As the evolving COVID-19 situation continues to challenge the hospitality industry and its workers, hotel group Accor has announced a support fund to help its employees, partners and those in the healthcare sector.
After consulting with its main shareholders, Accor has launched the All Heartist Fund, allocating €70 million from its dividends payments to assist the company’s 300,000 employees by pledging to pay for all their COVID-19 hospital related expenses. The fund will also be used to assist furloughed employees and partners experiencing great financial distress.
Other initiatives include Accor’s board members reducing their attendance fees by 25% and putting that money into the fund. Accor CEO and chairman Sébastien Bazin will forego 25% of his compensation during the crisis, also contributing it to the fund.
Bazin explained: Through this impactful gesture, we wish to express our solidarity and gratitude to all those demonstrating courage and selflessness during this crisis. On behalf of the board, I would like to thank the Group’s main shareholders. Without them, the “All Heartist Fund” would not have been possible. I also want to pay a special tribute to the Accor teams around the world.”
Accor announced it has enforced a travel ban, hiring freeze and the furloughing of 75% of its global head office team to help the group through these difficult times. Despite these drastic measures, Accor has assured it has a strong balance sheet and can survive the pandemic.Bazin concluded: “As our industry is going through tough times, we have to make tough decisions, but Accor has a strong balance sheet which will enable it to withstand this crisis and emerge with strength during the recovery period. I am confident that Accor will soon rediscover the road to growth.”