Expanding Workforce Opportunity, Building Strong Businesses
Workers power our economy. Blackstone believes that being attentive to the wellbeing of its portfolio companies’ employees is foundational to building successful businesses—and is aligned with our duty as fiduciaries.
Initiatives to Support workforce opportunity
This includes investing in health and safety, competitive compensation and benefits, as well as training and skill development. As part of these efforts, we have sought to expand access to economic opportunity for employees at our portfolio companies through several signature initiatives.
Shared Employee Ownership
We intend for our new, large-scale, US private equity control portfolio companies to provide broad-based employee eligibility for equity-linked bonuses – an initiative we believe draws high-quality talent, promotes retention and fosters alignment in the success of our businesses.
High-quality Talent Pools
Blackstone’s Career Pathways initiative seeks to create value by broadening the pipeline for high-quality talent at our portfolio companies— with over 9,300 hires from historically untapped talent pools at over 60 participating companies since its inception in 2020.
Veterans Hiring
Through Blackstone’s Veterans Hiring Initiative our portfolio companies have hired more than 100,000 veterans, veteran spouses, and caregivers. We believe veterans bring unique value to our businesses and are committed to supporting their career opportunities.
Blackstone Portfolio companies
Partnering to Expand Opportunity
COPELAND
THE COSMOPOLITAN
HILTON HOTELS
COPELAND
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Copeland
Copeland
We announced at Copeland, a leader in energy efficient HVAC manufacturing, what we believe is the largest-ever shared ownership initiative at a private-equity backed company with 18,000 eligible employees.
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The Cosmopolitan of Las Vegas
The Cosmopolitan of Las Vegas
In connection with our successful sale of The Cosmopolitan hotel in 2022, we awarded 5,000 hotel employees, including a significant number of union employees, a $5,000 bonus as a sign of our appreciation. When Blackstone acquired The Cosmopolitan in 2014, management negotiated with the Culinary Workers Union Local 226 and Bartenders Union Local 165 of UNITE HERE to secure approximately 2,000 stable jobs, with contracts that remained in place after our sale of the property.
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Hilton Hotels
Hilton Hotels
During our 2007-2018 investment in the company, Hilton led the hospitality industry as one of the first brands to enter into successor labor agreements with UNITE HERE in six major North American cities. Agreements were reached—covering nearly 10,000 employees—well in advance of contract expiration and without any labor disruptions. UNITE HERE featured Blackstone on its List of Responsible Private Equity Managers in the Hospitality Industry.
Blackstone Workforce Principles
Blackstone Workforce Principles
We have long encouraged our portfolio companies to adopt and maintain strong workforce management policies for their employees. Blackstone has outlined a number of core principles guiding these efforts:
