Issues in Talent Acquisition and Retention in Hospitality Industry

Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................3
PROJECT 1......................................................................................................................................3
Prepare journal entries for each transaction................................................................................3
Prepare ledger accounts from the above entries..........................................................................4
Prepare trial balance from the ledger..........................................................................................7
Calculate of various ratios:.........................................................................................................7
PROJECT 2......................................................................................................................................8
Overview of the issues in talent acquisition and retention..........................................................8
Different stages of HR life cycle.................................................................................................8
Review and evaluate each stage of HR life cycle and importance of HR in supporting,
growing and retaining talent........................................................................................................9
Develop performance management plan...................................................................................10
Recommendations for improving process and documents at each stage of life style...............11
Specific regulations, legislations and standards and their critical evaluation of its impact......11
Importance of communication and coordination in strengthening value chain........................12
Critical analysis of different methods of communication and coordination and
recommendations for specific department................................................................................12
CONCLUSION..............................................................................................................................13
REFERENCES..............................................................................................................................14
.........................................................................................................................................................1

INTRODUCTION
Hospitality industry consists of various businesses engaging in offering wide range of
services to the targeted customers (McIntosh and Harris, 2012). The main focus that industry aim
to target is to maximise the satisfaction level of customers so as to retain them for longer period
of time. Another objective of hospitality industry is to offer quality services to the customers that
requires support from various functions in terms of planning, coordinating and analysing various
activities in proper way. The present assignment report is based on “Hilton London” which is
currently engaged in offering leisure hospitality services in London. The report overviewing the
issues in talent acquisition and retention within hospitality sector. In addition with this, different
stages of life cycle and importance of HR, performance management plan, regulations applicable
for chosen organisation are briefly discussed under this report.
PROJECT 1
Prepare journal entries for each transaction
Journal entries: It is explained as act of recording financial data of any kind of
transaction carried out in the company weather it is economic or non-economic. Journals entries
are prepared by the Hilton in order to better understand the organization's debit and credit
balances (Cunha,2019). On the other hand journal entries is categorised in to two parts which
are, credit and debit side. Raised assets and expenses is classified under debit whereas,
enhancement in equity, income, and liability are covered in credit side. In this case, debits side is
equal to credit side. If there is differences in debit and credit side there is error in the journal
entry. Management of Hilton need to cross the entries mentioned on daily basis again in order to
identify the loop hole in the journal entry. It is essential to conduct in the working premises in
order to keep all record of the transaction mentioned in the journal. It is prepared with the help of
double entry or single entry bookkeeping method.
Date Particulars Debit Credit
01/04/16 Cash a/c 180000
To capital a/c 180000

10/05/16 Purchase a/c 130000
To cash a/c 130000
15/06/16 Purchase a/c 6000
To cash a/c 6000
01/07/16 Cash a/c 8000
To sales a/c 8000
01/08/16 Purchase a/c 9000
To cash a/c 9000
01/09/16 Sundry expenses a/c 200
To Bank a/c 200
01/10//16 Cash a/c 17000
To sales a/c 17000
01/11/16 Wages a/c 2100
To cash a/c 2100
01/12/16 Postages cost a/c 300
To Bank a/c 300