Stages of Human Resource Life Cycle

Added on - 22 Nov 2020

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Table of ContentsINTRODUCTION...........................................................................................................................3LO 1.................................................................................................................................................3P1 Investigation the principles of monitoring and managing financial performance..................3P2 The principles of double entry bookkeeping system in order to record purchase and salestransactions..................................................................................................................................4P3 sample of Trial balance...........................................................................................................6LO 2................................................................................................................................................6P4 Stages of human resource life cycle that can be applicable in specific job role in hospitality\sector............................................................................................................................................6P5 Performance management plan for solving retention issues..................................................8LO 3...............................................................................................................................................10P6 Legislations and laws that need to be followed by Marriott hotel........................................10P7 Impact of contract and employment law on decision making process of the business........10LO 4...............................................................................................................................................11P8 The way of different functional roles that hospitality industry interrelates.........................11P9 Different methods of communication, coordinating and monitoring that applied in specificdepartment of Marriott hotel......................................................................................................12CONCLUSION..............................................................................................................................14REFERENCES..............................................................................................................................142
INTRODUCTIONIn this competitive area it is very important to develop their skills and understandingabout business growth.(Erickson and Rothberg, 2017).Hospitality sector play a vital role and theprocess and actions of this sector manager influence and impact on departments within thisindustry. Marriott is an American multinational hotel which provides the best quality foodservices and other accommodations to its customers. In that hotel there are various functionssuch as HR, finance, accounting that need to be administrated in effective manner for achievingorganisational goals.This report also shows the importance of integrating and coordination among functionaldepartments of hospitality sector businesses. The purpose of this report is to analyse the variousstage of HR life cycle and financial statement within hospitality sector. There are various typesof cost methods and trial balance as it helps in finding the errors in posting and shows thefinancial statement. This study will also show the principles and practices in context of Marriotthotel.LO 1P1 Investigation the principles of monitoring and managing financial performanceIt is very important for the companies to keep tracking of their records, cash and payablesand sometimes it becomes very difficult. It is also very important to monitor financialperformance for the hotel.There are some ways of measuring performance and some principles of financial managementare as follows:Principle1:According to principle 1 it is requirement for the manager of Marriott hotel isto prepare budget. The main aim and purpose of preparing budget is to analyse financial situationof the hotel at regular basis and specific time period. It also helps manager in analysing therequirement of different functional unit of Marriott hotel.Principle 2:According to this principle of financial management, a budget should berealistic and reasonable which is made by the finance manager.Principle 3:According to this principle, there is requirement of analysing the differenttasks of functional units before preparing the budget. It should have the proper and clear purposeof developing and preparing the budget.3
Principle 4:This principle shows the comparison between the budget outcomes andactual financial and the difference\ should be maintained by manager over the period. The mainresponsibility of the manager of Marriott hotel is to eliminate the additional activities which arenot much important and are increasing the over all cost. They should also take the correctdecisions in order to reduce errors.Principle 5:In this principle the manager identifies the gap between actual finance andbudget outcomes and then take appropriate decisions and actions.Principle 6:This principle states that manager of Marriott hotel should make the plan forlimited budget of all the departments and units of the hotel. If there is an extra expenses occurredthen they should seek justification explanation from the department.Principle 7:According to this manager makes the fiscal and monetary policies.Principle 8:It is very important because in this, all the functional units of the hotel arerequired to analyse and develop the understanding about the impact of their activities and actionson the hotel's financial performance (Hatjidis and Parker, 2018).Principle 9:Before implementing the budget pan it is important for all the functionaldepartments is to analyse cost benefits.Principle 10:All the functional department and financial manager of Marriott hotel arerequired to protect the hotel from any type of financial losses.1.There is requirement for financial manager of Marriott hotel to record all theexpenses and income:IncomeAmountExpensesAmountBenefitsandallowances£ 4000Lunch purchase£ 1000Income from gifts£ 3000Electricity bills ofhousehold£ 3000P2 The principles of double entry bookkeeping system in order to record purchase and salestransactionsIn financial terms and in every business they have accountant that keep double entry bookwhich has two sides (Motta, 2017). First side is known as debit side and the second side isknown as credit side. The main aim of keeping this book is to maintain financial records thathelp the accountant in showing the double effect of each financial transaction.4
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