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With many companies making employee cutbacks and
layoffs in the current economic downturn, Bangkok-based Six Senses
Resorts & Spas is taking a slightly different approach.
“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.”
The Six
Senses solution means that staff at what Six Senses calls
the Innersphere and Core levels 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 staff, Thai nationals at the
Bangkok Hub will have the choice to opt in or out of the
offer. Staff also have a limited option to purchase additional
shares at this time.
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