Resource Management Strategies in the Hospitality Industry: Balancing Profit and Sustainability

Abstract

This study aimed to explore the strategies employed within the industry to address these dual objectives and to understand how sustainability practices are integrated into business operations. This qualitative study utilized semi-structured interviews with 25 participants from various sectors of the hospitality industry, including management, sustainability officers, and operational staff. The interviews were designed to achieve theoretical saturation and involved detailed discussions about resource management practices. Thematic analysis was conducted to identify the main themes and sub-themes relating to sustainable practices and their implications for business operations. Four main themes were identified: Sustainable Practices, Economic Impacts, Stakeholder Engagement, and Innovation and Adaptation. Sustainable Practices included waste management, energy conservation, water usage reduction, and sustainable sourcing. Economic Impacts focused on cost efficiency, revenue enhancement, and risk management. Stakeholder Engagement covered employee involvement, community interaction, and regulatory compliance. Innovation and Adaptation highlighted technological innovations, process improvements, and product redesign. Each theme encompassed specific strategies and practices that contribute to both sustainability and profitability. The findings demonstrate that the hospitality industry is actively integrating sustainability into its core operations through diverse strategies that address environmental, economic, and social aspects. Successful implementation of these strategies is dependent on technological innovation, effective stakeholder engagement, and robust economic management. This integration not only aids in compliance with environmental standards but also enhances competitive advantage and market positioning.