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Assignment on Hospitality Industry

   

Added on  2020-03-16

10 Pages2628 Words73 Views
Running head: HOSPITALITY INDUSTRY 1Hospitality IndustryStudent’s nameInstitution affiliationDate
Assignment on Hospitality Industry_1
HOSPITALITY INDUSTRY2 Executive summary There is a fast-growing market in the luxury hospitality; this is the case with the case with the growth of travel and tourism industry. In 2015, a robust growth was evidenced globally in both travels and tourism industry and in 2030, it is expected that international tourists will transcend to 1.8 billion annually and the growth may stand at 3-4 % in a year according to a report by the UNWTO. In 2030, a long-term outlook, a strong future exists for growth in some ofthe emerging markets such as Middle East, Latin America, and Asia. East and central Europe andAfrica are also expected to provide a wider market for tourism and hospitality (Bai & Bai, 2011).In the past, it was expensive and exorbitant to raise investment in a hotel company, but in the past decades, most of the hotel groups are adopting a model of management that employs asset light strategy through franchising to another party for a fee. However, due to the need for labor-intensive methods in travel and tourism industry, a huge challenge exists as the sector may face limitations in providing enough pool of skilled talent for the 80 million jobs that are projected over the next decade as per the world tourism council.Introduction Despite Singapore having a small size, the country prides itself in a pool of wealth making it a wealthy nation characterized by an open economy. According to the World Bank, it has been ranked as the best country for starting and running a business successively. The rise of Singaporewas mainly attributed to exports.
Assignment on Hospitality Industry_2
HOSPITALITY INDUSTRY3 The hospitality industry is one of the largest as compared to other industries and has more than 200 million employees employed globally. It has been realized that the number of talents is still growing as demand increases in such an industry. One of the main key drivers in the Singapore economy is the hospitality industry which has seen the country’s reputation and fame rise. Singapore continuously offers lucrative offers regarding a destination that has a lifestyle. Singapore boasts of an integrated resort that is a world resort and a Marina Bay Sands. Other developments that are still ongoing are the orchard road, and a shopping town ranked as one of its own in Asia. With such prospects, it becomes crucial for Singapore to step up its efforts in service delivery by providing excellent service to ensure customer satisfaction. There is the need for professionals and talents in the hospitality industry to increase the pool of skills that can assume management positions as well as recruiting teams that are well trained and qualified to fill more jobs that are created as a result of the growth of the industry. The hospitality industry aims to see growth and more prospects future. Due to the expansion and growth of the business, it is the role of the human resource management to provide more workforce a dictated by business needs across all sectors. Also, the human resourceensures that there is maximization for each team.In Asia for instance, skills and techniques formed an important part in analyzing peoples performance, their engagement capacities or even getting apprenticed in various training through development programs that were meant to measure productivity at workplace. Human resources are tasked with the responsibility of ensuring the right staff is in place in the advent of a booming industry. The high demand for increasing the number of staff is a
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