HR Life Cycle and Talent Management in the Travel and Tourism Industry

The Travel
and
Tourism Business
Toolkit

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

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