SoftBank-backed Oyo to fire 2,400 employees in India over this week, it has begun the process of notifying thousands of staffers individually about their status in the organization through individual emails.
The Layoffs in Delhi and Jaipur were communicated to the staff on Monday, while in Gurgaon employees were notified on Tuesday, 14th Jan 2020.
According to an Economic Times report, Oyo has fired about 200 employees in Delhi on Monday. The job cuts come after the company charted out its ‘new strategic objectives for 2020’ in an internal email on Monday. The emails sent to some employees who have been retained by the company. One such email sent by an employee’s manager read-
“Dear Oyopreneur, thank you for attending today’s all-hands meeting. As per the reorganization in our hub, your role is NOT impacted. Considering the sensitivity of the situation I advise you to maintain utmost confidentiality on the matter. Please continue your work plan, field visits, meetings, and calls for today as you had planned … I look forward to seeing you tomorrow and continuing to work together to meet our business goals.”
ET also reported that, Oyo is giving a month’s salary to employees who have worked in the company for a year, two months’ salary to those who have worked two years and three months’ salary to those who have stayed on for three years.
It also informed employees that it was doing much more than the required due HR processes followed by other companies in the country.
According to ET report, Oyo is also offering the variable pay due to sacked employees, gratuity, now being called ex gratia, for the period worked, along with three months of medical coverage, they said. There were townhalls arranged by the company following the announcement and senior leaders were sent to major centers.
The latest round of lay-offs come as the company is looking to slash its costs and streamline operations. Over the past week, Oyo also retrenched nearly 5 percent of its employees in China, as per a report by Bloomberg.
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