hyatt Hotels Corporation, started exploring what made Hyatt special about five years ago.
He found that the emotional connections between employees created a familial atmosphere.
In order to foster that sense of caring, Hoplamazian created an equation he’s used to run the company and make decisions on hiring, firing, and managing his staff.
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When people join Hyatt, they often do so for life — the average tenure of a general manager at the hotel giant is about 25 years, according to Mark Hoplamazian, CEO and president of Hyatt Hotels Corporation.
Five years ago, Hoplamazian began to explore exactly what differentiated Hyatt from other companies. He knew from the start that people weren’t coming in to work to just punch the clock or get customers into hotels. He himself felt the emotional connection that people had in the company.
“[It] was really special and very palpable and felt very much like a family,” Hoplamazian said in a forthcoming interview with Business Insider. “In fact, we call everyone that works in, at, and for Hyatt, part of the family.”
Hoplamazian took charge of the company over 12 years ago, and since then the company has been named one of the world’s best places to work, and one of the best employers for diversity, all while growing to more than 100,000 employees across 56 countries.
While “family” and “empathy” aren’t the most common hallmarks of corporate culture, Hoplamazian found that those unquantifiable factors played a part in retaining employees and managing them well.
According to Hoplamazian, care is what makes Hyatt what it is.
So he developed an equation to help him apply care in all of his strategic decisions at Hyatt, from hiring to firing:
Empathy + action = care.
Care requires empathy, …read more
Source:: Business Insider