Paper Example: Corporate Governance and Finance

The Hilton Hotel board of directors acting in place of corporate governance has developed a system of principles that guide the functions of each department towards the general expectation of the corporate. Here, the expectations of the business are aligned through creating the company's responsibilities and affairs, which are in line with the social norms and cultural values. These are guided by Delaware law, which dictates the primary duties of the company, the guidance to performance, and the business judgment in line with the stockholder's interest. Everyone acting on behalf of the Hilton Hotel must express their responsibility regarding the benefit of customers, shareholders, associates, and suppliers.

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There is always a need to communicate the internal control system, corporate governance, and the internal accounting audit of the company. The independent directors and different managers ensure that all the directives of the company are followed as per the guidelines given to the employees and all the suppliers. Sometimes the communications are confidential, and there is a proper channel designed in which they are communicated to the management. Even though there are so many scandals that may arise within the management body, these can be eliminated through proper corporate governance to help reduce the impact it may cause to the financial state of the organization. (Duric, 2019) Hilton Hotel has proper corporate governance, which enables it to manage or protect the interest of shareholders, customers, and investor's interest.

Marketing

The Hilton hotel took the initiative to cut down the impact on the environmental footprint, where they have created a way of doubling the social investment. That is done through the introduction of science-based targets which aim at reducing air pollution. In this case, the company has initiated measures to double spending on local suppliers and the minority like the youths and women to capitalize on improving their lives. Besides, these are the primary goals of Hiltons' travel strategies to create a sustainable business by 2030.

The forecast for the Hilton hotel

The corporate responsibility of the company is strategically used to reaffirm the marketing goals through ethical consideration. It is through environmental and social efforts that 33% of the information about the customers is clarified before the bookings. However, there are some of which are hidden from the general public consumption but used to enhance the soundness of the entity. The target of the organization is to reduce emission by 61% through a science-based target initiative (SBTi), to reduce waste by 50% and create sustainable property management ("Hilton commits to cutting environmental footprint in half and doubling social impact investment," 2018).

There is also an initiative to increase the amount spend on the large suppliers where it increases the total output of the organization. The kind of marketing strategy used by the organization is to reduce the money spend on production and enhance community involvement, thus creating a penetrating approach to the market. It is only through the community corporate responsibility that the organization can create an impact on the market-these help in doubling the efforts to reduce the extent of natural disasters in the area. Ultimately, there is a project created by the organization to initiate a 10 million volunteer membership that helps in creating a failure-free environment (Denoncourt, 2018). Hilton management is the champion in starting environmental responsibility, which increases its soundness in hospitality management.

Employee Relations

Human resource management is the most crucial aspect of the organization; the knowledge gained in this field help in the execution of business activities. Typically, no service can be delivered to clients without the involvement of human resources. In this case, the main events of human resource management are to conduct recruitment, staffing, and compensation benefits to employees. Here, the management focuses on developing a strategy through which they can train, develop, and enhance the quality of service delivery, thus improving the system. The quality provided by the management usually ensures that all business practices are ethical (Mitonga-Monga, 2018).

However, there are some of approaches used by the Hilton hotel management to ensure that the human resource department is functional. These include soft and hard human resource management. When it comes to hard human resource management, this is where the physical mobility, activities, and function of each employee in the organization is monitored, controlled, and evaluated to ensure that they are viable. These are done by the management most ethically and considerably, thus creating an effective workflow. It normally focuses on the cost-effectiveness of the organization to gain a competitive advantage in the market. However, it lacks consideration of the employee's needs, thus creating satisfaction in the business turnover. Wherever the employee's welfare is not considered, they are likely to perform poorly, thus leading to a decrease in the overall output in the organization.

Conversely, considering soft employee management in the organization ensure that some of the essential factors like benefits are availed. The soft employee's management normally consists of putting up a camera or CCTV surveillance to watch the performance of each employee in the organization. The idea may sound great, but to some extent, it intrudes into the employee's privacy, which is not ethically right. Though, some of the management skills that benefit the employee's performance, like planning and forecasting, normally help in elevating the workforce morale and effectiveness in the organization. Furthermore, the management of employees in the organization creates a criterion through which monitoring, planning, and skill improvement through training are enhanced.

Sustainability

The Hilton Hotel has evolved over the years since the time it was founded. These have been enhanced through sustainable business dealings, management, and execution of the opportunities that come their way. The management of the corporation is committed to making a difference in the world by coming up with the best strategies to increase profitability, sustain the business reputation, and reach the target market for its products and services. The hospitality services offered by the company have been extended to more countries in the world where there are several branches.

Ideally, the recent sustainable activities initiated by the company include creating employment opportunities to more than 800,000 young people in the world, developing passports to success where most of the innovative ideas are collected from the community to enhance soft skills for company development. More importantly, the company has been able to donate more than $3 million in relief for 20 companies across the world. By doing so, the company has been able to gain a competitive advantage and partnerships, which increases revenue generation. Corporate responsibility has been the fundamental driving force of the company where they have committed 267,355 hours of volunteering in the annual week service, thus increasing the sustainability of the business (Atmaca Cetin et al., 2019). Ultimately, there is an initiative of the company to distribute 6 million bars of recycling soaps to the community, thus gaining the favor needed for business progress.

References

Atmaca Cetin, H., Tuna Ultav, Z., & Uz, F. (2019). Reflections of the Istanbul Hilton Hotel on mid-century hotel buildings in Turkey. Art-Sanat, 57-88. https://doi.org/10.26650/artsanat.2019.12.0016

Denoncourt, J. (2018). Bridging the gap between corporate finance and corporate governance. Intellectual Property, Finance, and Corporate Governance, 55-87. https://doi.org/10.4324/9781315643977-3

Hilton commits to cutting its environmental footprint in half and doubling social impact investment. (2018, June 21). Ethical Marketing News. https://ethicalmarketingnews.com/hilton-commits-to-cutting-environmental-footprint-in-half-and-doubling-social-impact-investment

Mitonga-Monga, J. (2018). Ethical context in relation to employee commitment in a developing country setting. Psychology of Retention, 357-377. https://doi.org/10.1007/978-3-319-98920-4_17

Duric, M. (2019). "Hilton" hotel: Innovative spatial and technological intervention in Belgrade's urban fabric. Arhitektura i urbanizam, (48), 60-65. https://doi.org/10.5937/a-u0-22119