Ethical Beliefs and Practices in Hotel Industry for Value Creation

Abstract

The new millennium has given way to the growth of knowledge based, seamless global Society, characterized by constant rapid change quite difficult for an average mind to even gauge. In the new millennium it has become imperative for businesses throughout the world to conduct business ethically, in order to survive, grow and thrive. Ethical practices contribute to an organizations productivity by minimizing losses, creating trust with suppliers, establishing customer loyalty and maintaining a successful team of employees. This research paper through an empirical study, has attempted to discuss the various components, the parameters and its effects on business and the customers wholly. These components have been brought out based on discussions with top management of various Hotels and Resorts in Bangalore. The methodology adopted is personal Interviews and discussions. It is found that, the hotel and resorts who have who have seriously focused on ethical responsibility have experienced improvement in share value, client retention, and attraction of new clients, investors, and employees. In addition they experience a lowered risk of compliance violations and better financial performance for the organization.

Keywords: Hotel, Ethics, Management, Value

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