Future trends and compensation in hotels
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1. Examine future trends and compensation plans or models in hotels.
2. What should hotels be doing now (with rationale) to prepare for changes in compensation plans and how would you know that you are being paid fairly?
3. Identify compensation and motivation issues for contingency workers in hotels.
4. Recommend a strategy to re-evaluate an organization's reward system to align with the evolving mission of the organization.
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Future trends and compensation in hotels
1.
Future Trends in Hotels
In most of the parts of the world, the income of employees and their living standard have been changing. It seems that the hotel industry will be having a bright future for business. The services are one of the most important areas to focus by the hotels. The customers will get number of choices in the hotel industry with a variety of range of prices. The awareness among customers is increasing and they are becoming witting to select the quality of the services. These trends show that the future of the hotel industry will be growing in the future. But there is a need of innovations and modifications in the services provided by the hotels.
Compensation model for hotels
The employees of the hotel industry need to get a high compensation package because they are working in the hospitality industry and serving to the customers, which is one of the toughest tasks to perform. Apart from the dearness allowances, travel allowances are necessary to be given to the hotel employees. Some of the benefits during working, such as meals, free stay in hotels, etc. should be given to the employees. Direct compensation should also be given to the employees, which can be holiday premium, stock options and performance bonus. Non financial compensation and a pleasant environment to enhance the performance of an individual are necessary (Mastradonas, 2006).
2.
Modifications in compensation plans of hotel
The hotel industry needs to ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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