When you look at the many roles that exist within the hospitality and events industry, you quickly realise why it's so popular as a career change. It's a dynamic industry that can take you anywhere - however, today, we're zooming in on one particular role - hotel revenue manager and the skills you'll need if you're aspiring to become one in the future.
What Exactly Is Revenue Management?
As you'll learn by taking events and hospitality courses, hotel revenue managers represent something of a fulcrum around which all the other aspects of the operation spin. They're involved with room rates, distribution channel commission negotiation, IT costs, and more.
As such, they're at the centre of all decisions about the hotel's spending. The responsibility on their shoulders is reflected in the average pay for revenue managers in Australia, which sits at an impressive $124k per year.
What Are The Skills Required For A Revenue Manager?
We'll start by saying that the following is backed up by the necessary hard skills, i.e. you'll have taken the best online courses to furnish yourself with a deep understanding of the hotel industry as a whole. This knowledge then needs to be backed up by the following soft skills if you want to be successful.
The soft skills required include:
- Motivation - In order to help the hotel operate at optimum levels of efficiency, you'll need to be driven to succeed. You'll be tasked with researching all kinds of things relating to this task - something that requires you to be super-motivated and eager to learn new ways of working.
- Teamwork - so as to action all of the measures you recommend and introduce, you'll need to have the ability to work as a team. Being able to get on well with your peers and subordinates will help team cohesion and ensure everyone supports each other.
- Influence & Leadership - sometimes, the measures you recommend will need to be approved from above, so it's great if you can be persuasive in your arguments for the action. Being a good leader will also ensure that, once approved, everyone knows what's required of them.
- Tech Savviness - there are countless new software tools and innovations that can help hospitality businesses thrive, which means a certain level of tech-savviness is required. Without it, you may not fully understand how to leverage these technologies effectively.
- Negotiation - in your role as a hotel revenue manager, you will spend a good deal of time trying to get the best possible rates from 3rd party suppliers. This naturally calls for strong negotiation skills that allow you to secure the best deals and save valuable hotel funds.
- Organisation - all the hard skills you've gained from hospitality and event management courses will count for nothing if you're not organised in this role. Every day you'll have new things landing on your plate daily, so it's vital that you're able to prioritise and organise effectively.
As a revenue manager for a hotel, the work you do is crucial to its success. You have a direct hand in the profitability of the establishment, so when you do well, so does the hotel. In terms of job satisfaction, there are not many positions in hospitality as dynamic and creatively-minded.
Hospitality And Event Management Courses From OCA
This is just one role out of dozens you can choose from in hospitality and event management, and learning the skills required has never been easier. Thanks to our CPD Endorsed video-based event management courses, online Australias your oyster in terms of career possibilities.
Our Events & Hospitality Courses offer an immersive learning experience, and support is always at hand thanks to the 1 to 1 mentoring that every student gets. To see what's meant by immersive learning, take a quick look at our Student Study Demo that illustrates things perfectly.
To find out more about what makes us different from our competitors, take a moment to browse our website www.onlinecoursesaustralia.edu.au. You'll find courses covering more than 20 different industries, flexible payment options and more. So, why not visit us today?
Alternatively, if you have questions for us about enrolment, simply call us on 1300 611 404 or drop us a line at [email protected], and we'll get back to you as soon as we possibly can.