Employee Perspectives on Financial Distress in Imo State Hospitality Industry

Amarachi Igwe, Ogonna E. Egbuchulam and Jacinta Nnaji
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Amarachi Igwe: International Journal of Home Economics, Hospitality and Allied Research, Postal: Department of Home Economics, Federal College of Education Eha-Amufu 2001, Enugu State, Nigeria, https://www.ijhhr.org/
Ogonna E. Egbuchulam: International Journal of Home Economics, Hospitality and Allied Research, Postal: Department of Home Economics, Federal College of Education Eha-Amufu 2001, Enugu State, Nigeria, https://www.ijhhr.org/
Jacinta Nnaji: International Journal of Home Economics, Hospitality and Allied Research, Postal: Department of Home Economics, Federal College of Education Eha-Amufu 2001, Enugu State, Nigeria, https://www.ijhhr.org/

International Journal of Home Economics, Hospitality and Allied Research, 2024, vol. 3, issue 1, 271-283

Abstract: Financial distress in the hospitality industry affects both businesses and their employees. This study explores the perspectives of employees on financial distress within the hospitality sector in Imo State, Nigeria. The study addressed three research questions. Survey research design was adopted for the study. The study was carried out in Imo State Nigeria. 361 financial officers in the hotels within the hospitality industry in Owerri Imo State were the target population and random sampling was used to select 181 hotels whose financial officers served as the study respondents. Structured questionnaire was specifically designed for this study. The data was analyzed using mean, and standard deviation to provide an overview of employee perspectives on financial distress. The results indicate that a wide range of variables, such as economic downturns, irregular revenue, high cost of living, and management concerns within businesses, are responsible for financial hardship among employees in the hotel industry in Imo State. Employees also mentioned that worry, anxiety, and job instability were direct effects of their financial hardship. Based on the results, a number of suggestions are made to lessen financial hardship. These include putting in place financial literacy initiatives for staff members, enhancing management-staff communication and transparency, supporting ethical labor practices, and encouraging social support systems within the workplace.

Keywords: Employee perspectives; Financial distress; Hospitality industry; Job satisfaction (search for similar items in EconPapers)
JEL-codes: A00 (search for similar items in EconPapers)
Date: 2024
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Persistent link: https://EconPapers.repec.org/RePEc:ris:ijheha:3063

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International Journal of Home Economics, Hospitality and Allied Research is currently edited by Prof. Ngozi Mary Eze

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