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Essay On Hospitality Service Industry Video

The hospitality, the hotel, and food industry are collectively amongst the top 5 prosperous industries in the Essay On Hospitality Service Industry Kingdom. Further statistics indicate that the industry employs about 5 million people and that the industry accounts for one of every five new job opportunities. The hospitality industry has also sparked growth in the tourism industry since they are interrelated by scope and dynamics. However, with the threat of Brexit clouding the nation, major changes are about to grip the sector that was once thriving with the inclusion of the UK in the European Union.

There are benefits that countries beget in participating in a political as well as an economic umbrella, and once withdrawal occurs, there are potential benefits and downsides that are experienced Bulmer Religion and Education Quaglia,p.

Such are the prospects we discuss in this paper, with respect to the hospitality, the hotel, and the food industry. Growth challenges: Due to Brexit, the industry is facing growth barriers due to the shortage of eligible employees Rumney, New applications are also declining in anticipation of the exodus, while thousands are emigrating.

For them, the challenge is to mitigate the mass emigration of employees, as Essay On Hospitality Service Industry as look for ways to replace those who are due to leave in the future Rumney, Employers in the industry are having a difficult time training prospective employees to cover up for the deficit. Financial institutions such as banks are being used to mediate this challenge by introducing package stimulus that includes a cut of interest rates, buying of bonds, and implementation of funding schemes Brown, Demand challenges: Brexit has led to economic uncertainty in the UK.

The hospitality industry heavily relies on the financial abilities https://amazonia.fiocruz.br/scdp/blog/purdue-owl-research-paper/depletion-of-non-renewable-resources-of-energy.php consumers as well as overall business confidence.

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These conditions reduce disposable incomes available for individuals to divert to the hospitality industry. Prior to Brexit, the hospitality industry benefited from financial services that were numerously set up in the UK.

With the announced Essay On Hospitality Service Industry, most of these firms had to locate to alternative EU compliant countries to reap from financial service passport benefits. This relocation Essay On Hospitality Service Industry directly affected business travel budgets and corporate demand for hospitality and related services, as fewer people can visit the country for business purposes Pendlebury, The industry, as a result, faces a shortage of revenue with this kind of decline in corporate demand. Capital challenges: Investors and stakeholders have decided to withhold capital investment in the industry due to uncertainties in the UK market. Where the market is unstable and people are anticipating major changes, huge sums of money cannot be plowed into investments, as it is preferred that the anticipated condition pass the test of time Sampson,p. This kind of wait-and-see situation may pose a major challenge to the construction of new hospitality entities as well as upgrading those that already exist.

Investment uncertainty implies an uncertainty in labor and materials as well, and this may cripple the industry and inhibit its progress. Tourism boost: Brexit impacted has impacted the British pound by lowering its value. With this decrease, tourists from abroad can now find it appealing to consider the country as an ideal tourist destination since they will do so at a cheaper cost than previously.

This tourist preference can give the hospitality industry a new life with a boom in demand for hotels, and related services. Also, domestic tourists are less likely to travel to abroad tourist destinations as it is more expensive as compared to local destinations.

This scenario can present the hospitality industry the opportunity to grow and Essay On Hospitality Service Industry from the disadvantages emanating from Brexit. An Hospitxlity of tourism will spur higher spending as tourists look for hotels, pubs, cafes, and food outlets to flex on their spending capacity. Investment opportunities: A weaker pound also implies that foreign investors will find it easy to invest in the industry since there is a drop in the values of real estates Sampson,p.

Therefore, it is relatively easier to invest in assets such as hotels, restaurants, and food service outlets.

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The hospitality industry can capitalize on this advantage to Essay On Hospitality Service Industry for funding or improve their services in anticipation of more investment opportunities Sampson,p. Through developing systems such as customer relationship management CRMthese hospitality entities can improve customer relationships. This will Essay On Hospitality Service Industry they do not lose clients in the Brexit confusion.

With the help of big data and data analytics techniques, client retention can also be improved Brown, Customer data reveals a lot of valuable information on customers to preempt on their preferences. With the introduction of mobile applications, the industry can achieve more flexibility and diversity when dealing with customers.

Career opportunities: With mass emigration of initial EU workers in the industry, potential employees, especially those in the country, can seek employment opportunities in the industry to fill the void Pendlebury, The numbers recorded for foreigners working in the industry is high, and if all these spots can be taken up by local people, the Digital Traditional Art will bloom again. By attracting more Brits to the industry, there is an assured security of employability in the aftermath of Brexit.

The young people especially can be educated on the availability and importance of the career opportunities in the industry, and by changing their perception on hospitality opportunities being jobs rather than lifelong and fulfilling careers Pendlebury, ]