Oyo is undergoing major restructuring, with some teams being merged and functions being integrated. The hospitality chain is letting go 600 employees, but is also hiring 250 people for its sales force.
With various projects being wound up and its product and engineering teams being merged for more efficiency, Oyo’s employee base of 3,700 will see 600 people leaving from its technology and product teams. That means, 10 per cent of the workforce will be gone.
Employees who were part of the teams working on pilots and proofs and also those whose projects have been completed or developed have either been let go or reassigned to other teams.
While Oyo is integrating functions across its vacation homes business in Europe, it is reducing headcount in other areas, aiming for more efficiency. Even at its corporate headquarters it is looking at making team structures flat wherever required and merging certain roles.
Those being let go will be given outplacement assistance and up to three months’ medical coverage.
There are plans to expand Oyo’s relationship-management team to enhance consumer satisfaction and help scale up the business, by adding more hotels and homes.
Ritesh Agarwal, founder and group CEO, Oyo has said that if Oyo has vacancies in the future, it will ensure that its laid off employees are considered first for those positions.
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