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The impact of the recession on employee motivation factors in the hospitality industry, particularly in the hotel sector: A case study of Marriott hotels in the UK - Essay Example

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The Government provided loans to the public without enquiring about their credentials and that caused a huge demand in the housing market. However, when the loans came up for payments most of the people…
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The impact of the recession on employee motivation factors in the hospitality industry, particularly in the hotel sector: A case study of Marriott hotels in the UK
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The impact of the recession on employee motivation factors in the hospitality industry, particularly in the hotel sector: A case study of Marriott hotels in the UK

Download file to see previous pages... The income of the people in the country dipped and there were a visible decrease in the GDP of the country. The US housing market boom busted with the house prices hitting the floor. The financial market was in turmoil and organizations reported bankruptcy. (Isidore, 1st December, 2008). The conditions were the same in all the economies all over the world. There were huge job cuts in most of the business organizations over the world as the companies were earning negative profits. This was due to the reason that the borrowers were defaulting in their payments. The companies had to look into ways of cutting their costs and thus they started downsizing the number of employees. The prices of the commodities were rising and the people had less money to buy. The capital market was in disarray with the prices of the stocks going down. On the whole, all the sectors in the economy were affected. (Why is our economy in a recession, 28th April, 2008). The recession was hard on the employees of different organizations as most of them lost their jobs or suffered pay cuts. The motivational level of the employee went down and the companies had to find newer ways of motivating the employees. With the increase in the prices of different commodities and services, companies were looking for cutting the costs. The effect was on the cost of the employees. Some of them suffered pay cuts while some had to be content with lesser benefits. For example, companies providing cars to employees had to stop giving the benefit, as that would mean higher costs. This directly affected the employee motivation as they found it difficult to work under the new conditions. This affected the operations of the companies and further affected the profitability. (Staff motivation during recession, 5th October, 2009). The situation was the same across all the industries in the world and the hospitality sector was no ...Download file to see next pagesRead More
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