PERFORMANCE MEASUREMENT SYSTEM: A BENCHMARKING SYSTEM OF THE SLOVENE AND CROATIAN HOTELS
PERFORMANCE MEASUREMENT SYSTEM: A BENCHMARKING SYSTEM OF THE SLOVENE AND CROATIAN HOTELS

Author(s): Gordana Ivankovič, Mateja Jerman
Subject(s): Business Economy / Management, Tourism
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Hotel industry; Performance analysis; Benchmarking analysis; Slovenia; Croatia.
Summary/Abstract: The paper presents a performance measurement system that was developed with the aim to provide a useful benchmarking tool for Slovene and Croatian hotels. Financial results of Slovene and Croatian hotels show that there is room for improvements. That is why the necessity to develop a performance measurement system emerged. The paper presents the development process of this performance measurement system and the theoretical background of selected measures that are included in the system. This system includes both financial and non-financial indicators of performance. Financial indicators are based on USALI standards for the lodging industry, while non-financial indicators were developed based on a literature review. Non-financial indicators include information about guests, employees, and corporate social responsibility. The presented performance measurement system enables hotels to analyse their financial performance on a daily level, while non-financial indicators can be evaluated on a monthly and annual basis.

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