Corporate Structure and Business
−Removed: We are a worldwide operator, franchisor, and licensor of hotel, residential, and timeshare properties under numerous brand names at different price and service points.
−Removed: Consistent with our focus on management, franchising, and licensing, we own very few of our lodging properties.
+Added: We are a worldwide operator, franchisor, and licensor of hotel, residential, timeshare, and other lodging properties under numerous brand names at different price and service points.
+Added: Consistent with our focus on management, franchising, and licensing, we own or lease very few of our lodging properties (less than one percent of our system).
The following table shows our portfolio of brands at year-end 2022.
2 unchanged sentences
See Note 14 for more information.
−Removed: COVID-19 has had an unprecedented impact on the travel industry and the Company, and it will continue to have a material negative impact on our future results for a period of time that we are currently unable to predict.
−Removed: For further information about COVID-19’s impact to our business, see Part I, Item 1A, “Risk Factors,” and Part II, Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations.”
Company-Operated Properties
At year-end 2022, we had 2,053 company-operated properties (576,243 rooms), which included properties under long-term management or lease agreements with property owners (management and lease agreements together, the “Operating Agreements”) and properties that we own.
−Removed: This does not include branded residential communities for which we manage the related owners’ association.
Terms of our management agreements vary, but we earn a management fee that is typically composed of a base management fee, which is a percentage of the revenues of the hotel, and an incentive management fee, which is based on the profits of the hotel.
6 unchanged sentences
For the lodging facilities we operate, we generally are responsible for hiring, training, and supervising the managers and employees needed to operate the facilities and for purchasing supplies, and owners are required to reimburse us for those costs.
−Removed: We provide centralized programs and services, such as the Loyalty Program, reservations, and marketing, as well as various accounting and data processing services, and owners are also required to reimburse us for those costs.
+Added: We provide centralized programs and services, such as our Marriott Bonvoy loyalty program, reservations, and marketing, as well as various accounting and data processing services, and owners are required to reimburse us for those costs as well.
Franchised and Licensed Properties
1 unchanged sentence
Under our hotel franchising arrangements, we generally receive an initial application fee and continuing royalty fees, which typically range from four to seven percent of room revenues for all brands, plus two to three percent of food and beverage revenues for certain full-service brands.
−Removed: Franchisees contribute to our centralized programs and services, such as the Loyalty Program, reservations, and marketing.
−Removed: We also receive royalty fees under license agreements with Marriott Vacations Worldwide Corporation (“MVW”), our former timeshare subsidiary that we spun off in 2011, and its affiliates for certain brands, including Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club, Westin, Sheraton, and for certain existing properties, St.
+Added: Franchisees contribute to our centralized programs and services, such as our Marriott Bonvoy loyalty program, reservations, and marketing.
+Added: We also receive royalty fees under license agreements with Marriott Vacations Worldwide Corporation, our former timeshare subsidiary that we spun off in 2011, and its affiliates (collectively, “MVW”), for certain brands, including Marriott Vacation Club, Grand Residences by Marriott, The Ritz-Carlton Destination Club, Westin, Sheraton, and for certain existing properties, St.
Regis and The Luxury Collection.
We receive license fees from MVW consisting of a fixed annual fee, adjusted for inflation, plus certain variable fees based on sales volumes.
−Removed: At year-end 2021, we had 5,880 franchised and licensed properties (900,437 rooms).
+Added: Finally, we receive royalty fees under agreements for The Ritz-Carlton Yacht Collection ® , which first set sail in 2022, combining the luxury lifestyle of The Ritz-Carlton with a yachting experience.
+Added: At year-end 2022, we had 6,122 franchised and licensed properties (937,683 rooms and timeshare units).
We use or license our trademarks for the sale of residential real estate, often in conjunction with hotel development, and receive branding fees for sales of such branded residential real estate by others.
1 unchanged sentence
We have used or licensed the JW Marriott, The Ritz-Carlton, Ritz-Carlton Reserve, W, The Luxury Collection, St.
−Removed: Regis, EDITION, Bvlgari, Renaissance, Le Méridien, Marriott, Sheraton, Westin, Four Points, Delta Hotels, and Autograph Collection brand names and trademarks for residential real estate sales.
−Removed: At year-end 2021, we had 102 branded residential communities (9,878 rooms).
+Added: Regis, EDITION, Bvlgari, Renaissance, Le Méridien, Marriott, Sheraton, Westin, Four Points, Delta Hotels by Marriott, Autograph Collection, and Tribute Portfolio brand names and trademarks for residential real estate sales.
+Added: At year-end 2022, we had 113 branded residential communities (11,481 residential units), for which we typically manage the related homeowners’ associations.
Intellectual Property
We operate in a highly competitive industry and our brand names, trademarks, service marks, trade names, and logos are very important to the development, sales and marketing of our properties and services.
−Removed: We believe that our brand names and other intellectual property have come to represent the highest standards of quality, care, service, and value to our customers, guests, and the traveling public.
+Added: We believe that our brand names and other intellectual property have come to represent outstanding quality, care, service, and value to our customers, guests, and the traveling public.
Accordingly, we register and protect our intellectual property where we deem appropriate and otherwise protect against its unauthorized use.
8 unchanged sentences
Premium offers sophisticated and thoughtful amenities and services.
−Removed: Our Classic Premium hotel brands include Marriott Hotels, Sheraton, Delta Hotels, Marriott Executive Apartments, and Marriott Vacation Club.
+Added: Our Classic Premium hotel brands include Marriott Hotels, Sheraton, Delta Hotels by Marriott, Marriott Executive Apartments, and Marriott Vacation Club.
Our Distinctive Premium hotel brands include Westin, Renaissance Hotels, Le Méridien, Autograph Collection Hotels, Gaylord Hotels, Tribute Portfolio, and Design Hotels.
49 unchanged sentences
Rooms 7,952 1,741 344 1,859 640 12,536
−Removed: Design Hotels TM
+Added: Design Hotels ®
Properties 10 26 6 2 6 50
42 unchanged sentences
Total Rooms 1,525,407
−Removed: (1) Includes two properties acquired when we purchased Elegant Hotels Group plc in December 2019, which we currently intend to re-brand under The Luxury Collection brand following the completion of planned renovations.
−Removed: (2) Includes five properties acquired when we purchased Elegant Hotels Group plc in December 2019, which we currently intend to re-brand under the Autograph Collection brand following the completion of planned renovations.
−Removed: (3) We exclude geographical data for Timeshare as its results are recorded within “Unallocated corporate and other.”
+Added: (1) Includes properties acquired when we purchased Elegant Hotels Group plc in December 2019, which we currently intend to re-brand under the following brands after the completion of planned renovations:
+Added: The Luxury Collection (one property), Autograph Collection Hotels (four properties), and Tribute Portfolio (two properties).
+Added: (2) We exclude geographical data for Timeshare and Yacht as these offerings are captured within “Unallocated corporate and other.”
Loyalty and Credit Card Programs
−Removed: Marriott Bonvoy TM is our customer loyalty program through which members have access to our diverse brand portfolio, rich benefits, and travel experiences.
−Removed: We refer to Marriott Bonvoy throughout this report as our “Loyalty Program.”
−Removed: Our Loyalty Program rewards members with points toward free hotel stays, access to travel experiences through our Marriott Bonvoy Tours & Activities program, miles with participating airline programs, and other benefits.
−Removed: We believe that our Loyalty Program generates substantial repeat business that might otherwise go to competing hotels.
−Removed: In each of 2021 and 2020, approximately 50 percent of our global room nights were booked by Loyalty Program members.
+Added: Marriott Bonvoy ® is our travel loyalty program and marketplace through which members have access to our diverse brand portfolio, rich benefits, and travel experiences.
+Added: Members can earn points for stays at our hotels and other lodging offerings, such as Homes & Villas by Marriott Bonvoy TM , a global offering focusing on the premium and luxury tiers of rental homes, as well as through purchases with co-branded credit cards and our travel partners.
+Added: Members can redeem their points for stays at most of our properties, airline tickets, airline frequent flyer program miles, rental cars, products from Marriott Bonvoy Boutiques ® , and a variety of other awards, including experiences from Marriott Bonvoy Moments TM .
+Added: We refer to our Marriott Bonvoy loyalty program throughout this report as “Marriott Bonvoy” or our “Loyalty Program.”
+Added: We believe that Marriott Bonvoy generates substantial repeat business that might otherwise go to competing hotels.
+Added: In 2022, over half of our global room nights were booked by Marriott Bonvoy members.
We strategically market to this large and growing guest base to generate revenue.
See the “Loyalty Program” caption in Note 2 for more information.
−Removed: We have multi-year agreements with JPMorgan Chase and American Express for our U.S.-issued, co-brand credit cards associated with our Loyalty Program.
−Removed: We also license credit card programs internationally, including in Japan, Canada, the United Kingdom, United Arab Emirates, South Korea, and Mexico.
−Removed: We generally earn fixed amounts that are payable at contract inception and variable amounts that are paid to us monthly over the term of the agreements primarily based on card usage, and we believe that our co-brand credit cards contribute to the success of our Loyalty Program and reflect the quality and value of our portfolio of brands.
+Added: We have co-branded credit cards associated with Marriott Bonvoy in nine countries.
+Added: In the U.S., we have multi-year agreements with JPMorgan Chase and American Express.
+Added: We also license credit card programs internationally, including in Japan, Canada, the United Kingdom, United Arab Emirates, Saudi Arabia, South Korea, Mexico, and China.
+Added: We generally earn fixed amounts that are payable at contract inception and variable amounts that are paid to us monthly over the term of the agreements primarily based on card usage.
+Added: We believe that our co-branded credit cards contribute to the success of Marriott Bonvoy and reflect the quality and value of our portfolio of brands.
Sales and Marketing and Reservation Systems
−Removed: Marriott.com, our international websites, and our mobile application allow for a seamless booking experience and easy enrollment in our Loyalty Program to book our exclusive Member Rates and participate in program benefits.
−Removed: Our Look No Further ® Best Rate Guarantee ensures best rate integrity, strengthening consumer confidence in our brand and giving guests access to the best rates when they book hotel rooms through our direct channels.
−Removed: We also remain focused on growing engagement levels with millions of guests by interacting with them through a variety of channels, including our mobile application and digital guest services – contactless check-in and check-out, chat, service requests, mobile key, and more – across our hotel portfolio.
−Removed: Our digital strategy continues to focus on growing direct engagement with our customers through more destination content for leisure travelers and improved search optimization, as well as driving bookings to our direct channels, which generally deliver more profitable business to hotels in our system compared to bookings made through intermediary channels.
−Removed: Through our direct channels, we aim to create a simple and efficient digital shopping and booking experience, while elevating our service through digitally-enabled guest services to generate superior guest satisfaction and enable more frictionless and memorable stays at our properties.
−Removed: We are also expanding the languages with which we serve guests around the world on our digital channels.
−Removed: At year-end 2021, we operated 20 hotel reservation centers, seven in the U.S.
−Removed: and 13 in other countries and territories, which handle reservation requests for our lodging brands worldwide, including franchised properties.
+Added: Marriott.com, our international websites, and our mobile application allow for a seamless booking experience and easy enrollment in Marriott Bonvoy to book our exclusive Member Rates and participate in program benefits.
+Added: Our Best Rate Guarantee ensures best rate integrity, strengthening consumer confidence in our brand and giving guests access to the best rates when they book hotel rooms through our direct channels.
+Added: We remain focused on creating digital experiences that better connect our customers to travel, namely through our mobile application, which offers contactless check-in and check-out, chat, service requests, mobile key, and more.
+Added: Our digital strategy remains focused on growing customer engagement via these elevated digital experiences to drive bookings to our direct channels, which generally deliver more profitable business to hotels in our system compared to bookings made through intermediary channels.
+Added: We aim to create frictionless digital experiences for our guests, from inspiration to stay, to generate superior guest satisfaction and grow our loyal customer base.
+Added: In addition, we are focused on driving digital engagement and direct bookings through improved search engine optimization, merchandising placements, increased destination-based content for leisure travelers, and additional language availability across our digital channels.
+Added: At year-end 2022, we operated 20 customer care and reservation centers, seven in the U.S.
+Added: and 13 in other countries and territories.
We own two of the U.S.
facilities and either lease the others or share space with a company-operated property.
−Removed: Our reservation system manages inventory and allows us to utilize third-party agents where cost effective.
−Removed: Economies of scale enable us to minimize costs per occupied room.
We believe our global sales and revenue management organizations are a key competitive advantage due to our focus on optimizing our investment in people, processes, and systems.
3 unchanged sentences
The use of these web-based programs provides for greater pricing flexibility, reduces time spent on rate program creation and maintenance, and increases the speed to market of new products and services.
−Removed: We encounter strong competition both as a lodging operator and as a franchisor.
−Removed: Other lodging management companies are primarily private management firms, but also include several large national and international chains that own and operate their own hotels, operate hotels on behalf of third-party owners, and also franchise their brands.
−Removed: Management contracts are typically long-term in nature, but most allow the hotel owner to replace the management firm if it does not meet certain financial or performance criteria.
−Removed: Our direct digital channels also compete for guests with large companies that offer online travel services as part of their business model such as Expedia.com, Priceline.com, Booking.com, Travelocity.com, and Orbitz.com and search engines such as Google, Bing, Yahoo, and Baidu.
−Removed: Our hotels compete for guests with other hotels and online platforms, including Airbnb and Vrbo, that allow travelers to book short-term rentals of homes and apartments as an alternative to hotel rooms.
+Added: We encounter strong competition in the short-term lodging market from large national and international chains that operate hotels or franchise their brands, unaffiliated hotels, and online platforms, including Airbnb and Vrbo, that allow travelers to book short-term rentals of homes and apartments as an alternative to hotel rooms.
We compete for guests in many areas, including brand recognition and reputation, location, guest satisfaction, room rates, quality of service, amenities, quality of accommodations, safety and security, and the ability to earn and redeem loyalty program points.
+Added: Our direct digital channels also compete for guests with large companies that offer online travel services as part of their business model, such as Expedia.com, Priceline.com, Booking.com, Travelocity.com, and Orbitz.com and search engines such as Google, Bing, Yahoo, and Baidu.
Affiliation with a brand is common in the U.S.
2 unchanged sentences
hotel rooms were brand-affiliated.
−Removed: Most of the branded properties are franchises, under which the owner pays the franchisor a fee for use of its hotel name and reservation system.
−Removed: In the franchising business, we face many competitors that have strong brands and guest appeal, including Hilton, IHG Hotels & Resorts, Hyatt, Wyndham Hotels & Resorts, Accor, Choice Hotels, Radisson Hotels, Best Western Hotels & Resorts, and others.
−Removed: Outside the U.S., branding is much less prevalent, and most markets are served primarily by independent operators, although branding is more common for new hotel development compared to the past.
+Added: Most of the branded properties in the U.S.
+Added: are franchises, under which the owner pays the franchisor a fee for use of its brand name and reservation system.
+Added: In the franchising business, we face many competitors that have strong brands and guest appeal, including Hilton, IHG Hotels & Resorts, Hyatt, Wyndham Hotels & Resorts, Accor, Choice Hotels, Best Western Hotels & Resorts, and others.
+Added: Outside the U.S., branding is less prevalent, and many markets are served primarily by independent operators, although branding is more common for new hotel development compared to the past.
We believe that chain affiliation will continue to become more attractive in many overseas markets as local economies grow, trade barriers decline, international travel accelerates, and hotel owners seek the benefits of centralized reservation systems, marketing programs, and loyalty programs.
2 unchanged sentences
(based on number of rooms).
−Removed: We believe that our hotel brands are attractive to hotel owners seeking a management company or franchise affiliation because our hotels typically generate higher RevPAR than our direct competitors in most market areas.
+Added: We believe that our hotel brands are attractive to hotel owners seeking a management company or franchise affiliation because our hotels typically generate higher RevPAR than our
+Added: direct competitors in most market areas.
We attribute this performance premium to our success in achieving and maintaining strong guest preference.
−Removed: We believe that the location and quality of our lodging facilities, our marketing programs, our reservation systems, our Loyalty Program, and our emphasis on guest service and guest and associate satisfaction contribute to guest preference across all our brands.
+Added: We believe that the location and quality of our lodging facilities, our marketing programs, our reservation systems, Marriott Bonvoy, and our emphasis on guest service and guest and associate satisfaction contribute to guest preference across all our brands.
In general, business at company-operated and franchised properties fluctuates moderately with the seasons.
−Removed: However, COVID-19 has impacted, and may continue to impact, our typical seasonal patterns.
−Removed: In addition, business at some resort properties may be more seasonal depending on location.
+Added: Business at some resort properties may be more seasonal depending on location.
Human Capital Management
−Removed: Marriott’s long history of service, innovation and growth is built on a commitment to putting people first.
+Added: Marriott’s long history of service, innovation, and growth is built on a culture of putting people first.
We are committed to investing in our associates, with a focus on leadership development, recognition, compensation, career opportunity, and skills training.
−Removed: At year-end 2021, Marriott employed approximately 120,000 associates at properties, customer care centers, and above-property operations.
−Removed: Approximately 97,000 of these associates are located in the U.S., of which approximately 19,000 belong to labor unions.
+Added: Over the past several years, we faced a number of staffing challenges, including the continuing impact of the COVID-19 pandemic, evolving work environment, and competitive talent landscape.
+Added: To address these challenges, we are focused on our talent attraction and retention strategies and reinforcing our culture to position us for future growth.
+Added: At year-end 2022, Marriott managed the employment of approximately 377,000 associates.
+Added: This number includes 140,000 associates employed by Marriott at properties, customer care centers, and above-property operations, as well as 237,000 associates who are employed by our property owners but whose employment is managed by Marriott (which is common outside the U.S.).
+Added: Approximately 111,000 of the associates employed by Marriott are located in the U.S., of which approximately 18,000 belong to labor unions.
Outside the U.S., some of our associates are represented by trade unions, works councils, or employee associations.
−Removed: These numbers do not include associates who are employed by our hotel owners but whose employment is managed by Marriott (which is common outside the U.S.) or hotel personnel employed by our franchisees or other management companies hired by our franchisees.
−Removed: Marriott manages approximately 205,000 associates who are employed by hotel owners.
−Removed: Marriott encourages franchisees to develop responsible business practices for human capital management;
−Removed: however, franchisees and management companies hired by franchisees are responsible for establishing their own labor and employment practices.
−Removed: The impact of COVID-19 on the hospitality industry, and actions that we and others in the hospitality industry took in response to COVID-19 (including implementing furloughs, reduced work week schedules, and voluntary transition programs, and eliminating a significant number of above-property and on-property positions) have adversely affected our ability to attract and retain associates.
−Removed: As lodging demand recovers from the lows seen in the early months of the pandemic, we have seen and continue to see industry-wide labor shortages causing challenges in hiring or re-hiring for certain positions, primarily in certain high-demand U.S.
−Removed: In response, we have enhanced our recruitment and retention efforts and increased compensation where needed to maintain competitiveness.
−Removed: We have taken, and continue to take, numerous steps to address the safety and well-being of our associates in light of COVID-19.
−Removed: For example, at our U.S.
−Removed: headquarters and above-property locations, we instituted a COVID-19 vaccination requirement.
−Removed: property-level associates, we instituted a multi-pronged approach to encourage and support associate vaccination, including financial incentives, schedule flexibility, and health education.
−Removed: We also provided quarantine pay to allow eligible associates with COVID-19 paid time to recover.
−Removed: In other geographies, we took legally permissible steps, dependent on the jurisdiction, including instituting vaccination requirements and offering incentives and education.
−Removed: In addition, we continue to implement policies and protocols designed to help minimize the spread of COVID-19 at our hotels, such as our enhanced rigorous cleaning procedures, as well as safety guidelines from the U.S.
−Removed: Centers for Disease Control and Prevention, the World Health Organization, and various local health departments.
+Added: These numbers do not include hotel personnel employed by our franchisees or management companies hired by our franchisees.
+Added: Marriott encourages our independent franchisees to develop responsible human capital management practices.
+Added: We are focused on maintaining Marriott’s position as an employer of choice both for job seekers and our existing associates.
+Added: To attract talent, we are targeting new labor pools, optimizing our recruiting practices, and sharing our story of long-term career potential.
+Added: With the opening of our new global headquarters in Bethesda, Maryland, we adopted a hybrid work model to allow for increased flexibility and choice, to meet the evolving needs of our corporate workforce.
+Added: For hotel-based associates, we are innovating the way hotel jobs are structured with the goal of increasing associate satisfaction and providing better service for our guests.
+Added: We encourage continual feedback discussions with our associates at all levels, and measure associate satisfaction through our Associate Engagement Survey, which gives all associates the opportunity to provide feedback about their work experience, providing us with valuable insights to drive improvements in our culture.
+Added: Our associate engagement scores exceeded the “Best Employer” external benchmark in 2022, as they have in 10 prior years, and we were recognized as one of the Fortune Best Companies to Work for in 2022 for the 25th consecutive year.
+Added: Our human capital strategy is based on three signature elements – Growing Great Leaders, Investing in Associates, and Access to Opportunity.
+Added: Growing Great Leaders
+Added: We believe that all associates, at every level, can inspire others through great leadership.
+Added: Our framework is designed to help us grow great leaders and starts with competencies that clearly define what great leadership means at Marriott.
+Added: These competencies have been integrated into our performance management process and leadership development programs.
+Added: Our talent development strategy is designed to provide opportunities for our associates to develop and grow their careers.
+Added: It includes a variety of skills training, professional development, and other learning opportunities.
+Added: Our Leadership Performance Acceleration program encourages managers and associates to have regular career and development conversations in order to provide actionable feedback and to help associates set and achieve career goals.
+Added: These programs and opportunities provide associates with career development and personal growth options and support our leadership development culture.
+Added: Investing in Associates
We are focused on providing our associates with the tools, resources, and support they need to thrive – both personally and professionally.
−Removed: We have comprehensive compensation and benefits packages designed to invest in our associates and enrich their physical, mental and financial well-being.
−Removed: Our policies and practices are designed to support pay equity throughout an associate’s career.
−Removed: Salary history inquiries are prohibited during our hiring process and in the U.S.
−Removed: pay equity audits are conducted periodically.
−Removed: In addition, Marriott is focused on the health and well-being of not only our associates, but of their families as well.
−Removed: In the U.S., we provide our associates with access to health care coverage, work/life support benefits, and other benefits that support families, including paid time off, paid parental leave, and financial assistance to help with adoption fees.
−Removed: We also offer comprehensive benefits programs for associates outside the U.S., the terms of which vary based on the geographic market.
−Removed: In addition, we offer all associates free access to a digital tool designed to help with stress management and resiliency.
−Removed: In addition to offering comprehensive compensation and benefits, we place an emphasis on supporting associates through access to career growth opportunities.
−Removed: Through skills training programs, professional development opportunities, and other learning experiences, we provide associates with a multitude of choices for career and personal growth.
−Removed: Associates have access
−Removed: to the Digital Learning Zone, which is focused on providing personalized learning paths.
−Removed: Our Leadership Performance Acceleration program encourages managers and associates to have ongoing performance and development conversations throughout the year as well as periodic formal reviews to help associates develop career plans, chart a course for achieving those plans, and monitor progress.
−Removed: Annually, we also conduct an Associate Engagement Survey, which gives all associates the opportunity to provide feedback about their work experience.
−Removed: Leaders prepare action plans in response to survey results, which in turn fosters associate engagement, enhances the employment experience, and drives improvement in our Company’s culture.
−Removed: Despite the impact of the pandemic on our industry, Marriott’s engagement survey scores continue to be best-in-class and demonstrate satisfaction with the Marriott employment experience and pride in the Company.
−Removed: Our company-wide diversity, equity, and inclusion efforts include a range of initiatives and programs to support our goal to make all stakeholders – associates, guests, owners, and suppliers – feel welcome and valued.
−Removed: We have oversight and accountability measures in place to support our focus on diversity, equity, and inclusion.
−Removed: The Inclusion and Social Impact Committee of our Board of Directors (the “ISI Committee”) helps drive accountability across the Company.
−Removed: Established in 2003, the ISI Committee is chaired by a member of our Board of Directors and comprised of certain other members of the Board and certain Company senior leaders.
−Removed: The ISI Committee assists the Board in carrying out its commitment and responsibilities relating to Marriott’s people-first culture and the Company’s efforts to foster associate well-being and inclusion.
−Removed: In 2021, we advanced our objectives to diversify our leadership (at the vice president level and above) by (1) accelerating our efforts to achieve global gender parity in Company leadership by 2023, which is two years earlier than our original goal, and (2) establishing a new objective to increase the representation of people of color in executive positions in the U.S.
−Removed: to 25 percent by 2025.
+Added: We have comprehensive compensation and benefits offerings designed to invest in our associates, and we regularly evaluate these programs for competitiveness against the external talent market.
+Added: In addition, pay equity is foundational
+Added: to our compensation structures and practices.
+Added: In the U.S., we conduct pay equity audits at least annually and make adjustments as needed.
+Added: We provide our eligible U.S.
+Added: associates and their families with access to health care coverage, work/life support benefits, as well as other benefits, such as a retirement savings plan, employee stock purchase plan, paid time off, paid parental leave, and financial assistance to help with adoption fees.
+Added: Outside the U.S., we also offer comprehensive compensation and benefit programs that vary based on the geographic market.
+Added: Our TakeCare program provides associates with tools and resources to support their physical, mental, and financial wellbeing.
+Added: Access to Opportunity
+Added: Our company-wide diversity, equity, and inclusion (“DEI”) efforts include a range of initiatives and programs to support our goal to make all stakeholders (including associates, guests, owners, and suppliers) feel welcome and valued.
+Added: The Inclusion and Social Impact Committee of our Board of Directors (the “ISI Committee”), established 20 years ago, helps drive accountability for these efforts across the Company.
+Added: The ISI Committee assists the Board in providing oversight of the Company’s strategy, efforts, and commitments related to its people-first culture, associate well-being, inclusion, and other environmental, social and governance (“ESG”) matters.
+Added: As part of our efforts to continue to diversify our senior leadership, we have established a goal to achieve global gender parity at the Vice President level and above by the end of 2023.
+Added: We also have established an objective to increase the representation of people of color at the Vice President level and above in the U.S.
+Added: to twenty-five percent by year-end 2025.
+Added: To better meet the needs of our diverse and changing workforce, we are continuing to evolve our hospitality jobs through workforce innovation.
+Added: As part of this effort, we are blending certain hotel jobs to enhance the employment experience for our associates as well as providing scheduling flexibility.
Sustainability and Social Impact
7 unchanged sentences
These targets reflect our goals to (1) support the resiliency and sustainable development of the communities and environments where we do business, (2) work to reduce our environmental impacts, design and operate sustainable hotels, and source responsibly, while mitigating climate-related risk, (3) facilitate workplace readiness and access to opportunity in our business, and (4) create a safe, welcoming world, including by working with organizations to educate and advocate on issues related to human rights throughout and beyond our business.
−Removed: Although our progress in some areas has been impacted by the COVID-19 pandemic, we remain focused on advancing our sustainability and social impact goals and initiatives.
−Removed: In September 2021, we submitted a letter to the Science Based Targets initiative (SBTi), committing to (1) set science-based emissions reduction targets across all scopes, in line with 1.5°C emissions scenarios, and (2) set a long-term science-based target to reach net-zero value chain greenhouse gas (GHG) emissions by no later than 2050, in line with the criteria and recommendations of SBTi.
−Removed: We are currently preparing our submission to SBTi for our near-term targets and developing longer-term strategies to support those targets.
−Removed: Our sustainability strategy and initiatives are focused on a wide range of issues, including designing resource-efficient hotels, implementing technologies to track and reduce energy and water consumption, increasing the use of renewable energy, managing climate and water-related risks, reducing waste and food waste, supporting innovative ecosystem restoration initiatives, and focusing on responsible and local sourcing.
−Removed: In response to the pandemic, our hotels continued to support their local communities in need by donating food, supplies, and volunteer hours.
−Removed: We also deployed our Marriott Disaster Relief Fund to provide essential items, such as food vouchers, to Marriott associates in need due to the impact of the pandemic.
−Removed: Also in 2021, to further our human rights efforts, we launched an updated version of our human trafficking awareness training and made further progress toward our goal to train 100 percent of on-property associates in human trafficking awareness by 2025.
−Removed: This year, in collaboration with a leading anti-trafficking organization, we plan to make our updated training open-sourced for free access to our industry and beyond, as we currently do with the original training.
+Added: Although the COVID-19 pandemic and certain other factors have impacted our progress in some areas, we remain focused on advancing our sustainability and social impact goals and initiatives.
+Added: Our climate action efforts include committing to set a near-term science-based emissions reduction target (“SBT”) and set a long-term science-based target to reach net-zero value chain greenhouse gas (“GHG”) emissions by no later than 2050.
+Added: We are currently preparing our SBT and net-zero targets for submission and developing longer-term strategies to support those targets.
+Added: Our sustainability strategy and initiatives focus on a wide range of issues, including designing resource-efficient hotels, implementing technologies to track and reduce energy and water consumption, as well as waste and food waste, increasing the use of renewable energy, managing climate and water-related risks, driving third-party certifications at the hotel-level, supporting innovative ecosystem restoration initiatives, and focusing on responsible and local sourcing.
+Added: In response to humanitarian crises, like war and natural disasters, our hotels often look to support their local communities in need by donating funds, hotel stays, food, supplies, and volunteer hours.
+Added: We also deploy our Marriott Disaster Relief Fund to support associates and their families impacted by crises, such as the war in Ukraine, as well as charitable organizations providing relief on the ground.
+Added: In 2022, to further our human rights efforts, we reached the milestone of training one million associates in human trafficking awareness, a major step toward our goal to train 100 percent of on-property associates by 2025.
+Added: Additionally, in collaboration with leading anti-trafficking and hospitality organizations, we donated our recently updated training to the lodging industry and made it available to other individuals and organizations outside the industry, such as travelers and non-profit organizations.
Government Regulations
15 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.