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Managing Human Resource Life Cycle in Hospitality Business

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Added on  2021-01-02

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THE HOSPITALITY BUSINESS TOOLKIT TABLE OF CONTENTS INTRODUCTION 2 LO 1 2 P 1 Principles of managing and monitoring financial performance 2 P2 Applying double entry book keeping system for preparing journal and ledger accounts of the company 3 P3 Producing trial balance of the company 6 LO 2 Managing the Human resource life cycle with the context of HR strategy 7 P 4 reviewing the different stages of the HR life cycle applied to specific hospitality role and their importance for the retaining and developing the talent7 P 5

Managing Human Resource Life Cycle in Hospitality Business

   Added on 2021-01-02

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THE HOSPITALITYBUSINESS TOOLKIT
Managing Human Resource Life Cycle in Hospitality Business_1
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................2LO 1.................................................................................................................................................2P 1 Principles of managing and monitoring financial performance............................................2P2 Applying double entry book keeping system for preparing journal and ledger accounts ofthe company................................................................................................................................3P3 Producing trial balance of the company.................................................................................6LO 2 Managing the Human resource life cycle with the context of HR strategy............................7P 4 reviewing the different stages of the HR life cycle applied to specific hospitality role andtheir importance for the retaining and developing the talent......................................................7P 5 development of performance management plan for the specific hospitality by applyingtechniques to resolve the negative behaviour and overcoming issue of staff retention..............9P 6 specific legislation that hospitality organisation has to comply and adhere .....................10P 7 How company, employment and contract law has potential impact on business decisionmaking in hospitality industry...................................................................................................11LO 4...............................................................................................................................................12P 8 Different functional roles within hospitality sectors interrelate.........................................12P 9 Different methods of communication, coordination and monitoring applies within thespecific department of hospitality organisation to strengthen the value chain.........................12CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................13
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INTRODUCTIONThe present study is based on the hospitality business which focuses on the servicesector companies which deals in priding the best and quality services to their guest in order tocapture larger share of the market. The report will explain about the management of HR cycle,development of performance measurement plan , interrelation between different department rolesand method of communication and coordination in department. Furthermore, the report will helpto understand about the operations and management of the service sector organisation.LO 1P 1 Principles of managing and monitoring financial performanceFor the purpose of developing effective monitoring and financial performance of thecompany, following principles should be comply by a business organisation:Preparation of BudgetIt is a core principle of monitoring and management of financial performance. A businessshould prepare budgets by forecasting its various financial activities on the basis of analysis ofits past performance. Budgets should be should be realistic and attainable so that the companycan achieve its financial goals and objectives.Analysis of actual performance:For effective monitor of financial performance, a business must analyse the actualperformance of the company and should compare it with the budgeted performance(PRINCIPLES OF FINANCIAL MANAGEMENT, 2019). It helps the managers in determiningthe actual situation of the company through which they can develop their strategies and plans inmore effective way. Development of strategies, plans and policesAfter analysing the overall financial performance of the company and comparing it withthe budgeted activities, managers should detect he gap among the actual performance, budgetedperformance and the company's goals and objectives as well. It can help them in development ofmore effective strategies for the business with the help of which they manage all the financialactivities in more effective way. Further, it can also help them in improving the effectiveness ofmonitoring the financial performance of business organisation.
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Each business activity should be comply with the budgeted activitiesBudgets are used to prepare for providing a specific path to the company so that it couldachieve its financial goals and objectives. In this regard, the managers should ensure that eachactivity performed by the business must be as per the budgeted activities. It will help in having aproper management of each financial performance of the business.P2 Applying double entry book keeping system for preparing journal and ledger accounts of thecompanyjournal in the books of bar on a cruise shipdateparticularamountamount01/02/19Purchase account Dr.5001to Kate's kitchen5001(Being foods purchased from Kate's Kitchen)01/02/19Purchase account Dr.29552to Harry29552(Being drinks purchased from harry)03/02/19Beverages account Dr.11203Food account Dr.1824to sales13027(being food and beverages sold)06/02/19Kate's Kitchen Account Dr.5001to bank5001(Being Kate's Kitchen paid in full)10/02/19Beverages account Dr.8966Food account Dr.1687to sales10653(being food and beverages sold)14/02/19Bank account Dr.2008to sales account2008(Being party room hired by Meganne and payment received in full17/02/19Beverages account Dr.11710Food account Dr.1611to sales13321(being food and beverages sold)17/02/19Harry account Dr.29552to cash29552(Being Harry paid in full)
Managing Human Resource Life Cycle in Hospitality Business_4

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