ManagementParadise.com Forums - Your MBA Online Degree Program and Management Students Forum for MBA,BMS, MMS, BMM, BBA, students & aspirants.

ManagementParadise.com Forums - Your MBA Online Degree Program and Management Students Forum for MBA,BMS, MMS, BMM, BBA, students & aspirants. (http://www.managementparadise.com/forums/index.php)
-   Human Resources Management (H.R) (http://www.managementparadise.com/forums/human-resources-management-h-r/)
-   -   Employee Retention of Wynn Resorts (http://www.managementparadise.com/forums/human-resources-management-h-r/220720-employee-retention-wynn-resorts.html)

pratikkk April 26th, 2011 02:48 PM

Employee Retention of Wynn Resorts
 
Wynn Resorts Limited is a publicly traded corporation based in Paradise, Nevada that is a developer and operator of high end hotels and casinos. It was formed on October 25, 2002 by former Mirage Resorts Chairman and CEO Stephen A. Wynn.

Wynn Macau makes extensive efforts on employee retention with a focus on the particularities of the Macau labor market. Wynn Macau’s human resource experience and familiarity with the Macau market has led to the creation of key policies, such as highly specialized health insurance and medical care packages that provide for non-conventional medical coverages. None of our employees are members of any labor union, and we are not party to any collective bargaining or similar agreement with our employees. We believe that we have a good relationship with our employees. We hire a number of non-skilled foreign laborers through Wynn Manpower and non-skilled PRC laborers through SH, in compliance with Macau government requirement. See “Relationship with Wynn Resorts, Limited.” The Macau government has recently reduced foreign and PRC labor quotas for Macau employers. The reduced foreign labor quotas, together with our natural employee attrition rate, led to a reduction in our total employee headcount. Due to the recent slowdown in global markets, we did not elect to replace all of the jobs that were thus vacated and as a result, have reduced payroll expenses without substantially sacrificing service or quality.

We recruited a substantial number of new employees for the opening of Wynn Macau and the success of our operations will be affected by our success in retaining them. Wynn Macau competes with the large number of new casino resort developments currently underway in Macau and expected in the near future for the limited qualified employees. We will have to seek employees from other countries to adequately staff Wynn Macau. Recent policies announced publicly by the Macau government have affected our ability to import labor in certain job classifications. We are coordinating with the Macau labor and immigration authorities to ensure our labor demand is satisfied, but cannot be certain that we will be able to recruit and retain a sufficient number of qualified employees for our Wynn Macau operations or that we will be able to obtain required work permits for those employees

What happens in Vegas may also happen in China. Wynn Resorts, the brainchild of gaming mogul and former Mirage Resorts chairman Steve Wynn, operates luxury casino resorts in Las Vegas and Macau, the only place in China where gambling is legal. The company's Wynn Las Vegas is a $2.4 billion resort and casino, built on the site of the former Desert Inn on the Strip. Wynn Resorts operates in China through Wynn Macau Limited. The company has expanded in both markets, adding the Encore at Wynn Las Vegas next to the Wynn Las Vegas, and the Encore at Wynn Macau adjacent to Wynn Macau. Steve Wynn, his ex-wife Elaine Wynn, and board member Kazuo Okada (through Universal Entertainment) together own some 40% of the firm.

We take excellent care of our guests. We take even better care of YOU.
As a Wynn Resorts employee, you'll have access to benefits - everything from health insurance to 401(k), and all with the flexibility to meet your individual needs.

Health Insurance
For a small fee, taken out of your paycheck by payroll deduction, you and your entire family can receive health insurance. There are two options to choose from to fit your needs. All of them offer low deductibles, medical, prescription, dental and vision coverage.

Life Insurance
We know that the care of your family is your main concern. So just by working here, you have life insurance equal to your annual salary. Additional coverage is available at low cost.

Disability Insurance
Life can throw some curve balls. If you're hurt and cannot do your job, disability insurance can help you pay your bills. The company pays the cost of your short-term disability. You can also purchase long-term disability at a low cost.

Voluntary Insurance
We also have providers that offer insurance for a variety of other needs:

Accident
Critical illness
Cancer
Long-term care
Pet care
Pre-paid legal
Auto
Homeowners
Renters
Boaters
and more!

For employees covered by a collective bargaining agreement, check with your union health and welfare office for more information.

401(k)
Saving for your future is a lot easier with our 401(k) plan. You can sign up for your retirement/savings plan the first quarter after your hire date.

Vacation Days

For Continuous Service
After 1 year – 5 days
After 2 years – 10 days
After 6 years – 15 days
After 12 years – 20 days

Holidays
New Year's Day (optional for Culinary Union Staff)
President's Day
Memorial Day
Independence Day
Labor Day
Thanksgiving Day
Christmas Day
Personal Floating Holiday (after your probationary period)

Employee Assistance Program
If your personal issues are affecting your work performance, family, or other aspects of your life, our Employee Assistance Program (EAP) provides a free confidential service, through a third party professional organization to help.

The cost of replacing employees in China is about 25 percent to 50 percent of their annual salary, according to Brenda Wilson, principal consultant at Mercer Human Resource Consulting in Hong Kong. And with turnover rates of about 13 percent, avoiding employee churn can go a long way when it comes to saving money.

Not surprisingly, the company has designed a comprehensive compensation package that not only attracts employees, but also instills loyalty. Employee development is among the cornerstones of Wynn Macau's workforce management strategy, according to HR executive director Wendy Yu. All employees receive highly individualized training in groups of no more than 20 and are required to pass certification programs before interacting with guests of the property.

Training is critical in Macau's service-oriented market. Unlike Las Vegas, where the bulk of income stems from machines, revenues in Macau depend on high rollers, analysts say. Besides extensive training, other development programs for Wynn Macau employees include an education allowance and e-learning initiatives.

Such a human resources policy may not have taken root if not for the company's familiarity with the needs and expectations of the local workforce. Natives of Macau, located on the southeast coast of China about 40 miles from Hong Kong, tend to keep their thoughts and feelings low-key.

"From childhood, people in Macau are taught to respect elders and authority figures," Yu says. "This lesson is carried into adulthood and into the workplace, where employees won't come out and tell you what their needs are unless they trust you."

Given these workforce dynamics, all but one of the 50 HR employees Yu oversees has had extensive experience in Macau. Yu, who was raised in Macau, has worked there for most of her 16-year career in human resources. HR leadership's familiarity with the market has led to the creation of key policies, such as the highly specialized health insurance packages, which could prove indispensable for retaining workers.

Wynn Resorts, which operates the Wynn Las Vegas hotel-casino along with Wynn Macau goes beyond providing the conventional medical coverage typically offered in the U.S. Workers at the Wynn Macau have access to a Chinese herbalist under the health plan. "Some people are comfortable with Western medicine, others are comfortable with Chinese medicine," Yu says. "This is a good way to cover all of our bases."

There are additional benefits-such as paid leave when an employee gets married-offered in Macau that are not common in the U.S. The medical program also takes into account the critical inter-generational relationships that exist in Macau. Workers can access health insurance for their parents, albeit at a cost.


All times are GMT +5.5. The time now is 09:48 AM.

Powered by vBulletin® Version 3.8.3
Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.
SEO by vBSEO 3.6.0 ©2011, Crawlability, Inc.
ManagementParadise.com is not responsible for the views and opinion of the posters. The posters and only posters shall be liable for any copyright infringement.