Oyo Rooms Will Fire 1000 Employees In India As Part Of 2020 Growth Plan; Founder Ritesh Agarwal Apologises
Very recently, there was news about Oyo’s plans of firing 3000 employees in India and China. And now, Ritesh Agrawal, the founder and CEO of Oyo Homes & Hotels has penned a letter that says to fire 1000 employees from India.
This, apparently, is a plan for restructuring and reorganizing the firm for a boosted efficiency in the organization.
What does the letter penned by the founder and CEO of OYO say? Let’s find out!
Oyo Rooms Will Terminate 1000 Employees: Confirmed
OYO has had quite a stormy past, what with the losses being increased six fold in the last year, and the hotel owners boycotting the whole institution of OYO for high discounts.
Oyo’s founder and CEO, Ritesh Agrawal, is now on the way to fire 1000 employees for restructuring and reorganization of the teams in the OYO firms throughout India so that there is no redundancy in the businesses and functions.
In the internal letter to the employees of Oyo in India and South Asia, Agrawal says, “Every Oyopreneur is important to Oyo and ensuring their well-being both during and after their tenure is our number one priority. I want to thank them for their efforts and apologize for the impact this is causing.”
Founder Ritesh Agarwal Apologizes
The letter also says, “I have no hesitation in admitting that growing at the pace at which OYO has in the past few years, we sometimes went ahead of ourselves and pressure-tested our organisation at multiple levels. This year, we are taking steps to address this.”
However, the mail does not specify the exact number of people that will be fired, but sources closely involved in this have estimated the number to be more than 1000 and the reason behind this is ‘right-sizing’.
In the mail, Agrawal states that it hasnt been easy to ask his colleagues to look for other careers outside OYO.
OYO’s strategic objectives are sustainable growth, operational and customer excellence, profitability, and training and governance. As per Agrawal, this causes some roles in the organization have become of no use. He also says that OYO will be taking all efforts to make sure that the ‘outgoing employees’ will get all the help that is needed to help them get through this.