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In this article, the writer discusses that the development of hospitality operation management is demonstrative of the idea that to obtain the whole picture of success and or weakness in a system or organization one must evaluate and utilize a balanced approach, including both non-financial and financial measures as guides. The writer critically evaluates why academic writers suggest a more "balanced" approach towards productivity performance measurement in hospitality business operations as a better process than using traditional accounting measures alone as a guide. The writer concludes that seeking to evaluate new and innovative ways to demonstrate and improve success is the responsibility of research scholars in the industry and researchers have embraced this idea by seeking a better understanding of non-financial performance measures in the hospitality industry.
From the Paper:"Selling the idea of performance measure change is an essential aspect of research and development in any industry, but an industry like the exponentially growing hospitality industry is in dire need of such change. Best practices can be sought and new standards can be set within the industry if research focuses on new and innovative ways to keep customers, grow services and most importantly keep employees. Alternative incentives, such as performance based assessment need to focus on more balanced points of view, including those of the customer, industry and employee. Service industry growth is undeniable and essential changes must be adopted in the research as well as the practice of service provision.
"According to Banker, Potter & Srinivasan the trend toward utilization of non-financial measures in the hospitality industry is significant, especially with regard to the development of managerial performance reward systems ..."
Sample of Sources Used:
- Abdel-Maksoud, A. B. Abdel-Kader, M.& Epstein, M. J. (2007) Non-Financial Performance Measurement and Management Practices in Manufacturing Firms. New York, NY JAI Press Inc.
- Aronson, D. (2002). Managing the Diversity Revolution: Best Practices for 21st Century Business. Civil Rights Journal, 6(1), 46.
- Atkinson, H., Brown, J. (2001), "Rethinking performance measures: assessing progress in UK hotels", International Journal of Contemporary Hospitality Management, Vol. 13 No.3, pp.128-35.
- Barros, C.P. (2005), "Evaluating the efficiency of a small hotel chain with aMalmquist productivity index", International Journal of Tourism Research, Vol. 7 No.3, pp.173-84.
- Banker, R. D., Potter, G. S. and Srinivasan, D. (2005) "Association of Non Financial Performance Measures with Financial Performance of a lodging Chain" Cornell Hotel and Restaurant Adminstration Quarterly. Cornell University Vol 46 No. 4
Cite this Analytical Essay:
Non-Financial Performance Hospitality (2010, December 25) Retrieved September 30, 2020, from https://www.academon.com/analytical-essay/non-financial-performance-hospitality-146362/
"Non-Financial Performance Hospitality" 25 December 2010. Web. 30 September. 2020. <https://www.academon.com/analytical-essay/non-financial-performance-hospitality-146362/>