Page 116 - The New Gold Standard

PRINCIPLE 2: EMPOWER THROUGH TRUST
transparency around certain economic elements in the business.
By making financial goals clear and understandable, staff, in turn,
are entrusted to participate in the business’s overall success.
Each year senior leadership at Ritz-Carlton evaluates and re-
vises, as necessary, the separate components of the five key fac-
tors that are essential to profitability in that 12-month cycle.
These five factors are then published on tabletop pyramids along
with the Gold Standards (see Figure 5.1). These pyramids are
prominently displayed in staff areas throughout Ritz-Carlton

2008
KEY SUCCESS
FACTORS
1. The Ritz-Carlton Mystique
Create Exceptional Memories
Strengthen Scenography
Embrace Community Footprints
2. Employee Engagement
Fulfill the Employee Promise
Drive Employee Empowerment and Innovation
Attract, Retain, and Develop Outstanding Employees
3. Guest Engagement
Improve the Key Drivers of Engagement
Personalize Guest Relationships
4. Product and Service Excellence
Strengthen the Operational and Gold Standards
Embrace Product and Service Benchmarking
5. Financial Performance
Maximize Revenue and Profit
Increase Owner Satisfaction
Maximize Management Fees

Figure 5.1
The Tabletop Pyramid for the 2008 Key Success Factors
(Copyright © The Ritz-Carlton Hotel Company, L.L.C. All rights reserved. Reprinted with
permission.)

96