The Travel and Tourism Business Toolkit Assignment : Carnival Corporation & PLC

The Travel
and
Tourism Business
Toolkit

Contents
INTRODUCTION ..........................................................................................................................4
Activity 1.........................................................................................................................................4
The different stages of the HR Life Cycle...................................................................................4
The importance of these HR Life Cycle stages for Talent Management, focusing on their use
for retaining and developing talent..............................................................................................6
Evaluation of the importance of the HR Life Cycle in relation to Strategic Talent Management
......................................................................................................................................................6
Recommendations........................................................................................................................6
Activity 2.........................................................................................................................................7
Performance Management Plan...................................................................................................7
Evaluation of the importance of the HR Life Cycle for overcoming issues of staff retention....7
Activity 3.........................................................................................................................................8
Identify specific legislation that Carnival UK.............................................................................8
Illustrate, using specific examples, how company, employment and contract law has a
potential impact on business decision-making.............................................................................9
Activity 4.........................................................................................................................................9
Critically reflect on the potential impacts of regulations, legislation and ethical principles on
decision-making for Carnival UK, providing specific examples.................................................9
Activity 5.......................................................................................................................................10
Discuss the rationale and principles of revenue management for the travel and tourism
industry; and ..............................................................................................................................10
Activity 6.......................................................................................................................................11
Explaining the Importance of Budgets.......................................................................................11
Activity 7.......................................................................................................................................11
The different types of financial statements and reporting mechanisms.....................................11
Profit and Loss Statements.........................................................................................................12
........................................................................................................................................................14
CONCLUSION .............................................................................................................................14
REFRENCES.................................................................................................................................16

INTRODUCTION
In today’s time travel and tourism industry is increasing and expanding itself very fast
due to which companies as well as countries get benefit by enhancing their profitability and
economy. Travel and tourism industry related to the sector in which operating its business
functions and operations in hospitality industry and their main objective is to provide all
necessary and essential services as well as products to their travelers or customers (Ramasastry,
2015). Organization taken for their assignment is Carnival Corporation & PLC which is a British
American company established in year 1972 by Ted Arison. Its headquarter is in Miami, Florida,
United State and they are operating or conducting its business at worldwide level. They mainly
provide cruise service. Topics included in this assignment are key principles of revenue
management for respective sector and Human resource life cycle in respect of HR strategies.
Along with this it will explain impact of legal and ethical consideration on travel and tourism
business as well as it will include how management can manage budget, statistical data and
financial record.
Activity 1
The different stages of the HR Life Cycle
HR lifecycle refers to procedure in human resources management wills describe about
stages of time which is given by an employee to an organization and responsibilities played by
human resources department on each and every stage of process. Moreover, it majorly includes
six stages and all stages of HR life cycle represent challenges and opportunities through which
company able to gain high profit and market shares. Explanation of which in context of Carnival
Corporation & PLC are given below:-
Attraction – First stage of employee life cycle is related with employee attraction. This
respective stage will take place before an opening of a vacancy or position (Ebbers, 2014). In this
stage respective company will develop strategies in order to attract new candidates for vacant
position such as in Carnival Corporation & PLC there is requirement of receptionist so for this
they will conduct those activities which help them in attracting more and more candidates for
empty position. These activities are related with promotion, advertisement, increasing brand
image and many more.

Recruitment – At respective stage manager of respective company identified new
candidates that are according to skills as well as abilities which they presented in advertisement
of vacant position like identifying skills and competencies according to role of receptionist. After
finding huge number of applications of applicants Carnival Corporation & PLC management will
conduct various steps related to recruitment. In this they will conduct interview process that will
help them in finding appropriate candidate with specific skills and ability.
On – boarding – This step will conduct after recruiting and joining of new employee for
specific position. In this step management of respective company will provide all detailed
information related to job profile which new employees have to conduct as well as management
will also provide workstation. This will generally take place after completion of all paperwork
(Shi, Lee and Whinston, 2016). Along with this respective company will also provide or arrange
training and monitoring activities so that new employees get to know how they have to complete
task in effective manner.
Development – According to this stage manager of Carnival Corporation & PLC will
conduct workshops, development courses, training programs and many more so that their
employees enhance their skills, knowledge and ability. Through these type of activities or
programs, staffs of Carnival Corporation & PLC able to enhance their skills and ability which
help them in conducting work in appropriate way. Along with this it will also help employees in
enhancing their future.
Retention – On the basis of this stage manager of Carnival Corporation & PLC will
develop strategies and plans in order to retain their employees for a long term. For this they
create strategies as well as policies according to situation and issues through which company and
employees going through. Moreover for this respective company manager also conduct meeting
so that they understand situation properly.
Separation – According to this stage employees started leaving workplace or
organization for a specific reason. It can be personal or professional, due to this productivity of
company get effected (Mohamed and et.al, 2015). In Carnival Corporation & PLC employees are
adopting for separation because they are not feeling satisfied with workplace, salary and so on.

The importance of these HR Life Cycle stages for Talent Management, focusing on their use for
retaining and developing talent
All stages of HR life cycle are essential for Carnival Corporation & PLC because by it
they able to analysis situation and focuses on retaining as well as developing talent. Through this
respective company able to identify its opportunities that will help in developing growing
business. Along with this through effective HR life cycle respective company able to retain as
well as develop their employees in effective and appropriate manner (Häser, Felderer and Breu,
2016). This is so because by respective method management of this company able to understand
requirement and issues of staff and then develop strategies accordingly.
Evaluation of the importance of the HR Life Cycle in relation to Strategic Talent Management
Strategic management refers to a plan or procedure which is adopted by a company in
order to identify appropriate talent through recruitment and selection method. By using HR life
cycle company able to identify its opportunities which will help them in developing strategies for
recruitment so that they able to identify appropriate candidate that leads a company in
developing or expanding at worldwide level in effective manner. Along with this Carnival
Corporation & PLC able to monitor their employees and motivate them accordingly in effective
way.
Recommendations
By evaluating above mentioned point it can be recommended for Carnival Corporation &
PLC that they must adopt and conduct HR life cycle process in effective way because this will
help them in achieving their goal and objective. Moreover management of respective company
must conduct documentation in effective manner so that they can plan things appropriately. They
must also conduct meeting on regular basis so that they able to know viewpoint of their
employees that help in developing decision making process.
Activity 2
Performance Management Plan
A performance management plan is also known as performance action plan. It is
generally a tool which is adopted by a company in order to understand and evaluate performance
of employees (Fritsche, Soeters and Meessen, 2014). This will also help an organization in

identifying as well as considering the opportunity that leads to succession of business. Along
with this by performance management plan company able to identify strategies and plans that
help in developing business activities.
 Resolve the negative behaviors of the waiting staff: This situation refers to a condition
in which manager must develop plans as well as strategies according to behaviors of
staffs. In respect of Carnival Corporation & PLC they must conduct meeting on regular
basis so that they identify negative thinking or behavior of employees and then they
develop strategies as well as plans accordingly (Paredes, Pedregal and Pérez, 2014).
Along with this for negative behavior employees respective company also arranges
training, workshop or session so that negative thinking can change into positive.
 Overcome issues of staff retention: Employees retention is major issue which is face
by a manager. This is so because in today’s time staffs change their working place
whenever they find good or better opportunities or when they are not satisfied with work
place. In respect of Carnival Corporation & PLC they develop performance management
plan which is based on issues of employee’s retention which they are facing. Activities
which are developed by respective company are they organize or conduct meeting on
regular basis which help them in understanding issues and problems of employees so that
they can develop strategies accordingly.
Evaluation of the importance of the HR Life Cycle for overcoming issues of staff retention
HR life cycle help a company in various situation because by it they able to develop
strategies as well as plans in effective and appropriate manner. In respect of Carnival
Corporation & PLC they adopt respective method in order to overcome issues of employee’s
retention because by this they able to analysis need and requirement of employees that help in
decision making process (Stokan, Thompson and Mahu, 2015). Along with this by adopting HR
life cycle respective company management able to identify opportunities which help them in
training employees according and this will generate feeling of belongingness within employees.
Due to which they conduct work in appropriate way and stay at Carnival Corporation & PLC for
a long duration.

Activity 3
Identify specific legislation that Carnival UK
For establishing as well as running business operation and function in effective way a
company need to follow various legislation. This will form a specific guideline or frame within
which an organization has to operate its business. By adopting appropriate legislation firm able
to identify its opportunities in order to expand business in appropriately. Some of the major
legislation which is adopted by Carnival Corporation & PLC is given below:-
Equality Act, 2010: The respective Act is developed by government in order to protect
employees and their rights from getting discriminate. That means no organisation and its
members can do discrimination with other on the basis of various factors such as age, caste,
religion, color, gender and so on (Schulz and et.al, 2015). So that it is necessary for Carnival
Corporation & PLC to adopt respective act so that every employees get treated equally and due
to this they fell motivated as well as connected towards respective company.
Health & Safety regulation Act, 1981: It is necessary that every organisation must
adopt and follow Health & safety Act which helps in providing safety at work place as well as by
this employees feel connected towards company. In respect of Carnival Corporation & PLC their
manager provide health and safety guidelines according to work profile. This will help in
accomplishion of task or work in appropriate manner with full safety. By adopting this
employees feel more connected towards the respective company which directly leads to their
enhancement in productivity and retention.
Human Right Act, 1981: This act is considering as most influencing laws which help in
protect peoples, their rights and this will also provides benefits. This Act is based on equality that
means every person should be treated on equal basis and respect (Smith, 2013). In respect of
Carnival Corporation & PLC their manager develop proper strategies, plans and policies so that
they able to treat their employees in effective and appropriate manner on all aspects such as
salary, profile, work and many more.

Illustrate, using specific examples, how company, employment and contract law has a potential
impact on business decision-making
Government develops variety of legislation which is based on specific situation in order
to develop or conduct public welfare and employee's satisfaction that leads to growth of business
of a company effectively. All the legislation which are mentioned above affect decision making
process of an organization directly and indirectly such as if a company is dealing in
manufacturing industry but they are not providing health and safety to their employees. In this
situation staffs fell insecure and unsafe due to which they switch their job when they find
opportunities (Costa and et.al, 2013). This will affect decision making of employees because
company manufacturing or production get affected. Such as if respective company not adopt
minimum payment act then employees will leave their workplace in short duration this will
affect decision making of manager. This is so because manager has to reconstruct whole plans as
well as they also need to recruit new employees.
Activity 4
Critically reflect on the potential impacts of regulations, legislation and ethical principles on
decision-making for Carnival UK, providing specific examples
Regulation, legislation and ethical principles which are developing by government will
impact on decision making of company because management has to develop strategies and plans
accordingly. Moreover if there is any updation or modification occur company manager has to
develop new strategies, plans and policies accordingly as well as it will also impact on working
of company. In respect of Carnival Corporation & PLC, their manager develops strategies
according to legal rules and regulation due to which they accomplish their work appropriately.
Nut when there is change occur in legislation, regulation and ethical principles then they also
need to update their policies (Read and et.al, 2015). Like when minimum wage rate changed by
government then respective company also need to update salary of all employees due to this their
work also get hamper. But along with this these legislation, regulation and ethical principles also
help respective company in conducting its working in effective way.

Activity 5
Discuss the rationale and principles of revenue management for the travel and tourism industry;
and
Revenue management is common need in any organization that fulfill the needs of
business. As it play a very important role in Carnival corporation & plc it help to generate more
income in different ways. It provides an opportunity to collect the foreign currency such as
money is spent by tourists and human being at the time of visiting the place help to increase the
currency and profitability.
Principles which is adopted by Carnival corporation & plc in travel and tourism industry
Market segmentation: Carnival corporation & plc focused on customer age and taste
and provide that kind of products and services that help to attract customer in order to increase
the revenues and managing them in perfect manner (Smith, 2013). They offer those product and
services which provide satisfaction to the demands and needs of the customers and make
segmentation accordingly.
Overbooking control: The manager of Carnival corporation & plc use revenue principle
that help to control the excess booking through a system and maintain the quality of product and
services. As it provides number of services customer get satisfaction and obtain services again
and again that helps to increase the revenues.
Investigate how the cruise line industry applies revenue management tools to generate and
maximize profit
From the above information it has been investigated that cuisine industry should apply
revenue management tools because by applying this Carnival industry can control over the
excess cost and maintain the incomes that help to generate the profits. Moreover, the manager
adopts pricing strategy that offers number of products and services at reasonable prices. By
doing so it can increase its profitability situation. In this organization, the management of the
company can use different pricing strategies to generate and maximize profits.
Critically analyze the principles of revenue management and their specific application
From the above mentioned principles of revenue management it has been concluded that
revenue management is most important for each industry because it help to provide suggestions

how to spend money in order to get maximum return and how an organization can control over
the excess cost in order to increase the productivity.
Activity 6
Explaining the Importance of Budgets
Budget is most important in any industry because it gives an estimation of future incomes
and expenditure that states future profitability situation. Such as the manager of Carnival plc
prepares budget every year that gives idea of future incomes or revenues.
It helps to meet with future expectation: As Carnival plc prepares budget every year
that help to meet with upcoming income and expenses.
It analysis future profitability: By preparing budget Carnival plc can get information
about future profit and losses. Moreover, it can improve the budget if it is going excess than
budgeted.
It helps the business owner to concentrate on cash flow, minimizing costs, improving
profits and increasing returns on investment. It is beneficial because it help with both planning
and control of the finances of the business.
Activity 7
The different types of financial statements and reporting mechanisms
Carnival prepares different types of financial statements such as income statement,
balance sheet and cash flow statement that shows profit and loss and assets and liabilities end of
the year.
Income statement: This is prepared by the all of the organization in order to get profits
and loss by containing all incomes and expenses. Such as Carnival plc prepares profit and loss
account by including income and expenses end of the year (Stokan and Mahu, 2015). It is one of
an organization's core financial statements which shows their profit and loss statement. It is
financial report which provide a summery of a company's revenues, expenses and profits over a
period of time.

Balance sheet: This is the final document of the company which classify a company's
assets and liabilities into distinctive groupings like current assets, property, plant and equipment,
current liabilities etc. It is prepared by the Carnival plc in order to get assets and liabilities of the
company. It help to show net worth of company.
Cash flow statement: This states inflow and outflow of cash that decides how much
profit an organization is earning. It is a financial statement which shows how changes in balance
sheet accounts and income affect cash and cash equivalents and breaks the analysis down to
operating, investing and financing activities. Carnival plc make this statement monthly, quarterly
and yearly by including operating, investing and financing activity. Moreover, it states
profitability situation of the company.
Profit and Loss Statements
This is also known as income statement which is prepared by the manager of company in
order to get profit and loss by defining income and expenses. Moreover, it includes deprecation
on fixed assets that reduces the profit of the organization. Companies built this statement ending
of the year by including all the transaction such as incomes, expenses, deprecation and gross
profits.
Profit and loss statement of Carnival PLC:

Profit and loss statement of Royal Caribbean:

From the above profit and loss accounts of Carnival Plc and Royal Caribbean it has been
analyzed that performance of Carnival Plc is very good as compare to other organization as its
profits, revenues and share value are higher than (Paredes and Pérez, 2014).
CONCLUSION
From above discussed point it can be conclude as well as evaluate that for a company it is
necessary to conduct appropriate planning and it can be done through adopting HR life cycle.

Along with this by it they also able to identify opportunities which help a company in expanding
its business. It is also necessary for a company to develop strategies by considering all
legislation, regulation and ethical principles develop by government because by it company able
to conduct its working and functions in appropriate way. Moreover for running a business it is
also necessary to analysis financial department by developing different financial statement and
profit and loss statement.

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