Hospitality Business Toolkit: Travelodge Report - [Course Name]

This report provides a comprehensive analysis of Travelodge, a leading UK hotel brand. It examines the principles of financial performance management, including budgeting and resource allocation, and applies double-entry bookkeeping to record sales and purchases, culminating in a basic trial balance. The report further delves into the HR life cycle, detailing stages from planning and attracting talent to selection, development, retention, and transitions, specifically within a hospitality job role. It presents a performance management plan, addressing issues such as unclear goals, ineffective communication, lack of motivation, and inadequate skill development programs. Finally, the report outlines the relevant legislation that Travelodge must adhere to, including the Health and Safety at Work Act 1974 and the Data Protection Act 1988, and discusses the impact of company, employment, and contract law on decision-making within the hospitality industry. The report also explains the interrelation of functional roles and the importance of communication methods in strengthening the organization's value chain.

Hospitality business toolkit

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
LO 1.................................................................................................................................................1
P1 The principles of managing and monitoring financial performance.................................1
P2 Apply the double entry book-keeping system of debits and credits to record sales and
purchases transactions in a general ledger..............................................................................2
P3 Produce a basic trial balance applying the use of the balance off rule to complete the ledger
................................................................................................................................................7
LO 2.................................................................................................................................................1
P4 Stages of HR Life cycle applied to specific hospitality job role and it importance for
retaining and developing talent..............................................................................................1
P5 Performance Management Plan for specific hospitality. Job role applying techniques to
resolve both negative behaviour and overcoming issues of staff retention. ..........................3
LO 3.................................................................................................................................................4
P 6 Legislation that an organization has to follow.................................................................4
P7 Company, employment and contract law affects the decision-making in hospitality
industry...................................................................................................................................5
LO4..................................................................................................................................................7
P8 Explaining how the various functional roles interrelate with each other..........................7
P9 Methods of communication, coordination and monitoring helps in strengthening the value
chain of organization..............................................................................................................9
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................13

INTRODUCTION
Hospitality industry is a wide industry of service management which provide service
related to lodge, food and drinks, transportation, event planning etc. There purpose is to provide
quality of service to there customers and to satisfy there visiting guests so that they have a long
lasting experience. The present study is based on Travelodge which is leading hotel brand in UK
and founded in the year 1985. It is second largest hotel brand of UK having 560 hotels and more
than 40,000 rooms with 18 million customers. Report includes principles that are needed to be
follow for managing financial performance of the business. Further the report includes journal
entries, ledger and trial balance. Study also includes life cycle of human resource and plans they
use for performance management. Moreover, The report includes legislation requirement and
inter relationship between the functional roles with a description of communication
methods(Anderson and et.al., 2017).
LO 1
P1 The principles of managing and monitoring financial performance
The major work of Travelodge is to monitor and control financial performance of the
business by determining whether they are using resources of the company for effective
management or not. This also includes how efficiently they are using these resources to generate
profit for the organisation(Bowie and et.al., 2016).
The principles of managing and monitoring financial performance of Travelodge includes:-
 Analyse each and every activity of the business and accordingly prepare the budget of the
Travelodge(Bruce and Stephens, 2017). Allocate various resources of the business as it is
very essential part to achieve organisational goals and finally preparation of budget of the
company by analysing various future aspects of the business should be there.
 This will include assessing of core activities of the business and identifying efficiency of
the business so that it can be check out where the company is lacking behind and not
matching the expectations(Ervin, 2016).
 Another way to manage and monitor financial performance of the business is to measure
day to day financial performance of the business and take appropriate measure for its
improvement.
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 The standard of performance of the business and budgeting is compared at the end of
financial year by the owner of the Travelodge.
 If any variation is seen by the owner they find the root cause of such differences and
evaluate the problems and take correct measures for improving the activities of the firm
so that they can match with the standard which has been set for the achievement(Buglear
and Castell, 2019).
Following were the basic principles that Travelodge owner applies in measuring and
monitoring financial performance of the company. These measures help the organisation to take
effective decision so that performance of the organisation can be improved as monitoring this
can help to improve quality of decision making and will take organisation in right direction so
that it can perform well in long run of the business. This also helps in reviewing progress of the
business and knowing financial position of the firm in market. This also includes proper planning
and controlling the business activities by monitoring them and evaluating different possible
resources which can help in achieving overall business objectives(Filimonau and Delysia, 2019).
P2 Apply the double entry book-keeping system of debits and credits to record sales and
purchases transactions in a general ledger
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3

Ledger a/c
4

5

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P3 Produce a basic trial balance applying the use of the balance off rule to complete the ledger
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LO 2
P4 Stages of HR Life cycle applied to specific hospitality job role and it importance for retaining
and developing talent
Talent management is the process of identifying vacant positions, hiring appropriate person ,
developing skills and specialisation and for matching the position and retention with
achievement of long term business objectives(Foster and Carver, 2018).
The HR life cycle starts with:-
Planning
 Foremost step of the HR life cycle is planning what kind of talent it requires for running
its operations. The company has to analyse its requirement in terms of human capital for
performing the business roles effectively.
 Developing key roles and job description will help the Travelodge to find out the right
candidate. Travelodge can prepare a workforce plan for the recruitment process.
 Planning will help the company in hiring the candidates as per the exact requirement of
the company and it will enhance the selection process the company will get to know the
exact role required to play by the company(Fyfe, Seaman and Bent, 2018).
Attracting
 Attracting qualified persons and selecting the perfect candidate is the key competency for
any organisation and success in this step will help Travelodge in building a successful
organisation with a pool of talent.
 Deciding the whether sources for Recruitment will be external or internal for attracting
the perfect individuals to fill in the position on the vacant places. Travelodge can use
various job portals for attracting the talented candidates.
 This will help the company in attracting the candidates from all around the nation which
provide the company with large variety of candidate to choose from and the company
will be hiring the best candidate from the crowd which will help the company in
achieving its business objectives(Higgins-Desbiolles, Moskwa and Wijesinghe, 2017).

Selecting
 It is one of the most important step of the HR cycle as it deals with selecting and
recruiting the most appropriate candidate for the job profile. Once the Travelodge is
available with more than required number of candidates it will go for the selection
process.
 Selection of the best candidate is no doubt a time consuming process but will reward the
Travelodge with the best candidate. Various selection method will produce different
predictive values.
 Conduct Interviews to for the potentials of the candidate to allocate him the most suitable
job. Scrutinizing will help the HR in hiring the most appropriate human resources for the
company(Hsu and Stanworth, 2018).
Developing
 This stage involves developing and enhancing the employee for organisation and for
specialising in the job profile. Travelodge will be conducting on boarding programs and
various orientation programs for employee development.
 This will help the company in enhancing the skills, personality and proficiency of
personnel for matching the job profile of the company and to continue in delivering the
best outcome.
 Proper guidance, counselling and mentoring employees at various will help the HR
department in retaining the talents in the company for long(Mejia and Torres, 2018).
Retentions
 Retaining employees has become the key consideration for the HR department of the
Travelodge. Company spends a handsome amount on the recruitment and training of the
employees therefore high employee turnover will become costly for the company. HR
can retain the employees by motivating them through increments and promotions.
 Assigning them special assignments will boost the confidence of the employees to
perform better and better. Identifying and appreciating the efforts of the employees will
give the employees feeling of recognition and their importance in the organisation(Nayak
and Taylor, 2018).
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Transitions
 This step is inevitable but can be reduced to minimum with constant efforts by HR. Exit
could be because of any reasons retirement, family issues etc. hunt for a new challenge.
Travelodge must conduct an exit interview for knowing the reasons of their leaving the
company(Queckenstedt and et.al., 2017).
 This provide the company with the opportunity to improve the reasons of the leave and
lowering down the employee turnover.
P5 Performance Management Plan for specific hospitality. Job role applying techniques to
resolve both negative behaviour and overcoming issues of staff retention.
Unclear Goals
The company is facing very conflicts between the management and the staff as they are not
having the clear objectives and goals to achieve(Anderson and et.al., 2017).
Ways to overcome:-
HR department of the Travelodge should lay proper goals of the company for the
employees to move in the right direction. HR should communicate the goals properly to the staff
so that there is no misunderstanding. The chances of achieving goals are much higher when they
are properly understood. So the HR department should focus on getting the objectives and goals
clear to the company(Bowie and et.al., 2016).
Ineffective Communication
Ineffective communication leads to various problems in the organisation which need to
be overcome for the success of the company(Buglear and Castell, 2019).
Ways to overcome:-
Communication can be improved by giving undivided attention to the employees or
anyone with whom the meeting or interaction is held. Giving focus will help in getting things
right. Communication can be written for any official order to have evidence. Exchanging
information will help in reducing communication gap between the management and the
employees(Bruce and Stephens, 2017).
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