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Principles of Revenue Management - Assignment

   

Added on  2020-12-23

15 Pages3689 Words411 Views
The Travel and TourismBusiness Toolkit

Table of ContentsINTRODUCTION...........................................................................................................................1Activity 1.........................................................................................................................................1Different stages of the HR life cycle...........................................................................................1Activity 2.........................................................................................................................................2Performance management plan...................................................................................................2Activity 3.........................................................................................................................................3Particular legislation that Carnival UK has to comply with.......................................................3Activity 4:........................................................................................................................................4Briefing on Legal and ethical consideration...............................................................................4Activity 5.........................................................................................................................................4Discussion of Revenue management in the Cruise Line industry...............................................4Activity 6.........................................................................................................................................6Explaining the importance of budget..........................................................................................6Activity 7.........................................................................................................................................6Commenting on financial statements and reporting methods.....................................................6CONCLUSION................................................................................................................................7REFERENCES................................................................................................................................7

INTROThe Travel and Tourism Business ToolkitDUCTIONTravel and tourism refers to the travelling that people are don for fun which includevarious activities such as sightseeing and camping. It is one of the important part that help in theorganisational growth. Travel industry is a largest industry which help in the economic conditionof the country (Dupeyras and MacCallum, 2013). This assignment is related to Carnivalcorporation & Plc which is a British American cruise operator. This company is founded by TedArison in 1972 and it is headquartered in Miami, Florida, US. It operates its business inhospitality and tourism sector. This assignment will discuss about principles of revenuemanagement and the human resource life cycle within the context of HR strategy. Further willdiscuss about impact of legal and ethical consideration and management of budgets and maintainstatistical and financial records. Activity 1Different stages of the HR life cycleHR Life Cycle- Human resource life cycle refers to the stages of an employees time in a specificorganisation and the shifting roles the human resource play in every stage of this model. Thereare five stages within HR life cycle, they are as following:Recruitment- In Carnival tourism company, if the HR department hire right and qualifiedcandidates who help the company to increase the profit and productivity of the company andenhance the economic condition of the firm also. To chose the capable and skilled employees,the company can use various strategies of recruitment such as interviews, aptitude tests,numerical ability test, and various others. These all help the manage to examine the talent fortalent management which provide guidance towards effective results and help in organisationalgrowth.Education- In Carnival, when the manger of the company hire candidates for the vacantpositions, they should provide information about the rule, regulations and policies of theorganisation (Höpken and et. al., 2015). So that the new employees can easily understand aboutthe company very well and retain with the company till long time. For this, the HR manger canorganise orientation and induction program.Motivation- When the employees are doing work for achieving a common goal and in atask, in Carnival industry, the manager of the company can provide motivation to their1

employees. For this, they can organise training and development programs. They also canprovide benefits like, incentives, compensation, gifts, promotion and others. So that employeescan do their work properly and show loyalty towards the company. Evaluation- In Carnival, the HR manager should examine all the problems and conflictsthat are related to employees when they are doing work for achieving target and dealing withcustomers (Horster and Gottschalk, 2012). For this the manager should retain skilled employeesso that they can face problems and leads better outcomes that help in the business growth of thecompany. By doing continuous evaluation, the manger can generate productive outcomes andprovide guidance to make improvement in those areas where there are need for it. Celebration- It is the last stage, in it the HR manager congrats its employees for theirgood and hard work which motivate them to gain more productive outcomes. In Carnival, themanager offer some benefits like gifts, extra pay, holiday trips and various others. A smart leadermakes employees feel empowered by giving them a sense of ownership. The role of the HR life cycle is pioneering to the business purpose and maintainingrelation with people effectively. HR life cycle is highly under priority to retain talent in the firmand solves an issue of manpower turnover by understanding their needs or wants along with ledprocess of motivation to attain set desired goals or targets in an prominent manner. Although,purpose of the HR life cycle is to maintain human regulation into a firm. Activity 2Performance management planPerformance management plan- It refers to a tool which give an employee with performancedeficiencies the opportunity to succeed. It used to archive failures to meet particular job aims.There are some stages of this model, they are as following:Planning- It means to set performance expectations and aims for a group and individualsto focus efforts towards a specific goals and objectives. In Carnival, the manger help in doingproper planning so that they can face issues and resolve the problems. It help in managing staffturnover and increasing the chances of employee retaliation. With the help of proper planning,this organisation can smoothly operate the business of the company in tourism sector. With thehelp of it it can gain competitive advantage and increase the profit of the firm.2

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