Analyze and Summarize Research Papers in Hospitality Industry
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This assignment discusses sustainable hospitality management, specifically focusing on the challenges and opportunities for small island destinations. It references a case study from the British Virgin Islands, highlighting key findings and implications for the industry.
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HOSPITALITY BUSINESS TOOLKIT
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TABLE OF CONTENTS INTRODUCTION...........................................................................................................................1 TASK 1............................................................................................................................................1 Introduction of financial transaction and source documents..................................................1 Principle of managing and monitoring financial performance...............................................1 Double entry bookkeeping system of debits and credits........................................................2 Basic trial balance sheet........................................................................................................3 Types of cost...........................................................................................................................4 Conclusion and recommendation...........................................................................................5 TASK 2............................................................................................................................................5 Overview issue in talent acquisition and retention.................................................................5 Factors specifying hospitality job...........................................................................................5 Specific Legislation related to hospitality industry................................................................5 Potential impact of legal laws on decision making process...................................................6 Potential implications of regulations, legislation and standards............................................7 Different stages of HR cycle..................................................................................................7 Performance management Plan..............................................................................................8 Importance of HR life cycle...................................................................................................9 Recommendations..................................................................................................................9 TASK 3..........................................................................................................................................10 Enclosed in PPT...................................................................................................................10 CONCLUSION..............................................................................................................................10 REFERENCES..............................................................................................................................11
INTRODUCTION Businesses within hospitality sector adheres with various departments and activities. Therearenumberofconsiderationsthatanyhospitalitybusinessneedtoassessbefore conducting any action (Wiltshier, 2017). This business is highly based on activities of principle departments and related activities. The study has undertaken Club Quarter hotel of UK to reflect all mentioned tasks. This report will cover basic description management of financial performance any company. The report will focus upon the basic principles of double entry bookkeeping system. It will also highlight significant laws and ethical considerations important for hospitality industry. The study will also focus upon the importance of coordination and interrelationship exists among every department within hospitality sector. It will include basic description to the TASK 1 Introduction of financial transaction and source documents Financial transaction within any business activity is the exchange of capitals or assets for performing every significant activities of business related functions. Sales, purchase, payments are some common financial transaction persists within organizations. Sourcedocumentsarehelpfulinmaintaininganddevelopingsuitablefinancial transaction reports. Maintenance of such reports and documents need to have effective workforce within organizations. Payment slips, income statements of hotel, purchase and sales records etc. are some important source documents with the help of which recording process within any business can be easily performed. Cash slips given by customers can also be helpful in developing supportive financial growth records within hotels. Principle of managing and monitoring financial performance For managing the financial performance of any business, there are specific principles that must be recognized and emphasized. For hotels like Club Quarter hotel, its financial performance is managed by number of application like preparing weekly reports of each and every transaction within the business (Aubke, 2014). The finance manager of the hotel continuously keep a daily record of budgets, cash flows and expenditure to manage stock and working capitals for future consideration. Data entries, journals, ledgers, income statements are precisely maintained. Financial management of hotel has adopted various policies and cross references aids to manage any error introduced in between the calculations. 1
For monitoring its financial performance, the company undergo for activities like standardized auditing on monthly basis. The hotel undergo for reviewing its regular ledger entries and related report with high accuracy. Monitoring procedures are based on the principles of clarity, conciseness and maintaining detailed financial activities with proper inclusion of date andtime(Readandet.al.,2015).Thefinancialmanagementofhotelconductdifferent assessments and train its staff to utilize advanced and effective monitoring systems. Authorities responsibly reach to every minute error in systems or manually handled transaction at regular basis. Double entry bookkeeping system of debits and credits Double entry bookkeeping system is basically a recording procedure of transactions that need to be maintained in dual nature. This principle of duality is based on double entry of transactions in terms of credits as well as debits. Both must have a balance or equal values throughout overall entry (Yusupova and Pozdeeva, 2018). There are certain additional principles for double bookkeeping systems that need to be kept in mind within each of the business activity. Forexample,hotelClubQuarterhasboughtcertainkitchenequipment,doubleentry bookkeeping system can be entered by following ways- Purchase of new kitchen equipment Debit kitchen equipmentÂŁ6540 Credit cashÂŁ6540 Food purchases Debit foodÂŁ7900 Credit cashÂŁ7900 Beverage purchase Debit beveragesÂŁ12970 Credit cashÂŁ1290 Purchase return Debit cashÂŁ200.00 Credit goods returnÂŁ200.00 Cash sales 2
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Debit cashÂŁ3350 Credit goodsÂŁ3350 Credit card sales CashÂŁ14795 Credit cardsÂŁ14795 Basic trial balance sheet Trial Balance is a type of recording process related to entry of balances persists within ledger account of the company. Trial balance sheet ensures an accurate balance between the credit and debits. For production of every trail balance sheet, there are applied certain basic principles that are universal by nature (Lub and et.al., 2016). The debits and credits both need to be balanced off which means it has to be equal for both the entries. For any hotel like Club Quarter, the trail balance is maintained within specific time period or just after a transaction within any of its department. It is prepared by the finance staff members within a specific time period three months as per the defined criteria. Sales and purchase transaction NameDebit (in pound)Credit (in pound) Cash11700 Bank loans12000 Trade creditors11200 Purchase12400 Sales14000 Sundry creditors1620 Debtors12000 Bank loan interest1400 Other expenses11020 3
Vehicles2020 Suspense account34120 6174061740 Types of cost Type of costs The basic inclusion of costs incurred within each and every business environment that need to be managed and controlled are fixed cost, Variable cost and Semi variable cost. Based on the hospitality sector or in context of selected hotel, variable cost need to be controlled to maintain the financial performance of the hotel (Benckendorff and et.al., 2015). Within Club Quarter hotel the expenses or costs may incurred during overall business functions. Input costs It is the amount of working capitals that is invested by companies or organizations in construction, installations and similar functions for development of company's infrastructure 4 Illustration1: Types of costs within hospitality industry (Source:Type of costs. 2018)
(Gursoy and Sandstrom, 2016). For Club Quarter hotel, all costs incurred in its constructional work or development of any department falls under the category of input cost of the hotel. Purchase cost For hospitality industries these purchase costs vary with different activities. Selected Hotel invest its capitals for purchasing the land, machinery and other facilitators for customers' services this investment and cost is said to be the purchase cost for the hotel. Conclusion and recommendation Role of financial management and monitoring is highly linked with the type of tools and systems that are being used by organizations. For Club Quarter hotel, financial management will deliver high standards of accumulating required details of sales, purchasing. The specifications related to bills, cash memo, receipts, vouchers need to be regulated based on defined principles of accounting for gaining support for future budgeting and cost controlling measures. For smooth financial functions it is necessary to adopt a proper auditing method and process to measure financial performance of the organization. The systems can be integrated with advanced level of security to safeguard all the financial statements of hotels and to reduce instances of thefts. TASK 2 Overview issue in talent acquisition and retention There are various issues in talent acquisition with in the food and beverages sector such as attracting right candidates which should posses skills and experience related to food and beverage sector. Another issue is choosing a proper source of attracting the employees for the hotel. Apart from this, the candidate need to have sufficient knowledge regarding current and upcoming food trends. The issues faced by the hotel in retention of employees in food and beverages sector are monetary dissatisfaction is one of major reason as employees are offered less salary with high working hours which results in the dissatisfaction of the employees another issues is promotions and increments and other benefits etc. Factors specifying hospitality job For a specific job related to food and beverages sector, role of executive chef can be considered. The post or job role is based on certain factors related to hotel environment. The individual need to have knowledge regarding the food interests and trends increasing within country. He must be able to inculcate all its functions based on the policies and applied legal 5
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frameworks. He need to be aware of various hygiene factors that have to be adopted within kitchen premises. The job role need to adhere his action according to the objectives of hotels. Specific Legislation related to hospitality industry Legislation related to hospitality industries provide it certain advantages to perform all its business activities in a specific manner and framework. Hotel Proprietors Act, 1956 has defined number of guidelines under which the hotels are bound to act (Bergene, Boluk and Buckley, 2014). Under this act, the hotel keepers need to pay a specific sum of money if any loss or damage to customers' luggage or goods take place within their property. Company law affect hotel's decision making process in terms of various elements such as formation of company, number of partners. Availability of employees etc. For hotel there must be a proper provision regarding its registration, licensing measures. Since the hotel is a private company is bound to follow the all legal considerations relate to its transactions, re- registration process, alterations related to partnership and liability status. Employment law within the selected hotel affect its framework of recruitment, talent acquisition, pay structure, health and safety compliance of employees. Apart from this, Club QuarterhotelneedtoapplyitsHRfunctionsandneedtoadhereitspolicieswiththe requirements of employees (Lewtas, 2018). As per the Working Time Regulation Act and National Minimum Wage Act, human resource department need to design standard working hours with respect to the laws itself and irrespective of workload. Club Quarter hotel required to pay a fixed amount of salary to its employees, for this the company is required to plan suitable paystructurethatneednotbeaffectedbyfinancialcrises.ImplicationofDisability discrimination Act and Equality Act, 2010 have delivered an issue to Club Quarter hotel in terms of Talent acquisitions, recruitment and selection procedures. Potential impact of legal laws on decision making process Potential impact of legislation and standards on companies of UK is clearly visible on its policies and decision making criteria. For example, the implication of suitable and applied laws for hotels like Club Quarter have provided it adequate sustainable and secured framework to implement each of its business activities or strategies. The health and safety act and food Safety Act have delivered high standards of operations to the hotel (Wilson and Cole, 2015). Due to the adoption of these act, Club Quarter hotel have attained provisions related to safety for its food services and health of employees and customers as well. Along with this, human resource 6
management of hotel has adopted legal framework to increase employees' and customers' satisfaction. There are number of elementary laws that are applied within hospitality industries such as Fire Precaution Act and Manual Handling Operations Regulations provide specific and standardized protocols to control certain issues (Chung and Chung, 2018). Problems such as fire accidents, injury to employees while handling any equipment or machinery and related issues can be managed with ease by adopting these laws. Potential implications of regulations, legislations and standards Having a strong legal framework within organization. Deliver it highly secured and sustainable environment for working staff as well as for the guests visiting to the hotel. Along with it, these laws are has helped the hotel to develop and generate adequate competitive advantages to the company. Through the implication of these legal laws, business activities such as designing of pay structure, opting for any construction work can be done smoothly. Different stages of HR cycle Employee life cycle is a simple concept of human resource management which describes the various stages of employee right from its recruitment to its exit interview (Rahman, 2018). A Receptionist job role is selected which includes 9 stages and human resource department plays an important role at each stage which can be described as follows: 1.A job of Receptionist is selected which is placed at the front office of Club Quarter hotel. Receptionist is face of a company and has to perform important roles within the organisation. 2.Interview- In this stage a candidate in interviewed by shortlisting by going through their C.V's. By interviewing the candidate can motivate the employee for doing a particular job within theorganisationand thus helps in employee retention. 3.Good question- Explain the roles and responsibilities of a receptionist? Bad question-What is your religious back ground? 4.Induction or on-boarding- induction is the process of introducing new employee about the company, its place, job role etc which is to be performed by new employee within the organization (Combs and et.al., 2018). It helps in setting up the employee within the organization and it also covers employee and employer rights and terms and conditions of 7
employment.As,employeegetsfamiliarwithitsjobsandtasksheorshegets comfortable within the organisation and can help in employee retention. 5.Performancereviews:Itisthediscussionabouttheemployee'sdevelopmentand performance. The main purpose of performance review is to provide useful feedback about employee's performance in an organisation (Halvorson, 2018). With the help of performance review it can help in growth and development of an employee. 6.Learning and development- Through learning and development an organisation can improve their overall performance by achieving objectives. Learning and development can help in growth and satisfaction of the employee's which helps in retention of the employees. 7.Promotions- it is the advancement of the employee from one job position to another position with higher responsibilities and duties (Banker and et.al., 2015). It is important in motivation and employee morale. 8.Exit- Employee makes exit from the organisation by resigning from the company due to any kind of dissatisfaction in the job. It can be prevented by meeting the basic needs of the employees and keeping them motivated. 9.Exit interview- It is an interview which is conducted when an employee leave an organisation basic question asked are- what is the reason for leaving a job?, How do you describe the work culture of a company?, What are your suggestion for the company?. Performance management Plan Performance management plan for the post of receptionist is as follows: Target AreaPerformance Concern Agreed improvement actions Support Organisationalskills- Difficulty in managing theworkloadofthe hotelondailybasis (Gerasimovand Gerasimov, 2015). Notablehandlethe customerscomplaints and issues and missing the deadlines. To respond to the e- mails and phone calls ofthecustomerson regular basis. Making thelistandadiary within6working days. Providetrainingon customercomplaint handlingprocedures. Alsoproviding trainingonhowto respondtocustomers throughemails.How 8
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toprioritieswork during work load. There are various techniques to resolve negativebehaviourandcan overcome the issues of staff retention are as follows: Providing salary and benefits to the employees, it can resolve the negative behaviours as it is the best way to resolve the negative behaviours of the employees and it can also help Club Quarter Hotel in retention of the employees in an organisation (Collings, Wood and Szamosi, 2018). ď‚·Grievance handling-Proper employee grievance handling system can used within the organisation which will help in resolving the issue in the hotel due to will employees get motivated which also helps in employee retention. ď‚·Training and development- This technique also help in resolving the negative behaviour of the employees through T&D employees are provided training in order to improve their skills and knowledge which gives them a positive attitude and also motivates employees which is an effective tool for employee retention. Importance of HR life cycle HR life is very important for Club Quarter Hotel because this cycle help in selecting a suitable candidate for an organisation and also employees has to go through various stages which result in the growth and development of an employee in an organisation through induction, training and developmental programs etc which help in improving the employee performance in an organisation (Moskalenko, 2018). Also it includes performance reviews of the employees but if employees constantly fails to improve its performance this will result in the termination of the employee thus with this an effective talent pool can be managed in the hotel. Hotel can come up fromtheissueofstaffretentionbykeepingemployeesmotivatedthroughtrainingand development, through proper succession planning, incentives etc. Recommendations HR process and documents can be improved by: ď‚·Selecting a proper way of recruitment process ď‚·Choosing a candidate for interview based upon their CV's and experience ď‚·Selected a suitable source of interview ď‚·Using proper documentation for training process and keeping the records of training. 9
ď‚·Using effective ways of performance appraisals and providing regular feedbacks to employees like online feedback system ď‚·Keeping the records of X-employees of an organisation. TASK3 Enclosed in PPT CONCLUSION The report has focused upon the fact that organizations has gained high level of support in assessing and monitoring its financial stability and performances. It has also described that departments within hospitality industries are interlinked with each other and this interconnection mayprovideitsdesiredsuccessbyimplicationofeffectivecommunicationamongit. Furthermore, the report has included that hotels has attained high standards of operations by adopting applicable laws related to employees and customers. It has also reflected the need of maintaining healthy employee life cycle that can be helpful in retaining key personnel of the hotels. The study has concluded with the fact that hospitality industries and hotels are high based upon the level of coordination which can be helpful in delivering strategic successful outcomes. 10
REFERENCES Books and Journal Aubke, F., 2014. Applying a network-lens to hospitality business research: a new research Agenda.Advances in Hospitality and Tourism Research (AHTR).2(2). pp.1-23. Banker, R. D and et.al., 2015. An empirical examination of the impacts from termination of a performance-based incentive plan. Benckendorff, P. and et.al., 2015. Creating educator resources for online simulation-based pedagogies in tourism and hospitality.CAUTHE 2015: Rising Tides and Sea Changes: Adaptation and Innovation in Tourism and Hospitality. p.67. Bergene, A.C., Boluk, K. and Buckley, E., 2014. 13 Examining the opportunities and challenges of union organisation within the hospitality industry.A Hospitable World?: Organising Work and Workers in Hotels and Tourist Resorts, p.195. Berger, A. A., 2019.Media and communication research methods: An introduction to qualitative and quantitative approaches. Sage Publications. Chaiwong, P. and Pokpermdee, P., 2016. Communication Characteristics of a Global Brand’s Store Staff as a Key CRM Tool, and Local Customers’ Satisfaction and Intention to Repurchase: A Case Study of UNIQLO Thailand.Journal of Communication Arts,34(3), pp.79-79. Chung, G. and Chung, D., 2018. WOW the hospitality customers: Transforming innovation into performance through design thinking and human performance technology.Performance Improvement.57(2). pp.14-25. Collings, D. G., Wood, G. T. and Szamosi, L. T., 2018. Human resource management: A critical approach. InHuman Resource Management(pp. 1-23). Routledge. Combs, J. G and et.al., 2018. Making sense of HR in family firms: Antecedents, moderators, and outcomes. Gerasimov, B. N. and Gerasimov, K. B., 2015. Modeling the development of organization management system.Asian Social Science.11(20). p.82. Gursoy,D.andSandstrom,J.K.,2016.Anupdatedrankingofhospitalityandtourism journals.Journal of Hospitality & Tourism Research.40(1). pp.3-18. Lewtas, B., 2018. Sustainable Hospitality Management: Challenges and Opportunities for Small Island Destinations—Lessons from the British Virgin Islands. InBuilding New Bridges Between Business and Society(pp. 99-118). Springer, Cham. Lub, X.D. and et.al., 2016. The future of hotels: The Lifestyle Hub. A design-thinking approach for developing future hospitality concepts.Journal of Vacation Marketing.22(3). pp.249- 264. Moskalenko, A. A., 2018. Methodological Characteristics of the Use of Strategic Analysis in Hr- Related Decision-Making.Academy of Strategic Management Journal.17(4). pp.1-7. Oskam,J.andBoswijk,A.,2016.Airbnb:thefutureofnetworkedhospitality businesses.Journal of Tourism Futures.2(1). pp.22-42. Paterson, H. and Carpenter, C., 2015. Using different methods to communicate: how adults with severe acquired communication difficulties make decisions about the communication methods they use and how they experience them.Disability and rehabilitation.37(17). pp.1522-1530. Rahman, S., 2018. Developing 1SF (1 Sales Force) app for Unilever's field employees to manage HR Life-cycle in a single digital platform. 11
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Read, G.J. and et.al., 2015. Designing a ticket to ride with the cognitive work analysis design toolkit.Ergonomics.58(8). pp.1266-1286. Wang, C.J., 2014. Do ethical and sustainable practices matter? Effects of corporate citizenship onbusinessperformanceinthehospitalityindustry.InternationalJournalof Contemporary Hospitality Management.26(6). pp.930-947. Wilson, D.D. and Cole, M., 2015. Social Simulations as a Tool for Understanding Individual, CulturalandSocietalChange.InSocialRelationsinHumanandSocietal Development(pp. 165-193). Palgrave Macmillan, London. Wiltshier, P., 2017. Creating and storing a toolkit for.International Journal. Yusupova, S. and Pozdeeva, S., 2018, June. Controlling the functioning of the hotel business. InFinancial and Economic Tools Used in the World Hospitality Industry: Proceedings of the 5th International Conference on Management and Technology in Knowledge, Service, Tourism & Hospitality 2017 (SERVE 2017), 21-22 October 2017 & 30 November 2017, Bali, Indonesia & Moscow, Russia(p. 253). Online Halvorson,C.2018.7Greatemployeeretentionstrategies[Online].Availablethrough: <https://wheniwork.com/blog/7-great-employee-retention-strategies/>. Type of costs. 2018. [Online]. Available through: <http://education.svtuition.org/2013/11/types- of-costs.html>. 12