Successful Meetings - March 2009 - (Page 10)

NEWS UPDATE 12 Treasury Issues Restrictions for Meetings 14 Marriott Introduces Educational Program for Planners 15 Industry Events Calendar Wynn Las Vegas Acts to Avoid Layoffs I Accountability Standards Released he U.S. Travel Association (USTA), in conjunction with seven other industry associations, announced on February 9 a set of guidelines for companies that received emergency federal funding. According to the model policy, proposed meetings, events, or incentives with a cost exceeding $75,000 must be supported by a written Roger Dow, head of the U.S. Travel Association T business case identifying a business purpose; the amount spent for an employee incentive event shall not exceed 2 percent of the total compensation of eligible participants or 10 percent of total award earners’ compensation; and at least 90 percent of incentive program attendees must be other than senior executives from the host organization. The guidelines outline examples of “legitimate business purposes,” including: sales conferences and employee meetings to align vision, strategy, and tactics; training and staff development meetings; employee recognition programs to motivate and reward employees; corporate-sponsored events that further charitable purposes; product development events n a move designed to help keep full-time staff employed despite a recession that has prompted mass layoffs throughout Corporate America, Wynn Las Vegas announced a number of “efficiency initiatives” that it says will save the company between $75 million and $100 million annually. Among the initiatives being implemented, according to the Las Vegas resort, are reductions in pay for salaried employees, reduced work-weeks for full-time hourly employees, the elimination of 2009 bonus accruals, and a suspension of the company’s employer match to employees’ 401(k) contributions. “The management team at Wynn Resorts recognizes their responsibility to the employees, customers, and shareholders to maintain the strength and health of the business and the integrity of the guest’s experience,” Wynn Resorts Chairman and CEO Steve Wynn said in a statement. “We will make decisions that protect and preserve the stability of the employees and allow the company to optimize its performance.” In addition to cutting employee hours, pay, and benefits, Wynn Resorts has said it will pursue other “operational efficiencies,” although further details weren’t immediately announced. —Matt Alderton 10 I SM I March 2009 I SuccessfulMeetings.com http://www.SuccessfulMeetings.com

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Successful Meetings - March 2009 Contents Editor's Letter News Update Education Management Matters Meetings Law Mouth for Sale Visionaries And the Award Goes to... Taking Green Initiatives to the Top Events of Presidential Proportion It's a Small World After All Places + Spaces Big Island Supplement-Insert NYC Metro Houston Oahu The Bahamas Memphis Passport

Successful Meetings - March 2009

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