Hyatt to Cut 1,300 Global Corporate Roles Amid COVID-19 Drop in Travel
SOURCENews reportView the filing ↗
What we know
Location: global.
Department affected: global corporate operations.
Based on news reporting.
Summary
Hyatt announced it will lay off 1,300 employees worldwide as part of a restructuring of its global corporate operations, citing a historic drop in travel demand and a slow recovery due to the COVID-19 pandemic. The cuts begin June 1, 2020, and follow other cost-saving measures including salary reductions for senior leadership, pay and schedule reductions for about two-thirds of U.S. corporate staff, and furloughs of an unspecified number of hotel team members. Hyatt reported wider-than-expected first-quarter 2020 losses and suspended its dividend and share-buyback program, prompting further expense reductions. Laid-off employees will be eligible for severance, benefits based on tenure, outplacement services, and may apply to the Hyatt Care Fund for financial assistance.
Hyatt Regency cut 1,300 jobs affecting its global corporate operations team as of June 1, 2020.
That is roughly 3.4% of the 38,000 people Hyatt Regency employs.
LayoffTalk has tracked 7 layoff events at Hyatt Regency since June 2020, including 280 jobs documented in official WARN filings, with 4 additional events known from news reporting.
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