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Managing HR Life Cycle within Human Resource Strategy

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Added on  2020-10-04

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THE HOSPITALITY BUSINESS TOOLKIT INTRODUCTION 1 PART 1 Managing Finance and Transactions 1 Investigating principles of managing and monitoring financial performance 1 Applying double entry book-keeping system for recording sales and purchase transactions in general ledger2 Producing basic trial balance 6 PART 2 Managing HR Life Cycle within Human Resource Strategy 7 Reviewing different stages of the HR life cycle applying to job role and importance of retaining employees7 Developing performance management plan for a job role and techniques for resolving issues in firm 8 PART 3 Legislation

Managing HR Life Cycle within Human Resource Strategy

   Added on 2020-10-04

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THE HOSPITALITY BUSINESSTOOLKIT
Managing HR Life Cycle within Human Resource Strategy_1
Table of ContentsINTRODUCTION...........................................................................................................................1PART 1 Managing Finance and Transactions.................................................................................1Investigating principles ofmanaging and monitoringfinancial performance.................................................................................................................1Applying double entrybook-keeping system for recording sales and purchase transactions in general ledger.............2Producing basic trial balance......................................................................................................6PART 2 Managing HR Life Cycle within Human Resource Strategy............................................7Reviewing different stagesof the HR life cycle applying to job role and importance of retaining employees....................7Developing performancemanagement plan for a job role and techniques for resolving issues in firm.............................8PART 3 Legislation and Ethics in Hospitality Industry................................................................10Identifying specific legislation that hospitality organisation has to adhere to 320...................10Illustrating how company,employment and contract law has impact on decision-making of business.............................10PART 4 Hospitality Functions and Departments...........................................................................12Exploring different functional roles within hospitality sector interrelate.................................12Explaining different methods of communication, coordination and monitoring applied withindepartment.................................................................................................................................13CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................15
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INTRODUCTIONHospitality sector is highest income-generating sector of UK. Present report deals withhospitality firms such as Oakman Inns & Restaurants for part 1 and rest parts for InterContinental Hotels Group PLC. Report will discuss about the principles of monitoring financial performance, along with preparation of journals, ledgers and trial balance. HR lifecycle and techniques for resolving issues among employees will be discussed. Performancemanagement plan will be made for Catering Executive job role. Legislation, standards and ethicswill be explained. Moreover, different functional roles of departments and its interrelation willbe enumerated along with communication methods.PART 1 Managing Finance and TransactionsInvestigating principles ofmanaging and monitoringfinancial performanceThe principles for monitoring and managing financial performance in Oakman Inns &Restaurants are as follows-Preparation of financials-It is the basic need of hospitality firm to prepare financials in order to ascertain correctposition of business with ease. The balance sheet, income statements are prepared fromaccounting records which are maintained by company quite effectually. Thus, financial healthcan be analysed (Pacheco and Tavares, 2017).Producing records of inventory-Equipments, raw materials are heavily used in Oakman Inns & Restaurants. It is requiredto keep records of items of inventories so that no wastage may be made and proper utilisationtakes place. Purchase and use of stocks can be evaluated through it.Working capital management-Periodic review of working capital is required so that quick conversion of assets may takeplace into cash. The perfect ratio between current assets and current liabilities are required formeeting daily operational requirements of firm.1
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Variance analysis-The variance analysis is used for monitoring performance so that deviations if any ofactual performance with that of budgeted performance is found, improvements can be done in abetter manner.Applying double entrybook-keeping system for recording sales and purchase transactions in general ledgerThe transactions for Oakman Inns & Restaurants are as follows occurred on October2018Oct 2 -Contribution of£50000 and computer costing £520500Oct 4 -Office supplies for £4000Oct 10 -Advertising obtained loan from bank at 12 % 4-year loan for £20000Oct 12 -Utility bills for £2750Oct 15 -Paid 3000 on account of purchase of office supplies on creditOct 24 -Advertising services costing £18300Oct 27 -Payment received £5500 on advertising servicesOct 30 -Personal usage by owner £6000Journal entriesDateParticulars LFDrCr02/10/18Cash a/c Dr50000Computer a/c Dr20500To Capital a/c70500(Being business gets additional capital)04/10/18Office Supplies Dr4000To Accounts Payable a/c4000(Being purchases made on credit)2
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