It provides numerous facilities in order to serve all customer needs and satisfaction. These three sectors including event management, food and beverage and travel and tourism are the major parts that bring convenience to customer. In addition, for many years, hospitality industry has played a big role in many countries and world economics in order to gain income and provide job to unemployed. In the near future, this industry will continually grow up and become the main industry that will bring positive aspects to the
The field of hospitality has been exposed to students both on the secondary and tertiary level to get them ready for the industry. The industry is said to be mostly time consuming and of a high customer service and interaction base being the reason why persons tend to shy away from it. It is also said that it can be low paying and menial and doesn?t cater for a persons? quality of life which is false. ?The industry needs individuals who are willing and ready to expand and change with it?.
et al. 2009). The hotel industry has been playing an important role as they are in so much of demand. As time when by, many new competition has come up and started growing bigger and bigger till today. And now we currently have way too many hotels in the world providing all the guest needs.
Therefore, managers tend to minimize this cost by regulating the pay and adopting hard leadership style (Boella & Goss-Turner, 2013). As a result, the jobs in hospitality industry become low paying jobs enabling the employees to search for other options as future aspirations, which enables employer to hire the temporary staff. This is because, the purpose of hiring temporary workforce is to save the overhead cost (Garsten, Lindvert, & Thedvall, 2015). In addition to that, the seasonal need for labour in hospitality industry enables employers to hire the migrants or young employees as temporary staff (Jordhus-Lier & Underthun, 2014). For example, as a result of the increase in workload in specific time periods, such as Xmas time; there is a need for staff.
Since, business operating in hospitality industry is mainly service oriented which is the crucial aspect that creates market value of the firms. However, the sales from the inventory and other aspects are not denoted with the costs of goods but rather depreciation expenses. The nature of operation affects the expenses and revenue generating streams of the company due to which there are different ratios than that of other financial ratio. However, even the ratios used in the hospitality industry are difficult to understand because of its cost control methods and purchasing procedures that impact the revenues, forecasting and other scheduling (Johathan, 2005). Therefore, the services and products offered by a firm in a hospitality industry are different due to which they are more likely to fall in different segment of hospitality industry depending on the revenue streams of the companies.
In today’s world, hospitality and tourism have become one of the large and crucial industry that plays the main role in global economy. There are many students who graduated from high school and chose to study hospitality and tourism courses since these two fields provide diverse opportunities and many career options. These two courses might seem to be indistinguishable because they are correlative to each other. Even though, Hospitality and Tourism Management are the subjects that quite similar; however, they are different in terms of curriculum, skill requirements, and career. Hospitality management is the study of managing in terms of event or places such as restaurants, hospitals, hotels, and other institutions.
Every industry to include the hospitality industry is impacted by external factors which directly influence organizational behavior and decision making. There are numerous factors to be considered, but political, economic, and social are three of the most influential. These outside factors sway managerial operational decisions daily regarding personnel, spending, policy, and short-term and long-term strategic planning concerning both core and exterior operations. As within every industry, the hospitality industry has unmanageable elements that affect management or ownership of hospitality establishments (Lewis 2017). Understanding these factors is important because it provides an opportunity for contingency planning (Lewis, 2017).
The majority of business are composed of only a handful of different businesses, but not hospitality industry. There are applies to nearly any company that focused more on customer satisfaction, held meeting leisurely needs rather than basic ones. Hospitality industry is its reliance on disposable income and leisure time. For this reason, the majority of these businesses are for tourists or rich patrons. If disposable income decreases due to a slump or recession, then these are
For developing countries, the tourism industry has an enormous contribution to the GDP, creation of jobs, exports, and creating new ventures. The key elements, however which are drivers to the growth of the industry are: Technology: There is a significant growth in the mode of reservations being done with the most significant change coming through the mode of mobility. Marketing and sales need to be aligned to be mobile friendly and provide a seamless user experience across all mediums. Other major technologies which are expected to play a major role in the near future are upcoming technologies like Internet of Things (IoT) and Wearables. Tailored packages: Travelers are constantly looking for customized or personalized packages, or offer beyond the traditional offerings.
“The hotels, catering and tourism sector is one of the fastest growing sectors of the global economy. It is also among the top-job creating sectors because of its labour intensive nature and the significant multiplier effect on employment in other related sectors. The field of hospitality has been exposed to students both on the secondary and tertiary level to get them ready for the industry. Quality of life is a wide statement which can be compared to a big tree and its branches would be its characteristics such as; working conditions, Demands and responsibilities, Gender, Happiness, Health and many others. E.C.C students in the hospitality programme will have vast impacts on their quality of life now understanding the term and also the Hospitality Industry.