Hospitality chain OYO on Saturday announced it will downsize 10% of its 3,700-employee base by cutting 600 jobs in the technology and corporate verticals and hiring 250 members, mainly in its relationship management teams, reported PTI.
In a statement, OYO said the move was part of its changes in its organisational structure. It is downsizing its product and engineering, corporate headquarters, and OYO Vacation Homes teams, while hiring in the partner relationship management and the business development verticals.
The hiring is being done to improve customer satisfaction and to boost the number of hotels and homes, according to PTI.
OYO added that its product and engineering teams will also be merged for smoother functioning.
In the tech vertical, the downsizing will happen in teams that were developing pilots and proof of concepts such as in-app gaming, social content curation and patron-facilitated content, the company said, reported The New Indian Express.
OYO also said it was downsizing some parts of its European vacation homes business to “increase efficiency and harness synergies”.
The company said that it will be helping as many employees as it can who are being fired and continue their medical insurance cover for up to three months on an average.
OYO founder Ritesh Agarwal also said the company will do what it can to ensure that outgoing employees gain employment.
He added: “It is unfortunate that we are having to part ways with a lot of these talented individuals who have made valuable contributions to the company,” he added. “As OYO grows and a need for some of these roles emerges in the future, we commit to reaching out to them first and offering them the opportunity.”