This archive report was first published on 12 May 2020.
As the global COVID-19 pandemic continues to spread, Hyatt Hotels Corporation has announced plans to lay off 1,300 employees worldwide, citing the suspension of travel as one of the measures to curb the virus's spread.
According to a company statement published on May 12, 2020, the layoffs will take effect on June 1, 2020. Affected employees will receive severance pay, outplacement services, and benefits commensurate with their years of service.
Hyatt has taken several measures to cushion the business from the pandemic's negative impacts, 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, as the company anticipates its 2020 revenue to drop to 50% of 2019's total. In 2019, Airbnb recorded $4.8 billion in revenue.
Hyatt Hotels Corporation is an American multinational hospitality company with its headquarters in the Riverside Plaza area of Chicago. As of September 2019, the corporation had over 100,000 employees worldwide, servicing nearly 900 properties across 20 brands in 60 countries.
