latest technological improvements to woo travelers .
HOTELS : How are Best Western brands going to fare in a volatile global economy ? Larry Cuculic : We have experienced challenges in our global economy for the past two years as a result of the pandemic . While there are new challenges , it is important to note that we emerged from the pandemic with the strongest balance sheet in our history , while also providing millions of dollars in relief to our hoteliers . We are well positioned to continue thriving as we are witnessing a strong global resurgence in both business and leisure travel , and while there will be pressures placed on our industry from external sources , we remain optimistic that with 4,500 hotels in 100 countries around the world in every segment from economy to luxury , our future is bright .
H : What are owners telling you about their needs most often since you took over ? LC : The labor challenge continues to be an area of concern for our owners . As an industry , we need to come together and rebuild our image as an employer of choice . The industry ’ s reputation was damaged by the pandemic due to the significant job loss we experienced . According to an industry report , it is estimated that the global hospitality sector lost approximately 62 million jobs in 2020 , with Asia Pacific experiencing the sharpest losses . However , we are in the midst of a strong and promising global recovery , and our industry is one of the most exciting and dynamic in the world . People who have a caring spirit and attitude will return to hospitality because it is aligned with both what they are good at and what they like – taking care of people .
In the meantime , to support our hoteliers , we are providing human resources training and sharing best practices to improve retention and recruiting . Compensation is important , but workplace flexibility and benefits are similarly important – recognizing the changing needs of the workforce stemming from the pandemic . Likewise , it ’ s important to ensure associates know that they are valued members of the hotel team .