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(Solution)The Travel and Tourism Business Toolkit

   

Added on  2020-12-29

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The Travel and TourismBusiness Toolkit

Table of ContentsINTRODUCTION...........................................................................................................................1ACTIVITY 1....................................................................................................................................1Different stages of HR cycle for talent management..................................................................1Importance of human resource cycle stages for talent management ..........................................2ACTIVITY 2....................................................................................................................................3Performance management plan...................................................................................................3ACTIVITY 3 ...................................................................................................................................5The company, employment and contract law has a potential impact on business decisionmaking.........................................................................................................................................5ACTIVITY 4....................................................................................................................................5Legal and Ethical Considerations for Carnival UK....................................................................5ACTIVITY 5....................................................................................................................................6Principles of Revenue Management and their Application to the Cruise Line Industry............6ACTIVITY 6....................................................................................................................................8Importance of budgets for controlling business performance and identifying variances...........8ACTIVITY 7....................................................................................................................................8Financial Statements and Reporting mechanisms.......................................................................8CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14

INTRODUCTIONTravel and tourism sector contributes well in development of economic condition of UK,over a period of time this industry has increased employment opportunities in the nation to greatextent. Carnival Corporation & PLC is a British American cruise operator company which iscurrently the world largest leisure travel company. The study will discuss the HR life cycle fortalent management, importance of HR cycle stages for talent management, performancemanagement plan. Further it will discuss financial performance of Carnival UK and will compareits performance with competitors. In addition, study will explain principles of revenuemanagement. Importance of budget will be described in this report. ACTIVITY 1Different stages of HR cycle for talent managementThe human resource cycle or employee life cycle is a concept of HR (human resource)management which describes the different stages which an employee goes through whenworking with a particular company and the roles they play at each stages (Reino and Hay,2016). There are mainly 5 stages in Human resource life cycle which are discussed below:Recruitment and On-boarding : The key to a successful business is hiring the rightpeople at the right time, the recruitment decision have a direct impact on the company'sor business growth, turnover and productivity. Carnival corporation & PLC is currentlyusing indirect method in its recruitment process for selecting the food and beveragesmanager for the cruise, this method includes advertisement in the news papers, on thetelevision and radio, in technical magazine etc.,this has the advantage that theorganisation get a pool of employees to their doorsteps and the disadvantage of thismethod is the organisation would not have much qualified and skilled employees asthey're not using direct method (Lamsfus and et.al., 2015).Level of education: The carnival corporation & PLC provides the new employees withthe guidance of rules and responsibilities and the expectations the organisation have fromthem. The company chooses off the job training for training and guiding the employeessuch as role play, management games, lectures etc. The advantages of this method is itreduces the chance of production error, Large number of employees can bee trained atsame time, this training need less amount of time whereas the disadvantages are they're

unfamiliar with the actual work scenario, expensive, lack of feedbacks etc (Alonso-Almeida and et.al., 2018).Motivation: The turnover rate is highest during 1st Ninety days if the leader andmanagers are able to develop connection with the new employee and makes a bond withthem. Carnival corporation & PLC company motivate their employees by rewarding themby providing incentives, this could help the employee to get satisfaction towards theirwork and increase the staff retention and the disadvantages could be, that the managerscould leave the job when the incentives are not paid for any reasons. Evaluation: Evaluation stage is the most important stage as it enables the supervisor tomeasure the performance of employees and the feedback given to the mangers. Carnivalcorporation & PLC uses self evaluation and review technique in which the employees areasked to evaluate their own performance by using a form that needs multiple choiceanswers etc. The advantage of this techniques is that the employees could compare theself evaluation to their own appraisal and understand the discrepancy , the disadvantage isthat the employees could answer wrong in the form (Sigala, 2017). Celebration: The employees should be appraised for their hard-work and contribution inthe business, the Carnival corporation & PLC reward their employees by giving them giftvouchers, gift hampers, recognition and appraisal, thus this techniques could increase themotivation level among the employees. Importance of human resource cycle stages for talent management The human resource cycle plays a crucial role in developing and retaining the employees.Every stage has its own importance in the HR cycle ,The recruitment stage supports the HR teamto build the criteria for the candidates in order to fill the vacancy by the right person on the righttime, this stages helps in selecting the best person for the job (Han and et.al., 2015.). The secondstage is educating the employee about the work and the expectations they have from theemployee by educating him/her about the culture and ethics of the company, The third stage aidsthe employee to be motived in his/her work as a motivated person could do well in his/her workas compared to the person who is not motivated, motivation could help the employees to developand retain his/her abilities in a more productive way, The fourth stage helps the HR team toevaluate the performance of the employee in order to decide whether the person is right for thejob or not. The last stage is the celebration stage, the employees should be timely rewarded for

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