Sol Meliá slashes payroll to rein in costs

The cost reduction plan implemented by Sol Meliá early last year in the face of some very gloomy perspectives following the 9/11 terrorist attacks has led, among other things, to payroll cutbacks.

This personnel overhaul has made a dent in several of the company’s departments. Juts like many other tourism companies, Sol Meliá has been bound to take actions in order to grapple with the outcomes marking today’s political and economic situation in the world.

Since last January 2, Sol Meliá has been crossed out from the selective Ibex 35 ranking as experts believe the company’s finances and staff hiring over the last six months –among an array of other factors- have not been good enough to keep its name on the list.

Sol Meliá has managed to weather the crisis thanks in part to its diversifying character whereby the Spanish giant has always tried to reach some common ground between vacation and urban offers, as well as a geographical balance by keeping resorts in different parts of the globe.

This variety of offers has allowed the company, amid these times of crisis and recession, to offset the upshots of poorly faring destinations with those racked up by heftier ones.