The company announced that it would provide as many employees with outplacement assistance as possible and maintain their medical insurance coverage for an average of another three months.
Digital Desk: Travel technology company OYO, which plans to go public soon, revealed on Saturday that it will lay off around 10% of its 3,700 employees by eliminating 600 positions in the corporate and technical sectors and adding 250 new employees, mostly in the relationship management teams.
OYO stated that the action is a part of bringing about significant changes to its organisational structure. The business development and partner relationship management teams are growing, whereas the product & engineering, corporate headquarters, and OYO Vacation Homes departments are being reduced in size.
According to a statement, "OYO will reduce its 3,700-person workforce by 10%, including new recruiting of 250 members and employee layoffs of 600,"
For improved operation, it was said, the product and engineering teams had been combined.
The company claimed that tech teams working on pilot projects and proof of concepts for things like in-app gaming, social content curation, and patron-facilitated content are also being reduced in size. Additionally, it stated that staff from initiatives that have already been effectively built and implemented, including "Partner SaaS," are being fired or redeployed to key product & tech areas like AI-driven pricing, ordering, and payments.
To increase customer and partner happiness, the company will be hiring 250 additional team members, primarily for its relationship management teams. It will also be expanding its business development teams to accommodate more hotels and residences on its platform.
According to OYO, the company is reducing in some areas of the business as it moves toward the unification of various activities of its European vacation home business to boost productivity and capitalise on synergies.
In addition, the corporation has reevaluated the structure of its corporate headquarters and is flattening team structures and consolidating positions where appropriate.
The company announced that it would provide as many employees with outplacement assistance as possible and maintain their medical insurance coverage for an average of another three months.
OYO's founder and group CEO, Ritesh Agarwal, stated, "We will do everything in our power to make sure that the majority of the people we are having to let go are gainfully employed. I will personally and on behalf of the entire OYO team actively support the abilities of each of this personnel. Regrettably, we have to say goodbye to so many of these outstanding people who have given so much to the organisation."
"We promise to contact them first and provide them the opportunity as OYO expands and a need for some of these roles arises in the future," Agarwal added.
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