The hospitality industry is a 3.5 trillion dollar service sector within the global economy. It is an umbrella term for a broad variety of service industries including, but not limited to, hotels, food service, casinos, and tourism. The hospitality industry is very diverse and global. The industry is cyclical; dictated by the fluctuations that occur with an economy every year.(wikipidia)
London has been named the 2012 Games bid winner by the International Olympics Committee, beating the favourite Paris. What will happen now London has succeeded?
"There are a multitude of benefits for London hosting the Olympics, for the sport sector in particular it provides a unique opportunity for the UK to develop world-class facilities to enable the country to host future first rate sporting events. These venues would also provide an inspirational training ground for future generations of athletes."
Alex Kyriakidis, Global head of Tourism, Hospitality and Leisure at Deloitte, comments: "As proven by previous host cities, the Olympics generate opportunities across the entire job market, which in turn, would be of significant benefit for the UK economy. It would also provide a huge boost for the tourism industry.Alex kyriakidis (hospitality.net)
The hotel and catering industry relies heavily on part-time and casual staff, together with flexibility of hours and overtime. Inevitably jobs will have to be restructured and that means fewer. Even at £4.15 per hour, research estimates 950,000 jobs could be lost across Britain and full restoration of pay differentials could take the figure to 1.8 million. We expect that a huge slice of job losses would fall in the tourism industry.(International Journal of Contemporary Hospitality Management 1996)
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