Hotel Corporation, Hyatt, has announced plans to lay off 1,300 employees worldwide, owing to the global COVID-19 pandemic that has seen the suspension of travel as one of the measures to help curb the spread of the virus.
The layoffs will take effect on 1st June 2020.
According to the company statement, all affected employees will receive severance pay, outplacement services, and benefits commensurate with their years of service. Furthermore, those experiencing financial hardships will be allowed to seek financial support from the Hyatt Care Fund.
Ever since the outbreak of the pandemic, the Hotel has taken several measures to cushion the business from the negative impacts of the virus, including reductions of company-wide expenditures, extended salary reductions for the Senior Leadership Team and Board of Directors, and temporary work and/or pay cuts for all corporate colleagues.
Elsewhere, Airbnb also plans to slash up to 25% of its workforce, translating to 1,900 employees, even as the company anticipates its 2020 revenue to drop to 50% of 2019’s total. It recorded $4.8 billion in revenue last year.
Read Also: Airbnb Slashes 25% of Jobs
Hyatt Hotels Corporation is an American multinational hospitality company, with its headquarters in the Riverside Plaza area of Chicago. It manages and franchises luxury and business hotels, resorts, and vacation properties.
As of September 2019, the corporation had over 100,000 employees worldwide, servicing nearly 900 properties across 20 brands in 60 countries.
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