Relationship amid Diversity Management and an Increase in Bottom Lines in the Hospitality Industry - Dissertation Example

The paper "Relationship amid Diversity Management and an Increase in Bottom Lines in the Hospitality Industry" is a wonderful example of a dissertation on business. The world Travel & Tourism industry reported $7.6 trillion which is ten percent of the global GDP and created 277 million jobs (one out of each eleven jobs for the international economy in 2014. (WTTC.Org 2015). This demonstrates the significance of the hospitality industry to the global economy as regards the creation of employment opportunities and income generation. Hotel industries such as the InterContinental, Marriot Group, Carlson, Accor, Starwood Hilton International, Holiday Inn, McDonald's, KFC, and Domino’s Pizza are expanding their operations in almost all the nook and corners of the world.

Of late, in the hospitality industry around the world, cultural diversity has become a major challenge. This research paper will spotlight on evaluating the changing faces and the present status of cultural diversity particularly in the hospitality industry around the world thereby deliberating the advantages, benefits, challenges that would emanate from a culturally diverse workforce and would make appropriate recommendations that would assist human resources managers to successfully deal with cultural diversity issues in the hospitality industry.

Is there any direct relationship between diversity management and an increase in bottom lines in the hospitality industry?

Introduction

The Travel & Tourism industry in 2014 has made a direct contribution to GDP of $ 1364.8 bn which works out to 3.1% of the aggregate GDP. It is projected to surge by 3.9% per annum, from $ 3593 bn in 2025. The Travel & Tourism industry in 2014 has made a total contribution of $ 7580 bn and is estimated to increase by 3.8% per annum to $ 11381.9 bn about 10.5% of GDP in 2025.

This is demonstrated by the following figure published by World Travel & Tourism Council in 2015:

Figure 1 Total Contribution to Global GDP by the Travel & Tourism industry in 2014

Source: (World Travel & Tourism Council 2015:1)

The Travel & Tourism industry in 2014 directly created 105,408,000 jobs which is 3.6% of total employment. The Travel & Tourism industry in 2014 generated $1383.8 bn which is 5.7% of the aggregate exports. The travel and Tourism industry in 2014 attracted $ 814.4 bn or 4.3% of the aggregate investments.

This is demonstrated by the following figure published by World Travel & Tourism Council in 2015: