Impact of Covid-19 on Hospitality Students

As Covid-19 has spread across the globe, the primary focus of the government has shifted to the safety of the people. Whilst this focus will continue, the implications for economic growth as well as corporate profits have to lead to sharp sell-off in all the equity markets throughout the entire world. The impact is huge and not yet predictable on both the revenue as well as supply chains. Decisions have been made to shut down hotels, restaurants, theme parks, cinemas as well as the whole travel industry.

The hospitality industry is one of the leading sectors and at the time of the world crisis, the industry is acting in a very mature way. They are working together with the government to show true commitments by helping out society. The situation we are in also brings new business model opportunities. The sector is working on different activities such as asset counts, security plans, defining standard operating procedures, social media plans, and so on. Courses such as B.Sc. hospitality studies have gotten a lot of attention in the past. Even now, many students are looking forward to it. Visit the website of the colleges to know more about how to get admission.

The financial impact:

• The industry needs to focus on the funding requirement, assess the equity or debt funding sources available.
• You need to be transparent towards the existing lenders as well as involve them in the mitigating procedures as well as continuity plans.
• One can connect with alternative lenders that can move quickly to provide short term funding. These can also have a high-interest charge and fee structure.
• One needs to ensure you can apply for tax refunds and other financial relief measures.

What should one focus on?

• One should know how your operators are affected and recognize the type of contracts that are applicable.
• It is also important to talk to the operators to discuss their expectations about the impact on performance.
• One needs to understand if the loss will be permanent or just delayed. For the investors, one needs to understand the impact on the operating fees.

What skills industry wants?

Roles such as revenue management, forecasting, and budgeting will be in demand. Multi-skilling as well as cross-skilling can be differentiating factors that go forward. Since social distancing and no contact will be a big part of the businesses in times to come, it is quite important to understand the technology and leverage the same to deliver an array of no-touch service will be of utmost importance post-COVID.

Hotels as well as the travel destination can win the trust of the customers back. One needs to rebuild their image different from the among of land or size of the windows that understand how safe or hygienic these are. As the industry is taking on a new role, it will be an opportunity for fresher to learn a wide range of things.

To join the best colleges, one needs to take the search for the one. You can look for the best and apply now for the best.