The Labor Episode: How the Omni Hotel Chain Is Dealing With Hiring Right Now
Odd Lots
Bloomberg
4.5 • 2K Ratings
🗓️ 12 July 2021
⏱️ 58 minutes
🧾️ Download transcript
Summary
One of the big stories in the economy right now is the high number of unfilled job openings in the leisure and hospitality sectors. There are numerous theories for why these businesses have had a hard time hiring. And there are a lot of questions regarding how long this will last or whether this will be a new, more permanent condition. To better understand what's going on, we spoke with Kurt Alexander, the CFO of Omni Hotels & Resorts, about what they're seeing and what they're doing to bring in employees.
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Transcript
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| 0:43.0 | Hello and welcome to another episode of the Odlots podcast. I'm Joe Weisenthal. And I'm Tracy |
| 1:00.7 | Alloway. So Tracy, obviously, one of our big themes so far for the podcast, and I guess for |
| 1:07.3 | the economy overall has been the sort of like shortages and bottlenecks that people have |
| 1:14.0 | experienced across business, across supply chains in the wake of the crisis. |
| 1:19.9 | Bottlenecks everywhere and in everything it feels like sometimes. And of course, one of those |
| 1:26.2 | bottlenecks is in the labor market. Yeah, exactly right. Like this is I would say the one other sort |
| 1:32.5 | of like big thing that we have yet to really talk about, which is that numerous businesses, |
| 1:39.1 | largely in leisure and hospitality, but not just that area have voiced. I don't know if frustration |
| 1:45.6 | is the word, but have certainly found hiring to be much more difficult than they expected, |
| 1:50.6 | especially coming out of a downturn. And even much more difficult than it was |
| 1:54.9 | pre-crisis. So the economists of all kinds of theories for why. But it's clearly a phenomenon |
| 2:01.2 | of this environment that makes this moment distinct and is posing challenges to various managers, |
| 2:08.4 | bosses and companies. Yeah, so I'm obviously not in the state. So I've sort of been watching this |
| 2:15.7 | issue from afar. It's not such a big thing in Hong Kong as far as I can tell. But I've seen |
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