Owing to the adverse impact of the deadly COVID-19 outbreak on the hospitality sector, the Oyo top brass has decided to take a voluntary pay cut this year to ensure smooth running of operations.
Founder and Group CEO of OYO Hotels and Homes, Ritesh Agarwal will forego 100 percent of his annual salary starting April 2020, while OYO’s executive leadership team will take voluntary pay cuts in the range of 25% to 50% in an effort to lessen some impact of the epidemic on business.
To ensure the continuity of the business, the management had also taken a number of other measures. In addition to that, the company has assured all of its employees in India, including 10,000-plus OYOpreneurs on payrolls and tens of thousands of OYO-managed assets staff, including hotels opening post lockdown, that they would continue to receive their salaries and benefits without any interruption for this unprecedented national lockdown period.
As said by the OYO boss, the ongoing global crisis is deeply concerning to each and every one of us. OYO is doing everything extending support to the world with its limited resources during this epidemic, making isolation centres to finding a safe place for first responders.
The pay cuts at Oyo has come during a time when many companies in the travel and hospitality sectors had already implemented layoffs and slashed salaries. While, MakeMyTrip and Ixigo have slashed salaries significantly, TravelTriangle and Fab Hotels executed layoffs in respond to the challenges in the midst of the lockdown.
