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International Hotel management
 
Introduction
In today’s industrial world, economic wealth is determined more by knowledge and information than by the production process. Today the competitive advantage of a company is increasingly created from intangibles like know-how rather than raw materials and physical might. In hospitality industry, the success of a hotel is mainly dependent on ideas and ways to offer the optimal service to different customer groups. The difference of hospitality industry to other industry is that it is a knowledge-based business rather than a production-based economy, as argued by Tapsell (1998) and Zimmerman (2001).

The purpose of this essay is to offer a discussion on how the existing academic framework on talent development in hospitality industry can be applied into practice. The analysis will be based on my internship experience on Holiday Inn Darling Houbour, abbreviated as HIDH thereafter, in Sydney.

The essay will be organized as follows. The next section highlights the existing theories concerned on development of talents in the area of human resources management. The third section will discuss how management in the hotel adopted these theories into practice. The forth section discusses the potential strategies for developing and retaining talents based on theories discussed above. The fifth section summarizes ideas discussed in previous sections and concludes the essay.

The importance of intangibles, and in particular, of human capital, is reinforced by the human resource literature. Resource theory suggests that competitive advantage of a company hinges on its specifies and not duplicated assets, and the most specific asset a company has is its personnel, according to Archel (1995). Researches in previous two decades have shown that investments in innovative work practices such as training, employee involvement and selection have a positive impact on company performance, according to Burson and Marsteller (1999). This is why many corporate executives now see human capital investment as a source of competitive advantage, as argued by Ford (2000) and Bouillon et al (1996). The same is true for hospitality industry.

As claimed by many authorities, in the labour-intensive hospitality industry the most important concern is the customers and the measurement of their relationship in terms of satisfaction, loyalty and value. These relationships could not exist without employees and human capital. Individual capabilities are required to be aggregated to offer solutions to clients, as argued by Stewart (1997, p.76). in the hospitality industry, the employees are the essence of the service, and they represent the quality and values of the entire organization and to a certain extent, they present the firm in the eyes of the customer, according to Booms and Bitner (1981). In the study done by Owen and Teare (1996), they found a close correlation between employee satisfaction and customer satisfaction. The study also concluded that high employee morale, together with low turnover rate, will experience high guest satisfaction. Human capital theory suggested by Becker (1964) states that humans comprise a valuable resource to organizations. The effective management of this human resource is important to the performance and even the survival of organizations, according to Becker and Gerhart (1996) and Doherty (1998).

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