A significant portion of the growth in the Gross Domestic Products (GDPs) of many nations throughout the world has been attributed to the tourism and travel industries. The sector has produced prosperity for nations all over the world and job opportunities for many different economic sectors. Numerous graduates from various nations have been successful in finding employment in the tourism and travel sectors. The sector was able to create 292 million employment in 2016, which equates to one out of every ten jobs in the global economy. Additionally, the sector was responsible for 6.7% of all worldwide exports (WTTC-W 1). Also, the percentage of total global service exports provided by the Tourism and Travel industry in 2016 was approximately 30 per cent.
A contribution of 3.1 per cent of direct GDP for many countries around the world came from tourism. Also, the industry has been able to support 6 million additional jobs around the world per annum. Although political tensions in some countries have affected the movement of tourists, the influx has shifted to other countries bringing a balance in the industry. The Tourism and Travel industry will continue to provide job opportunities on a global scale in coming years. The prediction is that the direct contribution of the industry to the world economy will grow by 0.7 percent in 2017 from the previous 3.1 percent direct contribution recorded in 2016 (WTTC-W 5). However, the employment opportunities will be distributed around the world, with South East Asia being the most preferred tourist destination. Graduates will be able to find employment opportunities in the industry but those from the major tourist destination regions will have an added advantage. The industry is expected to provide over 380 million jobs in 2027.
Hospitality
The hospitality industry is expected to provide more employment opportunities around the world. The industry growth goes hand in hand with the development of the tourism industry. Majority clients served by the hospitality industry are tourists both local and international. The United Nations has described 2017 as a year of sustainable development for the tourism industry following an improved contribution of the industry to the direct GDP of many countries. A growth in the tourism industry causes a similar development of the hospitality industry. It is expected that the hospitality industry will record an approximated growth of 0.7 per cent in 2017 around the growth (WTTC-W 7). The growth of the industry will be accompanied by increased employment opportunities. The 2017 economic development will mean that graduates will be able to get employed in the various sections of the hospitality industry. Despite the rise in different factors affecting the hospitality industry such as the rise of terrorism and political tensions in some countries, the players in the industry are optimistic that there will be a significant economic growth.
Events
Event planning depends on the availability of opportunities to fund the events. The tourism industry supports major events that create employment opportunities in different countries. The type of event held depends on the culture and beliefs of the host country. The variety of events reveal the cultural diversity in the country and hence tourists prefer events that depict the culture of the nations. The growth of the tourism industry provides the chance to organise different events for both local and international tourists. A high number of events were recorded in 2016 due to the high rate of tourist travel around the world. The number of organised events in 2016 was approximately 200 million events and it is expected to increase in 2017 by a margin of 3 percent (WTTC-W 8). The number of events organised depends on the number of tourists and hence more of them means that the number of required events increase. Graduates with knowledge and skills for event organisation and management are expected to secure employment in 2017. Also, it is expected that there will be a movement of graduates from one country to another for purposes of offering skills in event organisation and management in 2017. Some countries do not provide the right political and economic base to support the growth of the tourism industry hence graduates move to other nations to secure better employment terms (WTTC-W 10). Despite political and economic tensions in some countries, the tourism industry is expected to record a growth in 2017 hence the number of events needed to support tourism will increase.
South Korea Graduate Market
Tourism
The tourism and travel industry in South Korea contributes largely to the creation of job opportunities to many graduates. The graduates can be employed as tour guides, hotel attendants, and travel advisors. In addition, other graduates are employed as cooks and chefs to prepare the different foods for the tourists in the tourist hotels and restaurants. Besides, the industry contributes to the growth of the economy of the republic of South Korea. In 2016 alone, the Tourism and Travel industry contributed a tune of US$7.6 trillion. The amount generated by the industry is equivalent to 10.2 percent of the country's Gross Domestic Product (GDP). Also, the industry generated massive job opportunities for especially for fresh graduates from college. A number of jobs created in 2016 reached a count of 292 million employment opportunities. Most graduates who were jobless got employed (WTTC-SK 1). The advantage of working with the industry is the relatively high salary that is given for an average job. The employees are able to enjoy the huge tips and bonuses awarded as a motivation for improved performance.
The Tourism and Travel industry is expected to record significant growth in 2017 by providing a 0.7 percent growth in GDP. In 2016, the direct GDP growth was 3.1 percent hence it was expected to hit 3.8 percent in 2017. However, there has been a dramatic change of events and the expected growth in GDP is unlikely to be met. The decision by the South Korean government to allow United States (U.S.) construct a Terminal High Altitude Area Defence (THAAD) has angered China. China is the greatest source of tourists for South Korea and in 2016, approximately 8.04 million tourists to Seoul came from China (WTTC-SK 5). South Korea Tourism industry has been hit by the plunge of 28 percent of Chinese tourists. The situation is expected to continue and the Tourism industry will be adversely affected. Companies in the tourism industry might retrench some of its employees due to the slow growth rate of the Tourism Industry.
Hospitality
Hospitality is directly linked to the tourism sector in that it is associated with providing the best services to the clients. Employment opportunities for Hospitality graduates in 2016 were second to the Tourism-related jobs. Graduates of hospitality management are able to work in tourist hotels and restaurants to offer support services to the tourists. The employees can serve both local and international tourists although a majority of the clients are from abroad. Hospitality focuses on offering the best services and creating a presentable image of the country and the services it offers.
The hospitality industry was directly affected in 2015 after the outbreak of the Middle East Respiratory Syndrome (MERS). The number of tourists declined by a margin of 40 percent in 2015 compared to 2014 where a decrease of 12.4 percent was recorded. The decrease in a number of tourists decreases the income for the firms dealing with hospitality services, and the hospitality employees are affected too (WTTC-SK 12). In 2016, there was an improvement in the hospitality industry due to increased number of tourists as compared to the previous year. The industry is expected to grow and incorporate methods such as Internet of Things (IoT) to monitor customer behaviour. However, the introduction of the Terminal High Altitude Area defence (THAAD) has caused a decrease in the number of tourists to South Korea. It is estimated that the program by the United States (U.S.) is likely to cause a deficit of 8.04 million tourists to Seoul. The increased tension in the region has caused China to advise travel companies to reduce the number of tickets to South Korea tourist destination. The hospitality industry will be affected as they will generate less income in the coming months and maybe for the remaining months of the year 2017. The number of hospitality jobs available to graduates will significantly reduce due to the decreased number of tourists to South Korea.
Events
Events involve the organisation of different activities that ensure clients get the services they need in a convenient way. Some of the events may include arranging for travel trips, the organization of programs to keep the tourists occupied for the time they will stay in the tourist destination. Other events include a schedule for activities for a group of tourists to move around the country and visit different places. The number of employment opportunities created by event organisation depends on the number of tourists visiting. The high the number of tourists, the high the number of events to be organised. Increase number of events related to tourism ensures the provision of job opportunities for graduates who have studied event organisation and management. In 2016, a high number of events were recorded at various tourist destinations in South Korea. The number of tourists to South Korea was approximately 17.8 million hence there were plenty of opportunities to organise events to suit the tourist schedules. The tourists spent more than $261 billion on travel, accommodation, and events while in South Korea in the year 2016 (WTTC-SK 13). The South Korean 2017projected spending budget was approximated to be more than $300 for tourists.
However, there has been a decrease of 28 percent of tourists in South Korea in 2017 as compared to the tourist numbers in 2016 (WTTC-SK 10). The fewer number of tourists will mean less spending and few events will be organised for the tourists. The decrease has been caused by political tensions between China and South Korea over a missile defence system under construction in the country. The economic contribution targets for events and the number of employment opportunities expected for events may not be met due to the decreasing number of tourists in South Korea. Graduates expecting to get employment opportunities for event organisation and management are likely to face a hard time in 2017. The political tensions between South Korea and China are not likely to ease due to the missile defence project by the United States (U.S.).
References
WORLD TRAVEL & TOURISM COUNCIL (WTTC), March 2017. TRAVEL & TOURISM: ECONOMIC IMPACT 2017 SOUTH KOREA, London, U.K.: WTTC.
WORLD TRAVEL & TOURISM COUNCIL (WTTC), March 2017. TRAVEL & TOURISM: ECONOMIC IMPACT 2017 WORLD, London, UK: WTTC.
