Hospitality and tourism industry economy in Australia Essay

Hospitality and tourism industry economy in Australia - Essay Example Although, this segment comprises of a cluster of small firms or hotels that offers extremely attractive holiday packages to spend leisure or recreational times, religion or health, business and professional purposes at a quite affordable ranges. Due to this, its competitiveness enhanced to a significant rate as compared to others. Thus, from the above graphs, it might be depicted that the outlook of hospitality or tourism industry in Australia changed to a certain extent. The entire credit of such a market scenario of hospitality and tourism industry of Australia is due to the changing demographics. However, in-spite of benefits, it also had to face varied types of challenges as well. This paper mainly focuses about the challenges regarding the type of jobs and talents required for the individual getting engaged in the hospitality and tourism industry in Australia due to changing demographics. Along with this, it also describes the appropriate human resource approaches essential to retain the employees as well as to attract new talented ones towards the industry of tourism. In this today’s era, maximum extent of the employees desire to establish his or her own identity and image in the organization or industry, engaged with. This is mainly due to the changes of the attitudes and behaviours of the generation x and y candidates as compared to baby boomers. So, in order to retain the employees of generation x and y within the organization or industries for a longer period of time, varied types of human resource approaches are maintained. These approaches might lead to the betterment of this industry. So, they are described below one by one. Succession Management- according to Philips (2012), it is a constant process of identifying, assessing and developing varied leaders within the organization so as to improve the level of performance, dedication