Analysis of Financial, HR, and Legal Aspects in Hospitality Business

This report provides a comprehensive analysis of the hospitality business, specifically focusing on the Seabourn cruise line. It begins by investigating financial management within the hospitality sector, detailing methods to minimize costs and responsibly record transactions, including the use of key performance indicators, cost-to-profit ratios, and return on investments, along with the application of trial balances and budgeting. The report then assesses the human resources life cycle, covering recruitment, selection, onboarding, and exit strategies, while also exploring different recruitment methods and strategies for staff retention, such as performance management and training. Furthermore, the report illustrates the potential impact of legal and ethical considerations on a hospitality business, emphasizing the importance of adhering to legislation and standards to provide quality services. Finally, the report explains the importance of coordinating and integrating various functions of departments within the hospitality sector to ensure efficient operations and customer satisfaction. The report concludes by emphasizing the importance of financial management, HR strategies, and legal compliance for the success of a hospitality business.