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Banyan Tree restructures amid Covid-19 hit, lays off 10-15% of global workforce
HOSPITALITY Group Banyan Tree is undertaking a series of right-sizing and cost-saving exercises that has affected 10 to 15 per cent of its global workforce, it said in an exchange filing on Friday.
The group said that it is doing this to adapt to the post-Covid-19 industry outlook.
The Straits Times had earlier reported Banyan Tree's laying off about 30 per cent of its workforce in Singapore. It has around 180 people in its corporate office and headquarters in the Republic.
Across its various brands globally, Banyan Tree has 11,000 staff and 47 hotels.
The group said it is committed to supporting this transition with transition packages recognising its employees' years of service and contribution.
It has also set up a flexible-employment platform to provide associates with operational roles where possible, both within the company and through industry contacts.
Complimentary classes for reskilling and upskilling are being offered, and Banyan Tree has an alumni database to help associates in corporate and support functions find new roles.
The move is aimed at not only short-term savings but also continued efficiency and flexibility, enabling the company to operate effectively into the future, Banyan Tree said.
The measures have also been planned such that the company’s ability to operate and respond to market demand at any time is not compromised, it added.
Banyan Tree shares rose one Singapore cent or 4.08 per cent to S$0.255 on Friday.