Oyo Hotels and Homes lays off staff in India
Hospitality company has also offloaded about 25% of its unprofitable properties in India
After Hotelier Middle East earlier reported that Oyo was planning to cut down jobs in India, media in India reported that the Softbank-backed company will be laying off staff in India.
The Economic Times reported that the hospitality company will lay off 2,400 people and added that the job cuts are likely to “intensify”.
When Hotelier Middle East got in touch with Oyo last month, a spokesperson said: "Oyo Hotels & Homes continues to be one of the best places to work for, and one of the key reasons for this has been our ability to consistently evaluate, reward and recognise the performance of individuals in a meritocratic manner, and enable them to improve their performance.
"In order to ensure this meritocracy based performance evaluation programme thrives, Oyo continuously tracks performances of the individuals and depending on the results (a grading based system) and the individual’s interests, we may replace some candidates after giving them the opportunity to go through a performance improvement programme," the spokesperson added.
Sister publication Arabian Business reported that a source at Oyo said it was "letting go" the 1,000 employees in India. While Bloomberg News reported last month that it has also laid off 5% of its 12,000 staff in China.
Oyo has also offloaded about 25% of its unprofitable properties in India, the Economic Times daily reported.