Analysis of Financial and HR Management in Hospitality

This report provides an in-depth analysis of financial management principles and human resource practices within the hospitality sector, using Marriott hotel as a case study. It explores financial performance monitoring, emphasizing budget preparation, realistic budgeting, and the importance of cost-benefit analysis. The report details the different phases of the HR lifecycle, including recruitment, onboarding, training, motivation, performance evaluation, and celebration. The report also defines key financial terms like sales, purchases, and input costs. The document references relevant academic sources to support the analysis, offering practical insights into managing financial resources and fostering a productive workforce within the hospitality industry. This assignment is a valuable resource for students seeking to understand the complexities of financial and HR management in the hospitality sector.

Hospitality Business Toolkit

TABLE OF CONTENT
INTRODUCTION
 P1 Investigation on the principles of monitoring as well as managing financial performance
 P4. Different phases of Human resource life cycle that is applicable to hospitality Job role
CONCLUSION
REFERENCES

INTRODUCTION
In present high competitive as well as dynamic business environment, it is very much
essential for an entrepreneur to develop the understanding about business. The decisions
made and actions taken by manager in hospitality sector can have significant influence on
other department within a specific industry. Manager in hospitality sector is required to
have understanding about the key components which can drive an enterprise towards
success. There are various functions such as finance, HR etc. in an organization which is
to be administrated properly in order to drive firm towards accomplishment of objectives.

P1 Investigation on the principles of monitoring as well as managing financial performance
Proper financial management is very important in order to avoid the losses and to improve
financial performance of company. Financial analysis assists ban organization in
identifying the business activities which is adding cots to company. It is required by
finance manager in Marriott hotel to develop the understanding of different principles of
financial management as this will assist them in managing the financial resources in
effective manner. The different principles of financial management are :
Principle 1 : as per this principle, manager in Marriott hotel should prepare budget. It is
important for finance manager in Marriott hotel to analyses the situation of company at
regular interval at time. According to financial management principle, manager should
prepare budget by analyzing the requirement of different functional units within an
enterprise

CONT.
Principle 2: As per this principle, budget develop by finance manager should be realistic a
swell as reasonable.
Principle 3: It is the principle of financial management which states that manager is required
to conduct in depth analysis of different tasks before preparing the budget. Finance
manager in Marriott hotel should set clear purpose of developing the budget.
Principle 4: As per this principle, the comparison between actual financial as well as
budgeted outcome should be done over the period. In context of Marriott hotel financial
manager in an organization is responsible for ensuring the elimination of activities which
are adding unnecessary costs. It is the duty of finance manager in Marriott hotel to take
corrective as well as quick actions for eliminating the transactions errors in accounts
books.
Principle 5: It is the principle of financial management which states that finance manager in
Marriott hotel is required to address the difference in actual as well as budgeted financial

Principle 6: It is the financial management according to which all the functional division in
Marriott hotel should planned all the tasks considering the limited budget. As per this
principle of financial management, if in any situation, extra expenses are incurred by any
of the department then manager of that division is required to provide justifiable
explanation for the same.
Principle 7: Finance manager in Marriott hotel can made some fiscal or monetary policies
according to which various expenditure are to be made by all functional division within
an enterprise.
Principle 8: As per this financial manager, all the functional division in an enterprise is
required to developed the understanding about effects of their activity on financial
performance of company.
Principle 9: Cost benefit analysis should be conducted by every department in Marriott hotel
while making the plan to implement specific procedure or activity.

B) Explanation of the following :
Sales : It is basically an exchange of goods for money.
Purchases: It is the action of buying goods or services.
Input costs : It is the expenses associated with creating of goods or services.

P4. Different phases of Human resource life cycle that is applicable to hospitality Job role
Human resource life cycle includes the detail of different phases which workers undergoes at
time employment. It also defines the role of human resource manager. At each phase of
the life cycle, human resource manager has to deal with various issues. Human resource
management in an organization has important role to play in employee retention and
motivation. The main role of human resource manager in an enterprise to develop team
of highly competent workforce in order to drive an organization towards success
(Lashley, 2018). In context of Marriott hotel, Human resources has played crucial role in
assisting firm in accomplishing desired objectives. The different stages of human
resource life cycle are :
Selection and recruitment: It is the important function of human resource manager in an
organization to hire the right candidate for right position. Role of the human resource
manager in Marriott hotel to conduct interview and select the candidate according to the
staffing plan. Multiple tests can be conducted by human resource manager in Marriott
hotel for judging the skills of candidates.

Induction -On boarding : At this phase, function of human resource manager in Marriott
hotel is to make new employee familiar with environment, business policies, procedures,
code of conducts etc. It is the duty of human resource manager in an organization to
support new workers in adjusting to environment.
Training and development: This is a stage where role of human resource manager in Marriott
hotel is to provide training to new employee related to their work.
Motivation : after training and development, function of human resource manager in an
enterprise is to motivate new candidates to increase their working efficiency as well as
performance at workplace. Performance recognition is the strategy which is currently
adopted by Human resource manager in Marriott hotel for inspiring new employees to
improve their performance at work place (Foster and Carver, 2018.).

CONT.
Performance evaluation : This is a stage where role of human resource manager in Marriott
hotel is to evaluate the performance of new workers on the basis of set criterion. At this
phase, role of Human resource manager in an organization is to provide proper guidance
as well as feedback, so that new employees can improve their performance (Hsu and
Stanworth, 2018).. It is very important for human resource manager in Marriott hotel to
be fair in evaluating the performance of new employees as this factor have direct
influence on employees' behavior.
Celebration : It is the last phase of human resource life cycle. By celebrating the success of
company human resource manager Marriott hotel can re energize workers. And provide
them an experience of winning. During the time of celebration, human resource manager
in firm can thanks employees by providing them with rewards, awards for making
significant contribution in achievement of specific target or objectives.

References
Foster, M. and Carver, M., 2018. Explicit and implicit internationalisation: Exploring
perspectives on internationalisation in a business school with a revised
internationalisation of the curriculum toolkit. The International Journal of Management
Education, 16(2), pp.143-153.
Lashley, C., 2018. Academy of International Hospitality Research Conference, 27–28 March
2018: Slavery and Liberation. Research in Hospitality Management, 8(1), pp.1-4.
Filimonau, V. and Delysia, A., 2019. Food waste management in hospitality operations: A
critical review. Tourism Management, 71, pp.234-245.