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Sustainability of Human Capital Efficiency in the Hotel Industry: Panel Data Evidence

Author

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  • Marko Slavković

    (Department of Management and Business Administration, Faculty of Economics, University of Kragujevac, 34000 Kragujevac, Serbia)

  • Jasmina Ognjanović

    (Faculty of Hotel Management and Tourism in Vrnjačka Banja, University of Kragujevac, 36210 Vrnjačka Banja, Serbia)

  • Marijana Bugarčić

    (Department of Management and Business Administration, Faculty of Economics, University of Kragujevac, 34000 Kragujevac, Serbia)

Abstract

The COVID-19 pandemic resulted in significant changes to business operations, particularly addressing human resources and their role within the firm. This study aims to assess the sustainability of human capital efficiency in the hotel industry, including the early effects of the COVID-19 pandemic. In accordance with the value-based approach, the human capital efficiency (HCE) coefficient was calculated on a sample of 157 hotels in a five-year period, including the year in which the pandemic was declared. We employed a quantitative methodology based on the VAIC TM method of assessing human capital efficiency and Annual Compounded Growth Rate (ACGR) to evaluate the trend of human capital efficiency. The research results showed a change in the trend of human capital efficiency in the hotel industry in 2020, as well as a change in the mean value of the HCE coefficient. Hotels with a higher category demonstrated a better ability to create value using human capital. The contribution of this work is represented in the quantification of the sustainability of human capital efficiency in the observed period and the early impact of the COVID-19 pandemic on the value-added efficiency of human capital in the hotel industry.

Suggested Citation

  • Marko Slavković & Jasmina Ognjanović & Marijana Bugarčić, 2023. "Sustainability of Human Capital Efficiency in the Hotel Industry: Panel Data Evidence," Sustainability, MDPI, vol. 15(3), pages 1-16, January.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:3:p:2268-:d:1047142
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    References listed on IDEAS

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    Cited by:

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    2. Goran Perić & Marko Slavković & Marko Gašić & Boban Đurović & Sandra Dramićanin, 2023. "Unboxing the Complex between Job Satisfaction and Intangible Service Quality: A Perspective of Sustainability in the Hotel Industry," Sustainability, MDPI, vol. 15(18), pages 1-14, September.

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