10% Pay Cut for Six Senses Staff; Shares Given in Return

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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