Amidst the layoff wave OYO has announced that it will slash 600 jobs, laying off about 3,700-employee base. Further, the company will be adding 250 members primarily in its relationship management teams to ensure better consumer and partner satisfaction and in business development teams to help scale up the number of Hotels & Homes on its platform.
In the name of organisational structure OYO states that this move was needed long back.
Product and engineering teams are being merged for smoother functioning, it added.
The company will be helping as many employees as it can in the outplacement and continuing with their medical insurance cover ranging between 3 months on an average.
Talking about the reorganizing, Ritesh Agarwal, Founder and Group CEO, OYO, said, “We will be doing all that we can to ensure that most of the people we are having to let go, are gainfully employed. Every member of the OYO team and I myself will proactively endorse the strength of each of these employees."
As the integration of various functions of its European vacation homes business progresses, it is downsizing in some parts of the business to increase efficiency and harness synergies, OYO stated.
The company has also reassessed its corporate headquarters base afresh and is merging congruent roles and flattening team structures where needed, it added.
"It is unfortunate that we are having to part ways with a lot of these talented individuals who have made valuable contributions to the company." "As OYO grows and a need for some of these roles emerges in the future, we commit to reaching out to them first and offering them the opportunity," Mr Agarwal added.