Hospitality Business Toolkit

Investigate the different principles of managing and monitoring financial performance

Managing as well as monitoring financial performance is important for every business organization to improve their overall performance level. For this, there are different principles which followed by Nutritious diet to manage their financial performance. All these can be understood by following points:

Organize your Finances: It is one of the important step of managing financial performance of business organization. In this, it is necessary for company to track as well as manage all the credit cards, bank accounts, personal loans brokerage accounts, mortgages, car loan and many more (Bowie and et.al., 2016). With the assistance of this, manager can easily track accounts, and payments which improve the overall performance of the company.

Pay attention to taxes: It is also important for manager to consider the tax within their financial activities. For this manager of Nutritious diet use the financial planning software which support in managing all the information related to tax.

(a) Recording all expenditure and income with the help of table:

(b) Explain following terms as pertain in hospitality industry:

In this, there are various terms which can be understood by following points:

• Sales: This term refers to the exchange of good, services and total amount of capital that organization receive from the selling of the products. In context of Nutritious diet, manager sale quality services to its customers for attaining higher profitability level.
• Purchase: It is one of the important term which used by the business organization with the aim of acquiring quality products and services to attain set target. In this context, there are different hospitality industry which includes effective purchasing procedures to gain desired goals and objectives (Kysilka and Csaba, 2013). In this Nutritious diet use this type of system to maintain as well as manage purchasing process in order to improve the performance level.
• Types of cost: There are various type of cost which implement at the time of running business activities. Mainly, it is a combination of all kind of expenses that faced by company while delivering services to its customers. In context of this, Nutritious diet includes different costs such as fixed cost, variable cost, semi variable cost.

(c) Double entry bookkeeping system of debits and credits to recording:

Double entry book keeping system: It is one of the important system in which all the business transaction is recorded in twice time in the books. Mainly, it is ensure about the amount that added in debit side is matching on credit side (Legrand, Chen and Sloan, 2013). Nutritious diet use this kind of system which help them in evaluating the profitability with all the expenses within the organization.

Balance off rule: This is also an important entry which is related with the end of accounting year in this all the business activities are closed and their balance are carried to the next year (Singh2015). Mainly, it is process which is known by balancing off. It help in analysing information which is entered in the journals and ledgers to ensure whether it is correct or not. In context of Nutritious diet, it is important for them to balance off all the accounts at the end of financial year so that entire performance of the company can be analysed appropriately.

TASK 2

Different stages of HR cycle applied to specific hospitality job role and their importance for retaining and developing talent

Nutritious diet manager conduct evaluation for hiring appropriate and effective candidates for vacant position of receptionist, that is mentioned below:-

Box 1: For vacant position respective company conduct advertisement on print and social media and job portals.

Box 2: For deciding effective participant Nutritious diet manger scan resumes and do face to face interaction.

Box 3: Interview Questions

• Do you confident enough to handle phones call effectively?
• Are you familiar with current software which is use by receptionist or at reception areas?
• Do you think you can handle every situation in effective manner?
• Do you have any experience or certificate of speed typing?

Box 4: For effective induction and on boarding programme manger of Nutritious diet conduct or organise welcome at which they inform about company and its rules. Along with this company also design training sessions.

Box 5: For reviewing employees performance in appropriate and effective manner Nutritious diet conduct comparison and analysis of staff performance.

Box 6: For enhancing learning and development session Nutritious diet conduct training and development sessions. In this they provide training related to new software and software they are using, how to attain calls in effective manner and many more.

Box 7: Promotion related to activities by which employees of a company get increment according to there performance and work. So manager of Nutritious diet evaluate and analysis performance of employees on regular basis and promote or appraise them accordingly. By this employees feel motivated and connected.

Box 8: It is a situation when employees feel demotivated and didn't want to work more in same company, basically they feel disconnected with organisation. For this manger of Nutritious diet develop strategies to promote employees and retain them for long time. For this conduct promotional activities, organise parties and many more.

Box 9: Exit interview questions

• Why are you living your position?
• Do you have any advice or suggestion for company?
• What is your likes and dislikes related to job and company?

Evaluate the importance of HR life-cycle in relation to strategic talent management

HR life-cycle is one of the important aspect for every business organization to analyse workers skills and capabilities with the aim of attaining high profitability level. Along with this, it also aid in maintaining entire operational activities of the company by hiring as well as recruiting skilled and talented staff members (Legrand and et.al., 2012). This will aid in enhancing the positive image of the company. In this context, there are some importance of HR life cycle for Nutritious diet are as follows:

• Promotion channels provide support business organization to save time through which company can easily reach their potential customers at market place.
• In interview, organization can easily analysis skills and capabilities of candidates to evaluate whether they are suitable for job role and activities.
• Good and bad questions help in analysing past experience of the workers in detailed manner.
• Induction process also contribute in providing information about organizational mission, vision and its new strategies when they are recruited.
• By reviewing entire performance, HR manager of business organization can easily analyse workers abilities to perform its activities at workplace.
• Training and development help in improving employees working abilities through which they can easily attain their set goals and objectives in allotted time frame.
• Promotion is essential stage in which manager of the company analyse workers performance. By this they easily motivate them towards the working activities.
• Exit is an issue in-front of manager in which they needs to know about employees leaving issues because it negatively impact on overall performance of the company.
• Exit interview is play vital role in analysing workers needs and wants which can be satisfied by the company. In this, manager of company ask various questions to workers in order to identify the issues and its caused as well.

Valid judgement and recommendation on how HR processes and documents can be improved

It is important for business organization to improve HR processes and documents. Thus, it can be recommended that, effective planning of talent by HR life cycle help in improving the processes (Nickson, 2013). In context of Nutritious diet, they needs to evaluate entire HR life cycle so that they can easily analyse workers performance. As there are various documents like job profile, hierarchy structure, development of business staffing plan and many more. All these are help in HR life-cycle in order to evaluate the overall performance of the workers at workplace.

Performance management plan for specific hospitality job role applying techniques to resolved

Performance management plan is a technique and method which help an organisation in enhancing there employees performance in order to attain goal and objectives in effective and appropriate manner (Sipe, 2013). Nutritious diet adopt and implement performance management plan which help them in enhancing performance of employees and now they able to grab opportunities in effective and appropriate manner. By this they also able to conduct and accomplish there work in proper way in order to attain goal.

Below role play script is mention which is based on discussion of issues that is rude behaviour of employees at respective company.

Script 1:

Manager: From past 7 to 8 days I am observing that Mr. Jones is behaving wired with each and every employees at a company. He is not even handling customers well. Do you have any idea why he is behaving like this?

Employee: Yes sir, I discussed him, he says that he is feeling over burdened and over pressure due to work. According to me respective issues is happing to Mr. Jones due to this.

Manager: Okay yes I am feeling this, so do you have suggestion to rescued this situation?

Employee: Yes sir, According to me you can increase numbers of members in Mr. Jones teams which reduce his work pressures and he will able to perform in proper and effective manner.

Manager: Yes I am thinking so and I also want to organize some training and development session related to overcome stress and work pressures of Mr. Jones and other employees too.

Employee: Yes sir, this will be great idea and by this every employees will perform effectively and we able to attain goal in proper manner.

Script 2:

Manager: From past 7 to 8 days I am observing that Mr. Jones is behaving wired with each and every employees at a company. He is not even handling customers well. Do you have any idea why he is behaving like this?

Employee: No sir but once I went to ask him about his behaviour.

Manager: Okay then what he reply?

Employee: Mr. Jones says he didn't want to talk to anyone and he didn't care what other feel about my behaviour. Sir he is behaving very wired and rude to every one no one want to talk to him.

Manager: Okay this is very wired, kindly inform and drop mail to Mr. Jones that if he didn't improve his behaviours in next 5 days then company has to take strict action against him.

Employee: Yes, sure sir I will inform Mr. Jones.

Identify legislation in hospitality organisation

There are different legislation which is important for Nutritious diet to follow within their business activities. All these can be understood by following points:

Equality act, 2010: This type of act help workers from any kind of discrimination at workplace. Mainly, it states that workers not be discriminated on the basis of culture, gender, age, sex and many more (Pirani and Arafat, 2014). In case laws and regulations are not followed by Nutritious diet then it reduce workers motivation at workplace.

Health and safety at work act, 1974: This act is related with the health and safety needs of the worker at workplace. In this company needs to provide proper training to employees so that they can easily perform their task and activities at workplace. Along with this, it is also important for business organisation to ensure about employees health and safety while executing their activities at workplace.

Minimum wages act, 1998: It is one of the important act in which company needs to provide minimum wages to workers as per specified terms. In this context, minimum wages for workers of 25 age is £7.83 per hour, for employees whose age is 21 to 24 is £7.30 per hour and for 18 to 20 age group of employees is £5.80 per hour. All these wages are important for company to provide its workers.

Examples illustrate how company, employment and contract law has impact

For every organization it is essential to follow laws and rules which is develop by government. This will help company in conducting and operating there business in appropriate and smooth manner. Company has to adopt laws for various activities and it is applicable to all and for different different purpose company has to develop legalisations accordingly such as company law, employment law and contract law (Benckendorff and et.al., 2015). Law which is adopt at workplace is shown as LAW which is according to there staffs. L refers to those employees who have assure respect and A indicates those employees who have some responsibility and authority in company. At last W refers to staff who didn't influence by legislation and regulation directly.

Examine the potential implications of regulations, standards and legislation

Mentioned table focus on companies that have been prevent for offence of various legislation and in it fines are also mentioned:-

Impact of regulations, legislation and ethical principles upon decision making

Regulations, legislation an ethical principles are directly put huge impact on decision making process of business organization. In this, it can be analysed that all rules and regulations are not avoid legal action as it related with loyalty among employees, honesty so that workers can easily get motivated towards the company and its activities as well (Weinstein and Morritt, 2012). Along with this, it is important for Nutritious diet to implement all the laws and regulation in order to run their business activities smoothly. With the assistance of this, company can easily reduce the chances of arsing any kind of issues at workplace.

Different functional roles within hospitality sector

Every industry create or develop there organisation chat which help them in conducting work in proper manner. Some of them are mentioned below:-

Explain different methods of communication, coordination and monitoring

For communicating, coordinating and monitoring there are various methods are available which help employer in conveying messages in appropriate and effective manner. Some of techniques which can be use by hospitality industry are posters, whatsapp chat, picture, graph, group and individual meeting, verbal and many more (Barrish, 2012). When company use these method they able convey message in effective manner in order to accomplish work in proper way.

Analyse how different methods of communication, coordination and monitoring

For communicating, coordinating and monitoring there are various method which can by a company. Method or technique which is use by Nutritious diet are individual meeting and whatsapp chat. By using this employees and employer of respective able to communicate and understand in effective manner (Higgins-Desbiolles, Moskwa and Wijesinghe, 2017). This help them in coordinating, monitoring, guide in effective manner in order to attain goal and objectives

Critically analyse different methods of communication, coordination and monitoring

It can be analysed that different method of communication, coordination and monitoring in department aid in attaining set goals and objectives in stipulate time frame. In context of Nutritious diet, company select telephone call technique to communicate with the customers. By this they easily analyse their needs and wants towards its offerings (Sobaih, Ritchie and Jones, 2012). Along with this, it is one of the effective communication tool by which manager of company can provide all the necessary information about any kind of programs to its employees. It help in improving the overall performance of the company.

Conclusion

From the above mentioned report, it has been concluded that hospitality industry is a famous and wider sector which provide various services to customers as per their needs. Mainly, it includes event planning, theme park, travelling, lodging and many more. All these are directly contribute in increasing customers satisfaction level at market place. In this context, there are different stages of HR life cycle that help human resource manager to effectively perform their activities. Apart from this, importance of HR life cycle is also aid in analysing workers skills ad capabilities in order to enhance overall productivity level of the company.

References

• Jayawardena, C., and et.al., 2013. Trends and sustainability in the Canadian tourism and hospitality industry. Worldwide Hospitality and Tourism Themes. 5(2). pp.132-150.
• Bowie, D., and et.al., 2016.Hospitality marketing. Routledge.
• Kysilka, D. and Csaba, N., 2013. Employee turnover in the hospitality industry.Anale. Seria Stiinte Economice. Timisoara,19, p.377.
• Legrand, W., Chen, J.S. and Sloan, P., 2013.Sustainability in the Hospitality Industry 2nd Ed: Principles of Sustainable Operations. Routledge.
• Singh, R., 2015. Empirical examination of the impact of total quality services on hospitality industry business.Journal of Quality Assurance in Hospitality & Tourism.16(4). pp.389-413.
• Legrand, W., and et.al., 2012. Making 20 2020 Happen: Is The Hospitality Industry Mitigating Its Environmental Impacts? The Barriers And Motivators That German Hoteliers Have To Invest In Sustainable Management Strategies And Technologies And Their Perceptions Of Online Self Help.WIT Transactions on Ecology and the Environment. 161.pp.115-126.
• Nickson, D., 2013.Human resource management for hospitality, tourism and events. Routledge.
• Sipe, L.J., 2013.Leadership for innovation in the memories business: A mixed methods study of a hospitality and tourism marketplace. University of San Diego.
• Pirani, S.I. and Arafat, H.A., 2014. Solid waste management in the hospitality industry: A review.Journal of environmental management.146.pp.320-336.
• Benckendorff, P., and et.al., 2015. Creating educator resources for online simulation-based pedagogies in tourism and hospitality.CAUTHE 2015: Rising Tides and Sea Changes: Adaptation and Innovation in Tourism and Hospitality, p.67.

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