Emerging Trends In Hospitality Industry
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Hospitality industry has an great impact on the growth rate of the hotels and play vital role in achieving the success. This report includes the effects of emerging trends in hospitality industry. Hospitality industry includes the service industry like lodging, event planning, theme parks and additional fields in tourism industry(Buonocore, 2010). Moreover, it include the effective processing to provide the best quality services to their customers. In this particular scenario, Hyatt International is a luxurious hotel and the hospitality in this hotel includes various services like maintenance of housekeepers, bartenders, kitchen staff members and their direct operations as well.
There are several types of issue that affect the business of Hyatt international in the way of growth and production and expanding the business as well.
Corporate Management Responsibility is an effective approach to achieve the success on immediate basis and it includes the environmental management and strategies for the particular organizations(Chan and Kuok, 2011). As according to its name, corporate management responsibility mainly describe in the way of imply the regulatory mechanism, ethical standards on the basis of national and international norms as well. Hyatt has an effective and several issue related to the hospitality and these factors are directly affect the performance of the hotel in recent trends as well.
The major impact of hospitality industry business on the environment of hotels has a vital role and importance. Management of the hospitality plan an effective strategy and implementing it in better way to reach the long term goal of Hyatt International. This plan is majorly include the mission, vision and goals of the hotel and plan the strategy to sustain in the market of hotel industry(Guillet, Zhang and Gao, 2011). Economic, environmental and socio-cultural sustainability these factor directly affect the industry planning, executives, stakeholders or more.
Hospitality industry plan the strategies related to environmental care, waste management and minimization, recycling, reuse, reduction in production cost this brings the cost reduction in the particular organizations(Jones and et.al., 2016).
In corporate sustainability, there are several external factors affect the organizational procedure and their operations as well. Most of the organization may apply the strategies and tactics to achieve the targets. Hospitality industry has an aim to fulfil all the needs of the consumers and provide best services and quality services as well. In fact, external factors directly affect the services of the organization and it consist the competitive environment, fluctuation in economy, changes in law and orders, drastically changes in technologies or more.
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Indirect influence is consider the drastically changes in the economy rates of the hotels. Because of that, many of the people try to avoid spending much more money in hospitality industry. Global economy is in decrement condition and by that reason hospitality and tourism business also goes down and becoming poor(Kasavana, Nusair and Teodosic, 2010). Moreover, any changes done by the government in running rules and regulation that directly affect the business of hospitality and tourism and hospitality industry has no control over these laws and orders. In addition to this, new technology invention also has a great impact on the business of hospitality. In this particular case, if the company not use the new techniques the competitor will take the advantage and it will be very difficult to sustain in the market without adopting that new techniques(Verhoef and Lemon, 2013). Technologies directly affect the success and growth rate of the Hyatt international or their providing services as well.
Sustainability is the major factor in hospitality industry, in which it consist the behaviour and decision of consumers, investors, stakeholders who are involved to the industry in direct or indirect way. This factor ensures that efforts and commitment to the environment of hospitality and the responsibility which is focuses on the advantage of the firm. There are many factors which are used to improve the services of hospitality and become an eco-friendly organization. To sustain in the recent trend of hospitality industry, it is very important to build a strategic planning for maintain the services, production and quality rate as well(Kusluvan and et.al., 2010).
Management responsibility is the process in which manager and leader has to be understand their roles and responsibility towards the hospitality and operations as well. In addition to this, firm not only look for investors and customers they look for their employees, staff members, community and environment as well(Tsang and Hsu, 2011). Many of the hotel sectors apply the Corporate social responsibility to attract the employees and retain their performance. For that particular reason employees want to work with the firm and doing good for the firm.
As according to its name, protection of human rights is very important factor in any hospitality industry. In this case, the protection of human rights is in underestimation condition like people faced thousands of problem everyday and they don't have support from the government to protect their rights. Protection of human rights is the great issue faced by the hospitality management and it affects the processing of their work and services as well. Mainly human rights are the specific standards to secure the dignity of the people or freedom and equality of the people as well. These rights are; economic, social, cultural, civil and political rights or more(Line and Runyan, 2012). In addition to this, hotel industry has some key issue regarding the human rights and these are:
1.Right to work
2.Right to life and health
3.Right to dignity and privacy
4.Forced labour staff
To protect human rights in hospitality industry, there are several method use in protection like; developing a human right policy, assess actual and potential impact, measuring performance, communicating human rights or more. Hospitality industry has the responsibility to respect the human rights through all the business functions and measure the performance of each individual(Kusluvan and et.al., 2010). Protection of human rights is a legal duty of most hospitality industry and their management as well. Managing the human rights is an effective for both the firm and their staff members. Furthermore, it is a good business practice to improve the quality services of the firm.
Protection of human rights is must needed in the hospitality industry to improve the growth rate of the firm in indirect way. Hyatt International also awarded by the Human right protection because of they providing excellent protection to human rights and keep maintain the equality index for several years(Lugosi, Janta and Watson, 2012).
Hyatt international recently launched a new philanthropy program, ready to thrive, in which this program has an impact on literacy and carrier development around the world. Ready to thrive is the process which supports the corporate responsibility of the company in an effective manner. Hyatt thrive is include the process of making local community places where they like to do the work(Mair and Whitford, 2013). Hyatt made a two year investment in training and development program in which they trend their employees so that they can give the better outcome and improve their performance as well. This investment of Hyatt making a huge difference between their young staff members and their seniors as well. In addition to this, they help their staff members in improving their skills and increasing their knowledge as well. Community investment is an effective investment in Hyatt International to create a long lasting impact on the organization and their community as well(Pike and et.al., 2010).
Best training program gives the boost to the growth of the hospitality industry as well as the hotel commitment. Hyatt has the most important asset and the key factor in achieving the success at very great extent and this key factor is known as a customer and people who are related to the firm.
Hyatt is a leading company at an international level and has great reputation in the hospitality industry(Jones and et.al., 2016). Their big responsibility to set the basic platform at which customer feel friendly environment and their action create long term value in customer's mind as well. The effective approach to achieve the target at extent level, Hyatt create an effective environment to thrive by building a strong communities and connections and build the understanding as well(Kusluvan and et.al., 2010).
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In the hospitality industry, mainly commitment is relate towards the environmental stewardship is an essential part to achieve the success at very great extent. Hyatt follows the rules and regulations applied by the government and providing best facilities to their customers on the basis of industry standards as well(Pike and et.al., 2010). Hyatt measure the requirements and needs of the customer and in which it includes the factors of what type of services they want from the firm and what type of quality they want from the firm. These scheme includes several key aspects like:
On-site audit : This process includes the inspection of several areas located in hotels like; checking the building maintenance, checking ventilation or cooling system, air conditioning, lift equipments or more. Hospitality industry mainly focuses on the services which they provide their customers and save the energy and power by applying solar energy and optimize the heat generators. By that process they improve the environmental conditions in hotel industry and performance as well.
Hyatt thrive is a major strategy that apply to address the company's environmental, social and governing opportunities as well. Hyatt thrive majorly focuses on the four key aspects like;
1.Environmental sustainability: Hyatt identify the responsibility and manage the environmental impacts in hotels. Company takes the aggressive actions to reduce the cost rate on raw materials, reduce the resource consumption, manage the waste and emission rate in Hyatt hotels.
2.Education and personal advancement: Education is the most important factor to achieve the success and improve the growth rate as well. Hyatt majorly believes that they achieve the success at great extent only when their people's are educated and succeed in their own way. Organization supports to arrange the program which is relate to improve the key skills and knowledge of each individual. They arrange training and seminars to improve the personal and professional skills of their employees as well.
3.Economic development: Hyatt majorly invest their fund to improve the communities and tourism, creating the effective and sustaining job for their new joiners, supporting local business and work with the community members. Hyatt has an aim to work with those community members who are affected by the natural disasters(Kusluvan and et.al., 2010).
Hospitality industry has an effective impact on the providing services of hotel industry and much expect the brighter and better trend in compare with the other organization as well(Pike and et.al., 2010). In general, in the hospitality industry customer and tourist look for best services, quality services, high quality in food with taste as well. Here are some basic and emerging trends in hospitality like;
Focus on property websites: Hyatt International or other industry mainly focuses on investing in websites and generate effective plan and strategies as well. To achieve their set targets they implementing new services and investing on advertisement and promotion. This process is used to achieve their set targets and attract more customer. Industry mainly focus more on fresh and effective content, media and newspapers, updates in websites to increase online booking and services as well.
Emphasis on content marketing: Hyatt believes that marketing is an effective tool to increase their business and directly affect the growth rate and their production rate as well. Content marketing is the ultimate way to get the success and much better than traditional advertising process. Online presence of the hotels has the effective impact on achieving the success and improve the growth rate. This marketing process consist the factors like; interactive social media platforms, webinars, newsletters, e-books, photos and videos and more(Guillet, Zhang and Gao, 2011).
Quality: Customer majorly expected from the organization that they provide best services and quality production rate. A effective quality has an impact on the growth rate of the organization.
Quality of the food: Hyatt believes that quality of food is more important in compare with any other services which they provide to their customers.
Social network integration: To increase the growth rate and production rate of any hospitality industry, social media plays a vital role to attract the customers. Each and every person in this generation is in touch with social media. People are like to read and compare the reviews of hotels before check in and check out process. Social networking sites has an effective impact on the growth rate of the firm(Kasavana, Nusair and Teodosic, 2010). The use of internet platforms like Twitter and Facebook have evolved in strictly engaged with the clients and customers. This is the effective approach to reach the target audiences and spread the business on world wide basis. Social networking sites also use to improve the customer and management relationship and by help of this firm directly take the feedback from social media. Digital marketing is also helps to improves the performance of the firm and their staff members as well. In addition to this, they take feedback from the customers and using that matter they apply the effective strategies to overcome their problems and risks(Buonocore, 2010). Social networking site has effective impact on conducting the reputation management. Companies conduct the several programs in which it include the train the staff members and arrange the seminars to trend people for improve their key skills and knowledge as well. The speed of the internet majorly brings the several and many opportunities in hospitality industry and increase the business rates as well. Leaders and managers of the firm can not able to ignore the effect of social media on the growth rate of the firm and reputation as well(Pike and et.al., 2010).
Increase in the number of international visitors: Hyatt International majorly believes that they increase their business by attract more and more international customers towards their firm and improve their quality services by taking the feedback from customers. To attract more customers towards their firm they provide best and effective environment to their staff and arrange the trainings and seminars to improve the key skills and knowledge of the staff members(Guillet, Zhang and Gao, 2011).
Exploration, interaction, communication, behaviour are the factor that directly affect the performance of the hotel. Hyatt is the fastest going hospitality industry and increase their business at great extent. Moreover, the customer segment is mainly focuses on the demand rate and need of the customers and then apply the effective strategy to overcome the problems and risks as well. Their providing services has an effective impact on the rules and regulation of the firm(Schuckert, Liu and Law, 2015). By applying the innovative techniques they attract more customer and then increase their business at world wide. The most effective approach in hospitality is that apply the recent and emerging techniques to attract more customers and provide best quality food and services so that they can enjoy their services and satisfy with them as well(Shaheen and Cohen, 2013).
As per the above study, it is concluded that various types of emerging trends that affect the hospitality industry at very great extent. Hospitality industry includes the several emerging issues that affect the quality performance of the organization. Moreover, this report concluded the effect of corporate management responsibility, philanthropy programs effect, protection of human rights and the approach of environmental stewardship as well. These are the main factor that affect the performance of Hyatt International and their production or quality rate as well. Hospitality industry has to overcome their business issue by applying effective strategies and arrange the training programs to achieve the great success in the current market of hotel industry and increase the brand value and reputation as well.
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