Statement on Hyatt Corporate Workforce Actions in Response to COVID-19
Since COVID-19 has entered our lives and been declared a global pandemic, we are facing an unprecedented time for our world, our economy and the hospitality industry, which is seeing significantly decreased demand globally.
With our colleagues' wellbeing in mind, we considered various options before arriving at the decision to furlough colleagues. By taking this action, Hyatt corporate colleagues' eligibility for healthcare and other benefits will not change, and colleagues may also file for unemployment benefits during this period. For colleagues on a Hyatt healthcare plan who have been furloughed, Hyatt is actively taking steps to protect and fund benefit coverage (including employee benefit premiums) for up to two months. Temporarily furloughed colleagues will be eligible for unemployment benefits and will be encouraged to use PTO days to cover pay during the furlough period.
We are also in the process of setting up a global Hyatt Care Fund, which will be seeded by 100 percent of Hyatt leadership team's salary reductions as an initial contribution. Both President & CEO Mark Hoplamazian and Chairman of the Board Tom Pritzker are forgoing 100 percent of their salaries, and Hyatt's Senior Leadership Team is taking a salary cut of 50 percent through the end of May. The proceeds of this fund will be distributed to those colleagues with the most pressing financial needs due to loss of income.
Our ultimate goal is to emerge in a position of strength coming out of this crisis, with our world-class teams as intact as possible across the global Hyatt family. It is only by the strength of our workforce that we can be ready when the hospitality industry rebounds, and when our guests and customers once again choose Hyatt.
About Hyatt Hotels Corporation
Hyatt Hotels Corporation, headquartered in Chicago, is a leading global hospitality company with a portfolio of 20 premier brands. As of March 31, 2020, the Company's portfolio included more than 900 hotel, all-inclusive, and wellness resort properties in 65 countries across six continents. The Company's purpose to care for people so they can be their best informs its business decisions and growth strategy and is intended to attract and retain top employees, build relationships with guests and create value for shareholders. The Company's subsidiaries develop, own, operate, manage, franchise, license or provide services to hotels, resorts, branded residences, vacation ownership properties, and fitness and spa locations, including under the Park Hyatt®, Miraval®, Grand Hyatt®, Alila®, Andaz®, The Unbound Collection by Hyatt®, Destination®, Hyatt Regency®, Hyatt®, Hyatt Ziva™, Hyatt Zilara™, Thompson Hotels®, Hyatt Centric®, Caption by Hyatt, Joie de Vivre®, Hyatt House®, Hyatt Place®, tommie™, Hyatt Residence Club® and Exhale® brand names, and operates the World of Hyatt® loyalty program that provides distinct benefits and exclusive experiences to its valued members. For more information, please visit www.hyatt.com.