Amidst talks and debate on slow economy, and sluggish economic growth, talks about layoffs have already started.
World’s 2nd biggest hotel chain: Oyo Rooms has decided to fire 200 salespersons from their rolls, and this certainly means slow growth in the tourism sector.
Meanwhile global banking czar HSBC has decided to fire some 200 employees from Pune and Hyderabad, which again signals slow growth, in India.
What is the actual reason for these firings?
Oyo Rooms Will Fire 200 Salespersons
As per reports coming in, Oyo Rooms is all set to fire 150 to 200 salespersons across India.
50-60 salespersons from Gurgaon and New Delhi offices have already been given pink slips, while similar firings are expected from Pune and Mumbai offices as well.
As per Oyo, this is a standard churning in the HR Dept., since 0.5% of the overall employees are able to meet the required professional commitment, and are asked to leave.
At the same time, Oyo said that they have a 2500+ strong sales team, and overall, there are 9000+ Oyo employees, pan-India.
Oyo has confirmed that by first half of 2020, Oyo will add 3000 employees in India.
CEO Aditya Ghosh said, “Every day, over 500,000 heads rest on a pillow in OYO, a testament to the impact we are creating globally.”
Just 48 hours ago, Oyo announced their acquisition of Las Vegas Hooters Hotel, which is valued at $135 million. This is their first acquisition of a major hotel in America.
HSBC Will Fire 200 Employees
Meanwhile, another set of reports are coming in, which reveals that the Hongkong and Shanghai Banking Corporation or HSBC Bank will fire 200 employees in India.
These firings will be made in the technological division, which translates to weak demand for HSBC’s tech related services, and a certain slowdown in the growth of banking customers in India.
The terminations of India employees have been sudden, and the employees are in shock.
An unnamed employee who was fired, said, “We were just called into a room and offered a separation with just two months pay as full and final settlement. They told us to quit with a date of two-month hence as the final day of work and if we refused, it will be shown as dismissal, which will be a black mark of the resume,”
HSBC has 14,000 employees in India, across their offices in Pune and hyderabad.
Globally, HSBC is undergoing a massive restructuring, wherein several ‘thousand’ of jobs will be terminated.
HSBC has 2.38 lakh employees, all over the world, and due to their weak results, and increased losses, CEO John Flint resigned on August 5th.
We will keep you updated, as more details come in.