Marriott's takeover of Starwood closed on September 23, and so far I'd say they've been doing a good job. Marriott Rewards and Starwood Preferred Guest introduced reciprocal status matching and allowed points transfers from day one, which we've never before seen so quickly following a merger being finalized. However, Marriott is taking their time integrating…
Continue reading: Huge Layoffs Coming To Starwood Corporate Next Month
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Another blow to the state of Connecticut. First GE leaving for Boston, now Starwood.
Same here in Cork, Ireland. Not sure how many but the employees got emails from HR announcing lay offs.
Surprising because it's rather a tough time of year to be laying people off. I hope the severance packages are decent for their sake.
Nothing that an SPG executive was not expecting. Marriott acquired SPG and not the opposite. Thus, they knew they would not have a job since all the senior level people will come from the company that has the leverage in the deal.
Those executives will probably get plenty of help finding new jobs, like English grads polishing their resumes for them and consultants searching on their behalf for comparable high-level positions. It's not like ordinary joes getting the boot.
@chancer: I agree BUT... And here is a big BUT. These guys work for a very specific industry called hospitality and with the consolidation that is happening there are not many companies out there for them to get jobs at the level they were with Starwood. Yes, if they were in technology, consumer goods, etc... there are several small and big companies they could work but how many hotel chains are out there that need a VP or Senior Director? I would guess not many.
@ Santastico - If the execs maintain the attitude that they will only look for the same jobs they lost, in the same locations, obviously they will be out of work for a very very long time. I remember one former VP who told the job consultant I worked for to search in big cities only, which meant an opening for VP that matched his qualifications was off the table because he'd need to relocate from Los Angeles to Poughkeepsie. Yes, Poughkeepsie (I hear the giggles) but as the saying goes, beggars can't be choosers. As for hospitality being a tough industry for job seekers, I think New Zealand has it on its list of desired skills. Plenty of opportunities around the world for those willing to uproot.
I kind of wonder how many Starwood employees really want to work for Marriott. I suspect the culture is very different and there may be some bad feelings about the merger. I wouldn't be surprised if some of the Starwood employees are more interested in something like Kimpton Karma, Voila, or boutique hotels.
"Plenty of opportunities around the world for those willing to uproot."
Outside the US, work visas are very hard to get, especially for those workers over 40.
Heck, just to retire in Ireland they require a yearly income of €100,000.
Your retirement example is comparing apples and oranges. Someone emigrating to another country based upon skills that are in demand gets a visa based on a points system. Younger applicants get more points, but age is only one of many factors such as advanced degree and years of expertise which these laid off execs are likely to have.
First, most senior people will have some sort of package negotiated. Second, while there may be opportunities outside the US, as has been suggested, that is not a realistic, or at least not an easy option, for those with kids in school, etc. Lastly, each nation's visa criteria varies. A skills based point system is not at all universal.