Tag Archives: service industry management

Service Industry Management Institute

Service industry, an industry in that part of the economy that creates services rather than tangible objects. It is also known as tertiary sector. Economists divide all economic activity into two broad categories, goods and services. Goods-producing industries are agriculture, mining, manufacturing, and construction; each of them creates some kind of tangible object. Service industries include everything else: banking, communications, wholesale and retail trade, health & spa, airlines, tourism, hotel management, all professional services such as engineering, computer software development, and medicine, nonprofit economic activity, all consumer services, and all government services, including defense and administration of justice. A services-dominated economy is characteristic of developed countries. In less-developed countries most people are employed in primary activities such as agriculture and mining.

The services sector, with around 52 per cent contribution to the Gross Domestic Product (GDP) in 2014-15, has made rapid strides in the past decade and a half to emerge as the largest and one of the fastest-growing sectors of the economy. The services sector is not only the dominant sector in India’s GDP, but has also attracted significant foreign investment flows, contributed significantly to exports as well as provided large-scale employment. India’s services sector covers a wide variety of activities such as trade, hotel and restaurants, transport, storage and communication, financing, insurance, real estate, business services, community, social and personal services, and services associated with construction.

Market Size

The services sector contributed US$ 783 billion to the 2014-15 GDP (at constant prices) growing at Compound Annual Growth Rate (CAGR) of 9 per cent, faster than the overall GDP CAGR of 6.2 per cent in the past four years.

Out of overall services sector, the sub-sector comprising financial services, real estate and professional services contributed US$ 305.8 billion or 20.5 per cent to the GDP. The sub-sector of community, social and personal services contributed US$ 188.2 billion or 12.6 per cent to the GDP. The third-largest sub-segment comprising trade, repair services, hotels and restaurants contributed nearly equal or US$ 187.9 billion or 12.5 per cent to the GDP, while growing the fastest at 11.7 per cent CAGR over the period 2011-12 to 2014-15.

About ITFT

ITFT was established in April 1994. The aim was to develop Quality Human Capital for the service Sector. It has emerged as premier Institute of service industry in North India and is the only one in the country to offer International Standard Courses in Aviation, Tourism, Hospitality, Health-Spa & Resort, Media and Entertainment, IT and Management Disciplines.

Management Department:

The 21st century has brought with it a new workplace, one in which everyone must adapt to a rapidly changing society with constantly shifting demands and opportunities. The economy has become global and is driven by innovations and technology and organizations have to transform themselves to serve new customer expectations.

In these days service sector is the most booming sector of the economy.  In management department we are providing course which mainly focus on service industry. Our main aim to run these courses is to provide an in-depth overview of the different avenues of Service Sector, with industry overview, leaders of industry and work opportunities.

Courses

Bachelors in Service Industry Management (BSIM)

Bachelors in Service Industry Management prepare service sector professionals for management roles in industries ranging from food services to healthcare and from retail to hospitality and tourism. This course is the ideal qualification for individuals that want to work with people – both serving and leading them.

Bachelor in service industry is a course that provides knowledge of interest to individuals of all ages and backgrounds who wish to learn more about service industry, organizational situations, decisions, and relationships.

This course explores the dimensions of successful service firms. It prepares students for enlightened management and suggests creative entrepreneurial opportunities.

Master in Service Industry Management (MSIM)

The Two years Master course connects a profound academic education with a strong practice-related focus in Service Management. It is designed to create leaders in the fast growing services sector- software, telecom, healthcare, banking & financial services, insurance, hospitality, entertainment, professional & higher education, consultancy, exports, airlines and transportation services, HR services, marketing services. This course spreaded across 4 semester covers major areas of service sector ,emerging trend s in services sector, serviceoperations, HR requirement ,and customer services one of the major aspect of Service industry. Taking care of global Service industry the major focus is to educate student on the Asian Regional Services Sector.

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Financial Services-A segment of Indian Service Sector Industry

The services sector has been a great stimulus to the Indian economy accounting for 65 per cent of the gross domestic product (GDP), wherein the financial services segment has been a major contributor. The growth of the financial sector in India at present is nearly 8.5 per cent per year.

service industry management

 

Dominated by commercial banks which have over 60 per cent share of the total assets.

Through the Financial Inclusion Plan (FY 10–13), banking connectivity in the country has increased more than three-fold to 211,234 villages in 2013 from 67,694 at the beginning of the plan. India’s banking sector has the potential to become the fifth largest banking sector globally by 2020 and the third largest by 2025.

The cap on foreign direct investment (FDI) also looks likely to be increased from 26 per cent to 49 per cent. The Insurance Bill which has been approved by the Government of India and will in all possibility be cleared by the Parliament is expected to increase FDI inflows to US$ 10 million in the short term.

The regulatory agency which oversees the functioning of stock markets is the Securities and Exchange Board of India (SEBI), which is located in Bombay.

The Reserve Bank of India (RBI) has bought a net of $5.8 billion US dollars from the market in April, taking total net purchases to more than $25 billion in September 2013. The central bank is buying US dollar aggressively to serve twin purposes: to prevent an appreciation of the rupee, and to build foreign exchange reserves which contracted last year amid rating downgrade fears that triggered panic selling by overseas investors.

India’s foreign exchange reserves rose $203 million in the week to June 6 as Reserve Bank of India purchased dollars from the foreign exchange market to prevent volatility in exchange rate amid strong dollar inflows. The reserves rose to $312.586 billion, breaking a two week’s consecutive fall.

It is expected to become the fifth largest banking sector in the world by 2020 and the third largest by 2025, according to a joint report by KPMG–CII.

Bank credit is expected to grow at a compound annual growth rate (CAGR) of 17 per cent in the medium term leading to better credit penetration.

The insurance sector also has bright times ahead. Life Insurance Council, the industry body of life insurers in India, has estimated a CAGR of 12–15 per cent over the next few years for the segment, with the country’s insurable population projected to touch 750 million by FY 2020.

Financial service institutions in India are struggling to retain their competitiveness and to align their business models to the rapidly changing circumstances. Forward-looking organisations are seeing the shake-up as a once in a generation opportunity to redefine their strategies and business models, when the competitive structure of their industries are relatively open to change.

Education – Employment – Entrepreneurship

ITFT – Institute of Technology & Future Management Trends. It is a Centre for excellence for Research, Academic & Skills Development for Service Industry Management is running a Service industry Course under bachelors and masters degree program.

for more information visit service industry management

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Job Prospects in Service Industry Management

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Institute of Technology and Future Management Trends as also affectionately termed as ‘ITFT’ provides bachelors and masters degree in service industry management.

BBA in Services Industry Management prepare service sector professionals for management roles in industries ranging from food services to healthcare and from retail to hospitality and tourism. This course is the ideal qualification for individuals that want to work with people – both serving and leading them.

The Masters programme with specialization in Service Industry Management delivers further an advanced education to take over higher positions and roles in the leading management field – a promising perspective for the area of professional Service Management. This course is the ideal qualification for individuals that want to work with people e- both serving and leading them. The two year part-time Master course connects a profound academic education with a strong practice-related focus in Service Management. General and special topics taken out of the professional everyday life are basic contents of the case studies, the training modules as well as part of the project work.

To Enhance Employability of every Youth ITFT provides various training programmes to the students for personality Development, communication Skills, soft skills, resource management skills, situation Mgt. Skills, Time Mgt., Positive Attitude, Mock Interviews, Interface with Corporate and placement Process through Finishing School Network.

 

si_new The services sector is a vital cog in the wheel of the Indian economy. The sector, accounting for 60 per cent of the gross domestic product (GDP), grew 5 per cent in the FY13.

The Indian service industry has emerged as one of the largest and fastest-growing sectors on the global landscape and hence has made substantial contribution towards global output and employment. Growing at faster pace as compared to agriculture and manufacturing sectors, Indian service segment comprises of wide range of activities, such as trading, transportation and communication, financial, real estate and business services, as well as community, social and personal services.

Services sector, including insurance and real estate, grew by 9.1 per cent in January-March quarter of 2013. The segment grew by 8.6 per cent in 2012-13. Community social and personal services expanded by 4 per cent in the fourth quarter of FY13 while they grew by 6.6 per cent in 2012-13. Trade, hotels, transport and communications segment grew at 6.2 per cent in the January-March quarter this year as against 5.1 per cent in the same period a year ago. The sector grew at 6.4 per cent in 2012-13.

Depending on one’s qualification one can find jobs in various subsectors of service industry like in hospitality sector as Management Trainee, Customer Relations Executive, Marketing/Sales Executive, Kitchen Management/ House Keeping Management, Catering Officer or Chefs in Hotels, Flight Kitchens, Cruises, Fast Food Chains and allied industry. You can also find jobs as cabin crew in National and International Airlines, as Executives in Tourism Development Corporations and Resort properties or as faculty in Hotel Management Institutes or Food Craft institutes. Moreover the option of being a self-employed entrepreneur also remains open.

 Job Prospects

Lots of lucrative and interesting openings are there for hotel management graduates in various fields like:

  • Hotel & Restaurant management
  • Airline Catering and Cabin Services
  • Club management
  • Cruise Ship Hotel Management
  • Hospital administration and catering
  • Hotel and Tourism Associations
  • Forest Lodges
  • Guest Houses
  • Institutional Management (supervising canteens in college, schools, in factories, company guest houses etc.)
  • Catering departments of railways, banks, armed forces, shipping companies etc.
  • Hotel and catering institutes
  • Self employment

 

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admission 2015-2016

Employment Patter in Service Industry of India

service industry management

Service Sector in India

The service sector in India is characterized by the asymmetrical relationship between income and employment generation. The increasing share of services in GDP (65%) and stagnant employment generated (28%) from the sector can have grave implications for the country where unemployment continues to be a major problem. The reasons for the asymmetrical relationship in income and employment generation, is embedded in the pattern of service sector growth experienced in the country. However the contribution of agriculture sector and manufacturing sector towards employment are 47 % and 25 % respectively. (Source: World Bank 2012). If this is compared with Hong Kong SAR China whose services contribution towards GDP highest at 93% employing 88 % of total employed, our service industry specificHRD policies need to be reworked.

Contribution of Services in Indian Employment

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A reason often pointed out for the slow employment growth in Indian service sector is the high labour productivity and the income growth happening in certain sub sectors that uses skilled labour. This is in sharp contrast with other country experiences, where high growth rate of employment in services is explained with low productivity in services. However demand push factors only partly explain the service sector growth in India. Factors like unprecedented increase in government activities, demonstration effect creating demand pattern similar to those of high income countries, outsourcing of certain manufacturing activities to service sector, urbanization and trade facilitated by new technology act as pull factors for the growth of service sector.

Extent of disproportionality Between output and employment in service sector:

The extent of disproportionality between output and employment in service sector also differs between organised and unorganised activities. While in the organised service sector, income grew more than employment; the relationship is reverse in the unorganised sector. This happens in less developed countries where service sector grow not because of high- income demand, but due to unemployment. As every supply of labour creates its own employment in services, by sharing out a given amount of work and such a process cannot be considered as a sign of economic development. The little increase in service sector employment is often as a result of the proliferation of low paid jobs, especially in the large private unorganised sector within services. Even in the case of organised services employment opportunities is decreasing in those sectors where income growth is high, as in the case of finance, which is a matter of concern.

To cater to these trends there is a need to provide skilled manpower to the sectors. ITFT Education group provide Bachelor and Master Courses in Service Industry that will help in creating professionals as per industry demands thereby increasing the employment in this sector.

for more information visit Masters in Service Industry Management