STOCK MANAGEMENT PRACTICES AND ORGANISATIONAL PERFORMANCE IN THE HOSPITALITY INDUSTRY

ABSTRACT This research work "Stock Management and Organizational Performance in the Hospitality Industry is intended to introduce the readers to the effective means of avoiding waste in their establishment and reaching their goal in order to avoid running under stock. Specifically, the study sought to: Ascertain the need for stock management in organizational performance; determine the various stock management techniques at hospitality organization of study as well as establish the relationship between stock management and organizational performance. The population of study includes 114 members of staff in the selected organization of study which was used as the sample size based on exhaustive sampling technique.The analytical tool used was percentages and tables, after the analysis, these findings were made: Stock /Inventory management helps organizations to cut down costs incurred in the organization, hence improves organizational performance. Proper stores management, proper accounting records and proper stock plan are some of the stock management techniques at hospitality organization of study. There is a significantly positive relationship between stock management and organizational performance. Stock/ inventory management has a positive effect on the organizational competitive position. Based on these findings, the study recommends thus Five Star Hotel and Suites should put a lot of efforts in the following; verification and tendering to ensure that the organization gets reliable suppliers. Installation of a strong control and inspecting system so as to detect fraud and theft of stock; the stores should be enlarged and tidy so as to ensure maximum usage of space among others. There is need to segregate duties of receipt and recording of stock in order to reduce fraud and theft.