Type of Submission
Invited Article
Abstract
This paper aims to identify the key risks which are considered necessary by hospitality organizations in Germany. It also seeks to evaluate the actual process of risk management practiced by hoteliers and to assess managers’ opinions on the importance of a risk management approach in hospitality organizations. Primary data has been collected by semi-structured qualitative interviews with top managers and professionals in hospitality organizations in Germany. The findings show that the implementation of risk management practices in hospitality organizations in Germany is low and that significant differences exist between the theoretical risk management models and their practical execution in hotel organizations. Overall, the risk is considered rather negative, and operational considerations are prioritized over a strategic approach to risk. Obstacles to implementing professional risk management are the industry’s traditional and hierarchical structures and resource limitations. Further bottlenecks are a functionalist managerial mentality and a conservative corporate culture. As a practical contribution, the paper puts forward a Hospitality Organizations Risk Framework which helps practitioners to manage risk in the hospitality industry more effectively. A suggestion for future research is a quantitative study to measure the scale of the implementation and practice of the Hospitality Organizations Risk Framework.
DOI
https://doi.org/10.7275/8xsm-2k07
Recommended Citation
Soleimani Zoghi, Farzaneh and Antonschmidt, Hannes
(2022)
"An Overview of Risk Management Practices in Hospitality Organizations in Germany,"
Journal of Hospitality Financial Management: Vol. 30:
Iss.
2, Article 6.
DOI: https://doi.org/10.7275/8xsm-2k07
Available at:
https://scholarworks.umass.edu/jhfm/vol30/iss2/6
Included in
Business Administration, Management, and Operations Commons, Corporate Finance Commons, Entrepreneurial and Small Business Operations Commons, Food and Beverage Management Commons, Operations and Supply Chain Management Commons, Strategic Management Policy Commons, Tourism and Travel Commons