HR Life Cycle & Financial Performance: Hospitality Business Report

This report provides a comprehensive analysis of a hospitality business, focusing on the case of FunkiFruit Drinks Corner, a London restaurant. It delves into financial performance, emphasizing budget formation, double-entry bookkeeping, and the balance-off rule. The report explores the HR life cycle, highlighting recruitment, education, evaluation, motivation, and celebration stages, and their impact on talent retention and development. Furthermore, it develops a management plan for a hospitality job role, incorporating techniques to address negative behaviors and reduce staff turnover. The report also examines specific legislations, such as the Equality Act and Health and Safety regulations, and their influence on decision-making within the hospitality industry, concluding with an overview of how employment and contract laws affect business operations and employee relations. This report is a valuable resource for students studying hospitality management and business operations.

Hospitality Business
Toolkit

INTRODUCTION
In the present time most of the organizations are dealing under the hospitality sector and
also determine various factors by which they can offer lot of different services to people in an
effective manner. These factors are includes in the demand of customers, workers proficiency,
adopt new technologies and so on. In reference to the business toolkit that analyse the sum total
of organisational practices which is usually based on the incisive and practical approach. These
approaches are involved in management process, self declaration, action plans etc. for the better
understanding of this topic report is based on London restaurant and their name is FunkiFruit
Drinks Corner. This company always serves fresh salads, smoothies and blended juice. This
company determine the HR life cycle within the hospital industry in order to develop
performance management plan for particular job role. In this report discussion will be made on
few laws and legislations in order to run their business effectively.
TASK 1
P1. Investigate the principles of managing and monitoring financial performance.
Finance is a very good field to work which is always concerned with the investment of
assets as well as liabilities under the risk and uncertainty of the various situation. Therefore, it
helps in managing whole operations of business in a better way. According to the current time, as
an entrepreneur of FunkiFruit Drink Corner has clarify that at the time of difficulties in order to
earn high profit is tough. Therefore, to manage financial situation so that management require to
reflect on few principles which are given below:
Budget must be properly formed: It mainly focuses on the effective resources in order
to achieve business objectives and goals. In this manger of FunkiFruit Drink Corner should
evaluate the financial performance on the daily basis and always should determine the
transactions issues also focus on the different changes within the company situations.
Budget should be based on effective analysis: It identifies that manager of this
respective company should prepare the financial budget as per their goals and missions
effectively. For this company should make proper financial techniques in order to increase the
future benefits (Foster and Carver, 2018).
Realistic financial result should mainly compared with daily basis budget activity:
This principle will help to company in order to reducing their transaction errors and few changes
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within the business environment also calculate the financial aspect efficiently. Therefore,
manager of drink corner company ensures that unnecessary expanses will avoided.
Determine the condition when financial result exceeds the planned fund: In this
condition, manager of representative company should identify the reason beside the variances of
financial result and consider various strategies in order to take correct actions.
For this, type of expenditure and realistic source of income can be keep in general
households on the basis of every month, which are given below:
Therefore, It has been recommended for managers of the FunkiFruit drink corner in order
to make good financial statement, for managing the financial performance in an appropriate
manner. As per this they should also require to make debtors trial balance, working capital,
inventory recourse as well as financial ratio effectively. It will helps in order to determine the
actual cash flow for the financial activities (Dirrigl and Noe, 2018).
P2. Double entry book keeping system of credits and debits in order to record sales and purchase
transactions in the general ledger.
In the term of accounting double entry book-keeping system is a system which keeps
bookkeeping effectively. The double entry book keeping system has corresponding and equal
phase in the form of debit and credit cards. In reference to the FunkiFruit drink corner requires to
ensures that equation of accounting like assets, sum liabilities of owners will be managed
accordingly. For the understanding of this there are few tables are given below:
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Trial balance
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In order to make trial balance in the any kind of ledger account there are two types of
terminologies that s debit or credit. There are the sum total of both accounts are following as
under:
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P3. Balance off rule in order to complete the ledger.
Balancing off rule identified that in the different situation where account consist both
credit and debit entries and this concept followed by the balance off rules in the accounting
manner. So that this process will helps in identifying the current financial performance within the
business. There are few ledgers are given below in the form of table:
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TASK 2
P4. Review the several stages of HR life cycle in order to apply in a particular hospitality job
role and their significance for retaining and developing talent.
In the present scenario huge role are played by the HR department in order to maintain
the workforce planning, retaining and developing effective talented workforce. In reference to
the restaurant business, in which HR manager perform their 5 stages in order to develop and
retain the workforce effectively (Eltayeb, 2018). It includes in different aspect that is
recruitment, education, evaluation, celebration and motivation which are given below:
Recruitment: It is the first stage of HR life cycle in which HR of the company able to
take right decision in order to hiring the right people for particular job role effectively. Its also
responsible to preparing the strategic recruitment process in order to gain goals and objectives in
an effective manner. With the help of this HR can easily hire the chefs for their restaurant in
order to analyse the benefits and compensation so that this strategy can attract the talent
management in an effective manner.
Education: As per this HR manager can lead their team members effectively so that
employees can start their work easily with their particular position in the organisation. That's
why every employee should know their responsibilities efficiency. In context to FunkiFruit drink
corner their HR should communicate with the every people of company and assign work to them
so that they can easily cook and able to create good environment within the organisation.
Evaluation: In this stage of HR life cycle, supervisor measures the overall performance
of the employees of company in order to increase the working efficiencies effectively. In regards
with FunkiFruit drink corner, their HR manager should support and evaluate the employees on
the everyday basis. Wherein, training and development programme as HR department providing
to their employees in an effective manner so that it can boos the level of employees in a better
way.
Motivation: For this, HR manager of FunkiFruit drink provide different level of
programmes in order to make them motivate. With the help of this employees can get in crease
their growth effectively.
Celebration: This is the last stage of HR life cycle which gives lot of rewarda and
benefits to the employees in order to enhance their working capabilities easily. In context to
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FunkiFruit drink manager also give incentives and rewards to the employees. This process makes
people enthusiastic and energetic effectively (Mejia and Torres, 2018).
Importance for retaining and developing talent:
In order to selecting, hiring and creating good workforce it is very much important for
HR manager of FunkiFruit drink corner should understand the entire concept of HR as well as
employee life cycle. It will be very much helpful for the company in order to expand their
business without any issue. In regards with talent management or retention it resolve the issues
helps for long period of time. With the help of this several stages of HR identifying the
employees sources effectively. Along with this it develop the employee motivation and tgheir
working level easily in an effective manner.
P5. Develop the management plan for a particular hospitality job role applying techniques to
resolve negative behaviours and reduce the issues of staff retention.
Management Plan:
It is a blueprint for the organisation way in which long term and every day process are
involved effectively. In order to increase the different things like handling money, dealing with
the actual work of the company for manage business operations effectively. Management plan
generally based on these things which are given below:
Accomplish goals: In order to achieve the particular goals company HR has to bring
innovative ideas or thoughts so that they can easily influence people in an effective manner. In
reference to FunkiFruit drink corner needs to apply good thought so that they can easily exist in
the market for long period of time.
Availability of resources: This is the very important plan of marketing in order to
achieve competitive advantages in an effective manner. In context to FunkiFruit drink corner
their manager has to focus on the all factors of company so that they can easily fulfil the workers
demand efficiently. If resources are available at the good manner than it positively influence the
company's employees in a particularly manner.
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Techniques to resolve negative behaviours and reduce the issues of staff retention:
Listen: This is a very effective technique in order to resolve the employees issues in an
effective manner. With the help of this, company manager can give attention to their employees
and fulfil their demand within the company. This process helps in increase the staff-members
working level perfectly (Godnov and Redek, 2018).
Work through the company's processes: As per this company manager improve their
organisation function which is exactly want employees effectively. In reference to FunkiFruit
drink corner they always try to overcome employees stress so that they can easily work in the
company and able to share every situation in a good way.
Therefore, these are the every essential and important techniques in order to overcome
the staff members issues in a better way. With the help of this company manager of FunkiFruit
drink corner can develop new strategy according to their company culture demand which affects
people or employee of the firm effectively.
TASK 3
P6. Specific legislations adhere within the hospitality organisations.
According to the several laws which are mainly followed by the hospitality organisation
that involves in different kind of legislation, which are following as under:
Equality Act, 2010: As per this act, each an every organisation is responsible in order to
treat their employees in a equal manner. By this employees can work in a easy way without any
issues in order to attain goals and objectives in an effective manner. Management system of
FunkiFruit drink corner follow this efficiently in order to make their employees happy and
treated them equally within the organisation.
Health and safety regulation, 1981: According to this act, company is responsible for
following all these laws of this act easily. By this act company can provide lot of safety tools to
their employees and also able to reduce health issues within the organisation. In regards with
FunkiFruit drink corner that can offer healthy and safety environment to its employees which
protects them by negative environment.
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