Benjamin Tisch on labor market
From Loews Hotels CEO: Travel demand is getting there but could take a few years · · CNBCTelevision
“The Amazon effect in many markets where we have hotels — when Amazon comes in with a fulfillment center they're paying people a lot of money — everything you can think of is making it difficult for us to hire people, but we try to make it easier: we give incentives to team members, and if you bring in a family member we give the ability to have great benefits.”
On , Benjamin Tisch, President, Chief Executive Officer & Director at Loews Corp, spoke about labor market during Loews Hotels CEO: Travel demand is getting there but could take a few years on CNBCTelevision.
About Benjamin Tisch
In April 2021, Tisch described the recovery in the lodging industry as "a bit uneven," noting that resorts and high-end luxury properties were performing well while business travel, meetings, and international travel remained "problematic." He stated that Loews Hotels was "strongly encouraging" team members to get vaccinated and that the company was offering an extra day off as an incentive for those who became fully vaccinated. Tisch also said he was "very much pro-vaccination" and had received his first shot in December 2020. He mentioned that the company was in discussions with the Biden administration about reopening borders and avoiding mixed messaging, citing a discrepancy between State Department and CDC travel advisories. By November 2021, Tisch said the business was "coming back" with strong numbers in most markets, though he noted it would take time to return to 2019 levels. He attributed hiring difficulties to factors including the "Amazon effect" in some markets, where fulfillment centers offered higher wages, and said the company was offering incentives such as benefits for referring family members. Tisch stated that wages were rising on a market-driven basis and that the company was raising room rates where demand allowed. He expressed optimism about the return of business travel, citing JPMorgan Chase CEO Jamie Dimon's view that it would resume, and said that while the timeline was uncertain, the industry would eventually return to accustomed levels.