Hospitality Business: Financial, HR, and Performance Management Report

This report provides a comprehensive analysis of financial management, HR cycles, and performance management within the hospitality industry, using Dream Connect Hotel as a case study. It begins by investigating principles of managing and monitoring financial performance, including recording income and expenditure, defining key financial terms, and applying double-entry bookkeeping. The report then delves into the different stages of the HR cycle, evaluating their importance for talent retention and development. It includes a review of HR processes, documents and performance management plans. The report also examines relevant legislation, explores the interrelation of functional roles, and analyzes communication and coordination methods within a hospitality department. Finally, it offers a detailed performance management plan, applying various techniques to resolve potential issues.

Hospitality
Business Toolkit

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
Investigate principles of managing and monitoring financial performance................................1
TASK 2............................................................................................................................................4
Different stages of HR cycle applied to specific hospitality job role and their importance for
retaining and developing talent...................................................................................................4
Evaluate the importance of HR lifecycle in relation to strategic talent management.................5
Valid judgement and recommendation on how HR processes and documents can be improved
.....................................................................................................................................................6
Performance management plan for specific hospitality job role applying techniques to
resolved.......................................................................................................................................6
TASK 3............................................................................................................................................8
Identify specific legislation that hospitality organisation has to comply and adhere..................8
Using specific examples illustrate how company, employment and contract law has impact on
business decision making............................................................................................................8
Examine the potential implications of regulations, standards and legislation upon decision
making in hospitality organisation..............................................................................................9
Critically reflect on potential impact of regulations, legislation and ethical principles upon
decision making..........................................................................................................................9
TASK 4..........................................................................................................................................10
Explore how different functional roles within hospitality sector interrelate.............................10
Explain different methods of communication, coordination and monitoring applied within
department of hospitality organisation......................................................................................12
Analyse how different methods of communication, coordination and monitoring within a
specific department achieve organisational objectives.............................................................12
Critically analyse different methods of communication, coordination and monitoring within a
specific department of hospitality organisation........................................................................13
CONCLUSION..............................................................................................................................13

INTRODUCTION
Hospitality industry is the board category of sector within service and facilities which
includes event planning, lodging, them parks and travelling and additional fields within tourism
industry. The sector mainly deals with large number of people who are come to visit and feel
comfortable in the hotel (Langvinienė and Daunoravičiūtė, 2015). In hospitality sector, business
concerns are developing and executing innovative strategies and policies which assist them in
reach with high growth and success level in the market place. The report is based on Dream
connect hotel which is situated in London and they are mainly deal in food, beverage,
accommodation and other services. The main motive of this assignment is to analyse principle
for managing the financial and it is applied double entry bookkeeping system on transaction in
ledger. This project is review the stages of HR cycle that are used for job role in hospitality
industry.
TASK 1
Investigate principles of managing and monitoring financial performance
(a) Recording all expenditure and income with the help of table:
Incomings Outgoings
Wages Weekly food shopping
Gifts Clothes
Benefits Gifts
Allowances Household utility bills
drinks
Lunch purchases
(b) Explain following terms as pertain in hospitality industry:
There are various terms which are described as under: Sales – It refers to the exchange of goods, services and property for money, sales and the
total amount of capital that a business receives from selling of products and services
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(Bowie and et. al., 2016). In Hospitality industry, manager sales huge amount of services
and facilities among customers which can be used for higher the income and profitability. Purchase – This is that term which refers to a business or organisation attempt for
acquiring effective products and services in order to reach with desired goals and targets.
There are various hospitality industry which can set standards in the purchasing
procedures, process can different between organisation. Dream connect hotel can use this
system for maintaining and managing all purchasing process which occurs within an
organisation (Oskam and Boswijk, 2016). Input cost – It is the cost of direct material, direct labour and other overhead items which
indicates the production of products and services in proper manner.
(c) Double entry bookkeeping system of debits and credits to recording:
Double entry book keeping system – This is that system where business transaction are
recorded in twice manner in the books. It is ensure about that amount added in debit side is
matching with amount mentioned on credit side (Xu and Gursoy, 2015). Dream connect hotel
can use this system which assist in determining profitability along with expenses.
Particulars Debit Credit
Cash in hand (Overdraft) 10700
Petty cash expenses 750
Cash sales 3350
Credit card sales 14795
Free issues 575
New kitchen equipments 6540
Food purchase 7900
Beverage purchases 12970
Purchase return 200
Discount received 2300
Credit notes 190
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Rent 2850
Utilities 475
Functions and events (Income) 5967
Wages 4590
Debtors 700
Till shortage 152
37502 37502
Balance off rule – At the end of an accounting year all the accounts of business entity
are being closed and such things are not closed their balance which are carried out to the next
year. It is the procedure which is called balancing off (Gursoy and Sandstrom, 2016). The main
purpose of this is to analyse that information which is added in the journals and ledgers are
correct or not. For Dream connect hotel, it is essential to balance off all the accounts at the end of
accounting year so the actual performance of an organisation can be analysed effectively.
Particulars Debit Credit
Bank loan 12000
Cash in hand 11700
Capital 13000
Rates 1880
Trade creditors 11200
Purchases 12400
Sales 14600
Sundry creditors 1620
Debtors 12000
bank loan interest 1400
Other expenses 11020
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Vehicles 2020
52420 52420
Particulars Debit Credit Transaction amount
Wages 16489 16489
Gifts 24000 24000
Benefits 25000 25000
Allowances 15900 15900
Weekly food shopping 26415 26415
Clothes 17809 17809
Gifts 15000 15000
Household utility bills 3678 3678
Drinks 10032 10032
Lunch purchases 8455 8455
81389 81389 162778
TASK 2
Different stages of HR cycle applied to specific hospitality job role and their importance for
retaining and developing talent
In this, there are different stages of HR life cycle that are required for human resource
manager in order to perform their responsibility ans duty in better manner. The stages of HR life
cycle are described as follows:
Box 1 - In Dream connect hotel, the HR manager has placed the advertisement on social media,
websites and different sites of the company for vacant position.
Box 2 - In this stage, candidates are interviewed by the HR manager. The interview is based on
skills, knowledge and experience where HR manager has decided for taken interview of
candidates who are perform activities and functions to reach with desired goals and objectives.
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Box 3 – Good questions:
 What do you know about the company operations ?
 What are your expected salary package ?
Bad questions:
 What are your weakness which directly affect on organisation ?
 Why did you leave your previous company ?
Box 4 – Induction is required for new workers which help in understand in reaching with
working, mission, vision of an organisation where they are recruited. This will help them in
providing information regarding working surroundings, number of workers, working attitude and
behaviour, etc. to the new candidates who are selected in the company.
Box 5 – This is the procedure which assist in evaluating and monitoring all new employees
performance for analysing their skills and capabilities in order to perform job profile. Employees
can get opportunity for learn new things which assist in performing better functions. With the
help of effective review, HR manager can compare the actual and anticipated performance of
new recruitment. When company goals are easily reached so that the performance and
productivity of the company will be increased.
Box 6 – In this procedure, a candidate gain learning opportunities which are provided to staff
members that can helpful in enhancing skills and capabilities. When an employee are equipped
with accurate skills, they can perform work in proper manner in order to reach with desired goals
and objectives.
Box 7 – This is the process of advance planning for gaining future opportunities such as
promotion. Along with this, HR manager plan promotion activity for recruiting new employees
that can be used for future motives at the time when existing leaders of company exit from the
business. The planning is essential because at the time when current leaders leaves their position
so new candidates required to promoted in such place.
Box 8 – In this process, staff members are generally leave from an organisation due to some
personal and professional grounds. The major reason are when employees of company are
dissatisfied in their working due to disputes or conflicts which create among employees. This
dissatisfaction are protecting while executing new strategies that can provide healthy
surroundings and it can reduces the disputes or conflicts among workers.
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Box 9 – The exit interview is done by HR manager in order to determining main causes and
reasons of staff members who leave from an organisation. There are some questions which are
asked by HR managers that are described as under:
Q1. Why do you want to leave the firm?
Q2. Did you get any better job opportunity any where else?
Q3. Is their any issue with the employees which is bothering you?
Evaluate the importance of HR lifecycle in relation to strategic talent management
The importance of HR life cycle is to easily analyse their employees skills and
capabilities in order to gain high income and profitability. It will assist in maintaining and
managing all business operations and its functions by recruiting skilled and talented staff
members effectively (Adeola and Ezenwafor, 2016). The main importance of HR life cycle are
described as under:
 With the use of promotional channels, organisation can easily save and consume time
and it will help them in reach with desired customers.
 Another is interview which is helpful in analysing each candidate skills and capability
and identify whether he/she is capable for suitable job role.
 Good and bad questions assist in recognise candidates previous history and further
details which are required for firm records.
 The induction process help new candidate in identify organisational current strategies,
policies and mission or vision when they are recruited.
 With the review of whole performance, manager can easily analyse their staff members
capability and ability of doing work in given time period.
 Learning and development is essential because this will assist employees in performing
good work and task in order to reach with desired goals and targets.
 Promotion is the required stage where manager analyse all staff members performance
and according to this, they are promote them. This will help in increasing satisfaction
level and motivate them (Kim, Vogt and Knutson, 2015).
 The exit is the issue where HR manager required know about leaving issue and does not
repeat same thing which is create problem in future time period.
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 Exit interview is important for analysing employee demand and need which can be
fulfilled by organisation in better manner. This is required for manager is to ask question
related to issue which are faced by them in firm.
It can be analysed that there are various issues which can be overcoming with employee
retention is that training and development sessions is conducted for enhancing their skills and
knowledge in proper manner.
Valid judgement and recommendation on how HR processes and documents can be improved
It can be recommended that HR procedures and documents can be improved for
effectively planning of talent throughout the HR lifecycle. Dream connect hotel can analyse
whole HR lifecycle through this they can easily monitor and measure employees performance as
well as their documents (Köseoglu And et. al., 2016). For example, there are various documents
which can be helpful in HR lifecycle such as analyse job profile, use profile to create a hierarchy
structure, development of business staffing plan and so more.
Performance management plan for specific hospitality job role applying techniques to resolved
A performance improvement plan is also known as a performance action plan which is
the method and tool that provide an employee with performance deficiencies towards success
and opportunities. This may be used for addressing failure that is reach with specific job goals
and targets in better manner. This is discuss the significance of focus in any plan which assist in
make improvement in employees performance in the workplace (Mikhalkina and Cabantous,
2015). Apart from this, the role play script for worker who is rude with colleagues that are
discussed between employees and manager of Dream connect hotel which are described as
follows:
Script 1:
Manager: From past few days, I am noticing that Mr. George is come late to office and
also leaving at daily time period.
Employee: Yes sir, it is true. He is delaying from last 5 days for the office.
Manager: Did you know what is the main reason behind why he is coming late on regular
basis?
Employee: No sir, I really don't know but the staff members was saying that he is face
some issues related to his health.
Manager: Okay, why he is come late to office ?
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Employee: Maybe sir, it is because he is face some issues regarding health due to this he
is not able to wake up early and depressed.
Manager: OK, but why don't he take any medical leave.
Employee: Sir, he tried for this but due to loss of pay he rejected the leave and continue
the office. Also he tried to convey his issue to HR manager but they are giving proper response
and attention to him.
Script 2:
Manager: From several days, I am noticed that Mr. George has come late to the office
and also leaving at regular time.
Employee: Yes sir, it is very true. He is come late from last 5 days.
Manager: Do you know what is the main reason behind why he is coming late ?
Employee: No sir, I really don't know what is the main issue and problem with his health.
Manager: So why he is coming late?
Employee: Maybe sir, it is because he is having particular issue with his health due to this
he is not capable for wake up early in the morning.
Manager: OK, if this is the situation so we need to praise him for working so hard after
having such medical issues.
Employee: Of curse sir, but we need to ensure that he may not get worst.
Manager: Yes sir, there is standard process for such cases. We will praise him then will
also give him medical leaves for taking proper treatment.
Employee: Great sir, through this his motivation keeps enhancing which help him to get
well soon.
Overview of issues in talent acquisition and retention with food and beverage sector
In an organisation, food and beverage is most growing and development which consist
with desired demand and requirements in hotel. There are some issues which mainly focus on
staff members that are described as under:
Sudden changes in the industry – In this context, customers are more demanding and
their neds are changes rapidly so that an organisation have to make proper modifications in their
products and services as per their preferences. Dream connect hotel required to changes in their
goods so that they can gain attention of large number of buyers.
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Related factors to a specific hospitality job in food and beverage industry - In this
context of Dream connect, they have to select appropriate candidate who have ability and
capability to handle and manage all situations which occurs within an organisation. The main
reason behind that consumers are more demanding and it will develop or create issues in front of
HR manager.
TASK 3
Covered in PPT
TASK 4
Explore how different functional roles within hospitality sector interrelate
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Illustration 1: Organisational chart for Theme Park, 2019
(Source: Organisational chart for Theme Park, 2019)

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Illustration 2: Food and Beverage Department Organisation chart, 2019
(Source: Food and Beverage Department Organisation chart, 2019)
Illustration 3: Hotel organisation chart, 2019
(Source: Hotel organisation chart, 2019)