The pandemic took a major toll on the travel industry, leading to significant layoffs and hiring freezes as companies worked to weather the storm. Booking Holdings laid off 6,100 employees, or 23% of its staff, in 2020 and froze hiring through the end of 2021. However, the company has since rebounded, boosting its employee ranks by 19.2% to 24,200 as of September 30, 2024. This growth in staffing has been fueled by the recovery of Booking Holdings’s revenue, which has surpassed pre-pandemic levels. In the third quarter of 2024, the company reported close to $8 billion in revenue, a 60% increase from the same period in 2019.
Expedia, on the other hand, has been slower to recover in terms of its workforce. By the end of 2023, Expedia had added back 15.5% of its employees, reaching a total of 17,100 – still about one-third lower than its 2019 levels. The company recently underwent a multiyear tech migration involving its Hotels.com and Vrbo brands, resulting in a workforce reduction of 9% in early 2024. With these cuts, Expedia’s number of employees is estimated to be around 15,600, only about 5.4% higher than its pandemic lows. This downsizing was not solely due to the pandemic, as Expedia had already started reorganizing its workforce in early 2020 and continued with layoffs throughout the following year.
Booking Holdings saw a geographical mix of its workforce by the end of 2023, with 47% in Europe, 36% in Asia Pacific, 15% in North America, and 2% in the rest of the world. Expedia, on the other hand, has employees located in more than 50 countries. Expedia chairman Barry Diller had characterized the company as a “bloated organization” in early 2020, leading to plans to trim 12% of its employee ranks. The company’s workforce reduction continued into 2021, resulting in a significant decrease in overall staffing levels.
It is important to note that the employee figures provided for both Booking Holdings and Expedia include full- and part-time employees for Expedia, while Booking’s figures are for full-time employees only. Expedia’s revenue in the second quarter of 2024 was within reach of pre-pandemic levels but had not yet surpassed them. The company reports its third quarter financials on Thursday, which will provide further insights into its recovery progress. As the travel industry continues to navigate the challenges brought on by the pandemic, both companies are taking steps to ensure their workforce is aligned with current business needs and strategies.
