Six Senses Introduces an Innovative Alternative to Employee Cutbacks and Layoffs
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Six Senses Introduces an Innovative Alternative to Employee Cutbacks and Layoffs
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Category: Worldwide - Industry economy
- Trends / Expert's advice
This is a press release selected by our editorial committee and published online for free on 2009-02-09
Unlike many companies in the hospitality and travel sectors that are making employee cutbacks and layoffs in the current economic downturn, Bangkok-based Six Senses Resorts & Spas has introduced an industry-first, innovative alternative.
“As with other companies in our sector, we need to weather the storm”, said Six Senses CEO and Chairman, Sonu Shivdasani, “and recognizing that our hosts are an integral element of delivering our Core Purpose of creating innovative and enlightening experiences that rejuvenate our guests’ love of SLOW LIFE* - the last thing that we should cutback is the people who deliver our exceptional service. We therefore needed to come up with the most optimal solution that will maintain mutual loyalty and high standards”.
Sonu Shivdasani went on to say, “The sophisticated traveler will be watching to see who in the luxury service industry will drop standards; where highly trained people are so key, to the point of being almost sacred”.
The Six Senses solution is a win-win arrangement for all parties. Hosts at the Innersphere and Core level will take a 10% cut in pay, and in return, receive the same amount in company shares. The shares may be sold back to the company from between 12 and 24 months hence, with the buyback price not being less than the value of the shares when received. An additional upside is that the shares have the potential to appreciate during this period.
Whilst the programme is mandatory for non-Thai hosts, nationals at the Bangkok Hub will have the personal choice to opt in or out of the offer. Hosts also have a limited option to purchase additional shares at this time.
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