The CEO of a significant fintech unicorn claimed that hiring takes up an astounding one-third of the company’s time. But according to company owners and CXOs across the country, a lack of competent labor remains the main challenge.
Since the COVID-19 outbreak, India has experienced two intriguing developments: the widespread adoption of digital technology and the consequent gap in a skill that has emerged as a result of the shortage of competent software developers required by businesses to scale their products to meet demand.
Ritesh Agarwal requests aid in helping Oyo’s fired employees find jobs.
Oyo will reduce its 3,700-person workforce by 10%, which will result in the employment of 250 new members and the termination of 600 current workers.
Oyo’s founder and group CEO, Ritesh Agarwal, has pleaded with the public to assist in finding employment for the company’s fired employees. Oyo, a major player in the worldwide travel technology market, recently announced organizational adjustments and the reduction of its product and engineering, corporate headquarters, and Oyo Vacation Homes teams.
In a post on Linkedin, Ritesh Agarwal stated: “We want to make sure that the many outstanding OYOpreneurs who are leaving OYO Hotels receive all the help and support they need.
Reach out to us at [email protected] if a company is hiring in the tech industry, and we’ll offer a list of firms where you can rehire our departing employees.
Our first focus is ensuring the welfare of our employees, both while they work for us and after they leave. I will aggressively affirm the power of these gifted people and stand by them at every turn.”
In accordance with a company announcement made on Saturday night, OYO would lay off 600 workers and hire 250 new ones in order to reduce its 3,700-person workforce by 10%.
The hotel rooms aggregator claimed that its technical and product teams were being combined for more efficient operation. Teams working on pilot projects and proof of ideas for technologies like in-app gaming, social content curation, and patron-facilitated content are also being reduced in size.
Additionally, according to the firm, employees from projects that have already been successfully developed and implemented, such as “Partner SaaS,” were either fired or redeployed to work on core product and technology areas like artificial intelligence (AI)-driven pricing, ordering, and payments.
According to the announcement, the company will be hiring 250 new employees, mostly for its relationship management teams to boost partner and customer happiness and for business development teams to increase the number of hotels and residences on its platform.
The company claimed it is shrinking some areas of the business to boost efficiency and take advantage of synergies as the integration of various operations of its European vacation home business advances. Additionally, the corporation has reevaluated the location of its corporate headquarters and is flattening team structures where necessary and consolidating positions that are similar.
According to the statement, the company would continue to provide as many employees with medical insurance coverage lasting, on average, three months and outplacement assistance.
