Hospitality chain OYO said on Saturday it will cut 10% of its 3,700 employee base by cutting 600 people in its technology and enterprise verticals and hiring 250 members, mainly in its relationship management team. , reported PTI.
OYO said in a statement that the move is part of a change in its organizational structure. We are hiring in the areas of partner relationship management and business development, while downsizing our product and engineering, headquarters and OYO Vacation Homes teams.
Hiring is being done to improve customer satisfaction and increase the number of hotels and residences, according to PTI.
OYO added that the product and engineering teams will also be integrated to work more smoothly.
In the tech space, the company reports there will be downsizing in teams that were developing pilots and proof-of-concepts for in-app games, social content curation, and patron-driven content. New Indian Express.
OYO also said it was winding down some of its European villa business to “increase efficiency and exploit synergies.”
The company said it would help as many laid-off employees as possible and continue medical coverage for up to three months on average.
OYO founder Ritesh Agarwal also said the company will do all it can to ensure that departing employees are retained.
“It is with great regret that we must part ways with many talented individuals who have made valuable contributions to the company,” he added. “As OYO grows and we need some of these roles in the future, we are committed to reaching out to them first and offering opportunities.”
