Carnival Corporation's HR and Finance Analysis

This assignment delves into the human resource management (HRM) and finance functions of Carnival Corporation. It explores the importance of revenue from sales and management of finance for the organization's operations. The HR life cycle is discussed in detail, including hiring skilled workers, providing training, and terminating employees when necessary. Employment legislation is also touched upon, highlighting the need for protection and motivation of employees. Decision-making processes are examined, emphasizing the impact of laws and management on making decisions. Finally, the interrelated functions of HR, finance, and marketing are highlighted, underscoring their collective importance to the organization's overall success.

The
Hospitality
Business
Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
Activity 1.........................................................................................................................................1
Double entry book keeping..........................................................................................................1
Sales account................................................................................................................2
Activity 2.........................................................................................................................................4
Recommendation.........................................................................................................................4
Activity 3.........................................................................................................................................5
Different stages of HR life cycle.................................................................................................5
Importance of HR life cycle.........................................................................................................5
Activity 4.........................................................................................................................................6
Performance management plan. ..................................................................................................6
Activity 5.........................................................................................................................................7
Specific legislation.......................................................................................................................7
Example of company, contrat and employment law effects on decision making........................8
Activity 6........................................................................................................................................8
Impact of legislation ethical and regulation on decision making................................................8
Activity 7 ........................................................................................................................................9
Different functional roles and interrelation..................................................................................9
Activity 8 ........................................................................................................................................9
Communication, coordination and monitoring methods.............................................................9
Method uses in value chain........................................................................................................10
Conclusion.....................................................................................................................................10
REFERENCES..............................................................................................................................11
Employment Legislation. 2017. [ONLINE] Availabole through :<
https://www.hrinz.org.nz/Site/Resources/Knowledge.../Employment_Legislation.aspx>............11

INTRODUCTION
Hospitality means service industries that provide services to customers. It includes
services like event management, transportation and hotel sector (Kandampully, Zhang and
Bilgihan, 2015). Majorly peoples use hospitality sector for get better and satisfactory services.
Carnival corporation is British organization that was founded in 1972 by ted Arison. Headquarter
situated in Miami so it has 100 ships for provide services to customers like hotel. Because in this
food and bar included. This report will be cover finance monitoring, hr life cycle, legislation and
functions of organization and it interrelations.
Activity 1
Double entry book keeping.
Date Particulars Debit (£) Credit (£)
01/02/19 Purchase a/c Dr. 5001
To Kate's Kitchen
a/c
5001
01/02/19 Purchase a/c Dr. 29552
To Harry a/c 29552
03/02/19 Cash a/c Dr. 13027
To sales 13027
06/02/19 Kate's Kitchen a/c Dr. 5001
To Bank a/c 5001
10/02/19 Cash a/c Dr. 10653
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To sales a/c 10653
14/02/19 Bank a/c Dr. 2008
To sale a/c 2008
17/02/19 Cash a/c Dr. 13321
To sales a/c 13321
17/02/19 Harry's a/c Dr. 29552
To cash 29552
22/02/19 Purchase a/c Dr. 7013
To Kate's Kitchen a/c 7013
24/02/19 Cash a/c Dr. 12329
To sale a/c 12329
127457 127457
Sales account
Date Particulars Amount(£) Date Particulars Amount(£)
03/02/18 By cash 13027
10/02/18 By cash 10653
14/02/18 By bank 2008
28/02/18 To closing bal. 51338 17/02/18 By cash 13321
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24/02/18 By cash 12329
51338 51338
Harry's account
Date Particulars Amount(£) Date Particulars Amount(£)
17/02/18 To cash 29552 01/02/18 By purchase 29552
29552 29552
Purchase Account
Date Particulars Amount(£) Date Particulars Amount(£)
01/02/18 To Kate's a/c 5001
01/02/18 To Harry's a/c 29552
22/02/18 To Kate's a/c 7013 28/02/18 By closing bal. 41566
41566 41566
Cash Account
Date Particulars Amount(£) Date Particulars Amount(£)
03/02/18 To sales 13027 17/02/18 By Harry's a/c 29552
10/02/18 To sales 10653
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17/02/18 To sales 13321 28/02/18 By closing bal. 19778
24/02/18 To sales 12329
49330 49330
Kate's Kitchen Account
Date Particulars Amount(£) Date Particulars Amount(£)
06/02/18 To bank 5001 01/02/18 By purchases 5001
22/02/18 By purchases 7013
28/02/18 To closing bal. 7013
12014 12014
Bank Account
Date Particulars Amount (£) Date Particulars Amount(£)
14/02/18 To sales 2008 06/02/18 By Kate's a/c 5001
28/02/18 To closing bal. 2993
5001 5001
Trial Balance
Particulars Debit (£) Credit (£)
Bank £2,993.00
Kate's Kitchen 7013
Cash 19778
Purchase £41,566.00
Sales £51,338.00
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£61,344.00 61344
Activity 2
Recommendation.
Cost of good sold :- carnival corporation should decide and fix their cost of goods and
services for every types of customers because different customers take goods in it restaurants. So
it must provides goods and services according to every types of customers that helps in increase
profit and sales of organization and it revenue more than its expenditure.
Organize of finance :- this principle should use by carnival corporation because it helps
in track and evaluate all due payments of organization like payment of credit card, loan and
brokerage. So it easily makes payment on time and wealth increase through this principle.
Spend less than earn :- I recommend that carnival corporation should spend less than
earn. So for this it must use budgeting software because this software make proper and
systematic budget and through budget it spent limited and predetermined capital that helps in
make long term goals and increase return on investment.
Return on investment :- carnival corporation should invest their capital in those place
and area that give high return on investment that helps in increase profit. So it should be monitor
time to time monitor performance related to finance and that helps in pay all liability time to
time. Carnival corporation has to make proper budget and evaluate all things than invest their
money on right place. So this thing give high return on investment.
Employment benefits :- it should focus on benefits of employees because these things
helps in motivate to them for increase their performance. So it must evaluate their performance
and provide reward and incentive and bonus according to their performance. It should also
provide to employees like medical benefits, dental and insurance so they make relation for long
term with organization.
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Activity 3
Different stages of HR life cycle.
Human resource function of carnival corporation hire skilled and efficient employees for create
new ideas that helps in provide great goods and services to customers. HR life cycle has five
stages:-
Recruiting and on boarding :- carnival corporation human resource department
advertise for vacant post for food and beverage manager. So many applications receive by them
and then it selects one skilled and efficient employee that right and well for right post. After
selection HR take interview and on boarding of chosen employee.
Orientation and career plan :- it is a second stage of life cycle of carnival corporation
and establish well relation between all employees of organization that it helps in provide
motivation. After orientation recruited manager of food and beverage it understands their roles
and responsibilities and make plan for make long term career.
Career development :- food and beverage manager of carnival corporation fulfill and
complete it responsibilities and do work with efficiently for promotion and appraisal. Human
resource provide training to manager that these things motivate to them, and they work with full
efforts and efficiently.
Termination :- it is a last process that HR of carnival corporation that employees leave
organization through many types like retirement, promotion, transfer and terminate. So HR has
right for terminate employees if they break any rules and regulation. It also terminates due to
lack of capabilities and education and skills (Gupta, 2017).
Importance of HR life cycle.
Talent management of carnival corporation use human resource life cycle that helps in
hire skilled, efficient and talented employees. Stages includes recruitment, orientation, career
development and termination so all these things helps in hire and maintain talent and skills in
organization. That they create new ideas and improve performance. It also important for
understand roles and responsibilities for new employees and they establish great relation between
them. For management of talent it provides training for development and motivate that they do
work with their full efforts. So for talent management human resource life cycle is very
important for manage talent in organization and improve performance of it (Boroughs and
Palmer, 2016).
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Activity 4
Performance management plan.
Performance management plan objective :- to solve all problems of employees and prevent
negative behaviors of waiters for decrease employees turnover.
Required outcomes In carnival corporation waiters are more suffer and it has many
problems because they complaint about poor working condition
so that they have to do more work and responsible for double
task. They do not comfortable with their team leader so
organization make plan for great and well management for reduce
turnover through solve their problems and change their negative
behavior. So through plan it provides ideas for provide
satisfaction to employees and improve performance of them.
Strategies Carnival corporation make well strategies for change their
behavior for provide satisfaction and reduce turnover.
 Establish coordination between all members of
organization for decrease conflicts and improve
performance.
 Follow all legislation that provide protection to employees
of organization like health and safety and anti
discrimination law that helps in motivate them.
 Start shift for reduce responsibility of waiters because if
shift start by organization so they can take rest.
 Time to time evaluate waiters and waitress performance
and give reward and incentives for their work.
 Give holidays also and weekly leave so it provides
satisfaction to them.
Supports Managers of carnival corporation give many types of support that
helps in prevent turnover of employees.
 Mangers of organization play roles for provide
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satisfaction to employees through evaluate and analyze
performance of waiters and give reward according to
performance for motivate to them.
 Provide training time to time for improve their
performance so these things increase self confidence in
waiters and they motivate through it.
 It also removes conflicts between all employees and
establish good relation between waiters and team leaders
(Berman, 2019).
Responsibilities In cruise line managers of carnival corporation responsible for
following things :-
 It responsible for provide satisfaction to waiters through
evaluate their performance and give reward.
 Improve culture of organization and develop condition of
organization and it helps in to feel better by waiters.
 Problem solving is also a responsibility of managers of
organization and take decision after gather information
from both party that helps in reduce turnover of
employees.
 Follow policies and legislation for provide protection to
employees.
Consequences Above all strategy and responsibilities important for improve
management. Management plan of performance if not follow by
waiters and employees as well as organizations so manager has
right for pass notice and give warning. After that it can terminate
them and hire skilled and efficient waiters.
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Activity 5
Specific legislation.
Carnival corporation follow many laws and legislation for provide protection to employees and
motivate to them. :-
Health and safety act :- this act is important for organization that helps in provide safety
to employees and reduce risks and prevent illness. So this act provide protection to employees
from illness and injury during on duty. Many safety tools are adopted and establish by carnival
so all these things motivate to employees and they do work with their full efforts for increase
profit.
Anti discrimination act :- this law also play vital roles in make long term relationship
with organization and employees because it helps in prevent partiality on the bases of color,
caste, religion and level of employees. So these all things helps in motivate to them and provide
protection for discrimination (Albrecht, 2015).
Example of company, contrat and employment law effects on decision making.
Many types of laws are applicable on carnival corporation but all laws are effect on decision
making of organization. Company, contract and employment laws put following effects :-
Company law is made for decide all rights and business of organization and it decides
and make all rules and regulation for company. This law majorly effects on decision making
because if carnival corporation wants to change it registers office so it has to complete many
formalities and incur more cost so that thing effect on making decision.
Contract law means that two or more peoples engage in any agreement through follow of
legal terms and condition. So if any illegal term include in contract so it is void contract and
increase financial risk that effect on decision making.
Employment laws effect decision making because if government change safety elated
tools in organization so it has to establish that effect on management and incur more cost.
Activity 6
Impact of legislation ethical and regulation on decision making.
Carnival corporation follow different types of legislation like health and safety and anti
discrimination act so these laws provide protection to employees of organization. Through this it
adopts many safety tools for reduce injury and risk at workplace. Legislation motivate to
employees establish good relationship between them because partiality also not present. So
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decision making effect because it has to hire employees without discrimination and hire disable
person as well. That helps in improve performance and increase profit (Employment Legislation,
2017).
Regulation helps in carnival corporation in maintain discipline and management and superior
can not give order for their personal work and employees get fair wages and do works for fix
hours. These things effect decision making and management can't allots work according to it.
Regulations is made by government so management follow all rules according to it.
Ethics includes all manners, honesty and addicates of employee so it helps in decision making
and management take any decision so they accept easily. They also understand all things and do
well work in changes. Decision making easy through this and management take decision without
any threat (Nankervis, 2016).
Activity 7
Different functional roles and interrelation.
Many departments are present in carnival corporation and different departments have
different works. So through this work easily done in proper and systematic manner. It is a
hospitality sector organization so department present in organization like HR, finance, food and
beverage department and all are interrelated with each other.
Human resource department has major work is hire skilled and efficient employees that
create new ideas and improve work of organization. It reduces supervision and cost of training as
well. HR is interrelated with all department and function because all functions has need of skilled
and effective workforce.
Finance function make budget for all function of organization. That helps in provide
funds and capital for accomplish work. Maintain and keep book and records of accounts that
helps in keep all record about revenue and expenditure and this department interrelates top all
function of organization because without finance no one can operate.
Food and beverage function has majorly focus on sales and serve food and provide better
services for attract to customers. That helps in increase sales and purchase of foods and beverage
this revenue increase funds of finance function so it also interrelated with other functions of
organization.
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Activity 8
Communication, coordination and monitoring methods.
Email is a modern method of communication that helps in share information by food and
beverage departments with other because day by day technology increase and peoples have no
time so it helps in interact easily and reduce cost and time. Face to face communication is also
very good way of communication that give opportunity to all employees for express their
feelings. It increases trust and believe between all members of carnival corporation. Conflicts
prevent and understanding power of members increase. They also understand through their
gestures.
Methods of coordination like Meeting and it is a method that use by carnival corporation
so through this method management of organization invite for attend meeting and coordinate all
them because all members express their feeling and misunderstanding decrease through this
method so it maintains transparency between all members.
Monitoring method like Feedback and it is the best method of monitor to members of
carnival corporation because service user like customers give perfect review about services and
members of organization that helps inn collect feedback and give promotions and benefits
according to their performance because customers give feedback if they satisfied through
services (Shen and Benson, 2016).
Method uses in value chain.
Food and beverage function of carnival corporation use email method that helps in save
time and cost because technology make easy top communicate and share information each other.
Meeting is use for coordination that helps in establish regulation between them so these thing
reduce and decrease conflicts. For monitor it uses feedback method that helps in monitor by
unknown person so partiality remove in promotion and use in evaluation of performance.
Conclusion
From above study it has been summarized that revenue from sales and management of
finance is very important and without funds organization and it any function cannot operate. HR
life cycle use by talent management for hire skilled and efficient worker and give training for
improvement so it has also right for terminate. Many types of employment legislation follow by
organization for provide protection to employees and motivate them. Decision making effect
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