TRENDS IN HOTEL INDUSTRY

Key trends affecting International Hospitality Businesses

Key trends affecting the management of International Hospitality Businesses

Introduction

The phenomenon of globalization has changed the face of earth, which refers to transference of people, goods and services and ideas from part of the world to another. This transference of goods, services and ideas have created new dimensions of leading lives, making it happier, more delightful and even more exciting. One of the important elements present in the phenomena of globalization is the emphasis on services industry, shaping the activities of new business world. With spread of education in less developed countries, people are inclining more towards services rather than consuming products. This trend has compelled the service industry to focus on the provision of high quality services, irrespective of the area of business.

The business activities are segmented in three types of markets that is primary, secondary and tertiary market. Most of the developed economies of the world are thriving on the success of tertiary market. Hospitality industry lies in the category of tertiary business, contributing positively in the GDP of the countries. It should be taken into account that apart from having economic impact, tourism also places immense impact on the environment of the area, which has to be considered by the concerned authorities to ensure retention of the tourist value of the sites. Tourism does not only assist in converting local goods and services to export goods but at the same time, it also plays its part in boosting the economy of the area by providing additional income to the concerned citizens.

Changing trends of hospitality business

Declining economic condition of developed countries

The economy of any country is dependent on a number of industries present and operating within a country, with tourism and environment holding special position as means of attaining foreign exchange. Thus, it can be said that tourism has an important part in the designing and planning of the overall economic policy of the country. It should also be noted that specific claims regarding progress in tourism generally leads to an increase in respect of the industry among the business community. This is so because the economy of any country is linked to the success in attaining maximum possible retunes from the natural resources present in the area, which includes the tourism sites as well (Ernst & young, 2013, pp.1-20).

Managing a culturally diverse workforce

In the era of rapid technological advancement, cultural aspects are easily communicated through social media and traditional media, compelling people to exploit the opportunities all over the world. This interconnectedness between countries around the globe, give rises to need of creating new jobs all over the world. Large organizations are seeking ways to improve the working conditions for their business, too enhance the productivity of their specific business. (Baum, 2012, pp. 2-9).

Global and mobile talent market

People around the world are looking for job opportunities, fulfilling their intrinsic and extrinsic needs. They are attracted to those jobs which help in satisfying their interest and contribute ...