oyo (OYO) has talked about reducing its 600 employees. All these employees will be drawn from the company’s tech and corporate departments, as well as engineering and the OYO Vacation Home team. The engineering and product teams will then be clubbed together, reducing the need for staff. Issuing an official statement in this regard, the company said that it is going to lay off 10 percent of the employees out of the work base of 3700 employees. Explaining its purpose, the company has said that it is going to change its organizational structure.
On the one hand, while Oyo has talked about the removal of 600 employees, it has also announced the recruitment of 250 new people. These new people will be hired for relationship management and business development. In this regard, Oyo’s founder and CEO Ritesh Agarwal said that for those who are being thrown out of the company, the company will also ensure that they get work at some other good place. The company says that it will provide all possible help in placement and will also provide medical insurance for an average of 3 months to such employees. For this, every employee of the company will make every possible effort. It has also been said on behalf of Oyo that in future, if the company again needs employees for these positions, then first of all these employees will be approached and offered jobs.
The CEO of the company further added that the product and engineering teams are being merged to better handle customer as well as partner service. The company says that with this step it is going to try to increase the number of hotels on its platform. So the sales department will be the focus point in the new hiring. This is not the first time Oyo has laid off. Even before this, the company has done layoffs in December 2021, when it reduced 300 employees. recently Google Alphabet’s parent company also announced layoffs.