Oyo Hotels is firing thousands of staff across China and India. The company has let go of 5% of its 12,000 employees in China partly due to non-performance, while dismissing 12% of its 10,000 staff in India, one of the people said.
While many have been fired right away, many others have received pink slips which has only added to the growing stress around the matter.
Following this many people have started looking for jobs elsewhere and have taken to social media in desperation. Not just the ones who have been fired but who are still holding the fort from within have also come forward in order to help the fired colleagues.
OYO‘s head for enterprise sales Jasmit Singh has put out a post on LinkedIn, asking recruiters for job openings in organisations. Surprisingly, within 24 hours of the post, support has poured in from the industry. The post has garnered over 2,600 likes along with over 600 comments.
The layoffs have come at a time when the Gurugram-based chain is battling allegations of anti-competitive practices, tax evasion, and bribery among others, according to a report by the New York Times.
OYO had recently laid off over 800 employees, and there are more jobs that are at stake. The startup has also come under the scanner, with investors raising questions over its $10 billion valuation tag and urging it to move towards profitability.
Also, investor K Ganesh, who has put money in startups like BigBasket, HomeLane, Bluestone.com is trying to do everything he can to support the fired staff.
https://twitter.com/ganeshk03/status/1217668376782233600
Oyo clocked net losses of Rs 2,384.69 crore for financial year 2019, up from Rs 360.43 crore in the previous financial year, according to a valuation report.
