Softbank backed Oyo Hotels & Homes begins restoring salaries of employees

Through an internal townhall late evening on Tuesday, Softbank backed Oyo Hotels & Homes has announced it is restoring full salaries of employees with a fixed compensation of upto Rs 8 lakh and will gradually restore salaries of all other employees by December this year. The townhall was led by CEO for India and South Asia Rohit Kapoor and chief human resources officer Dinesh Ramamurthi. The chain announced that the immediate salary restoration for employees with salaries of upto Rs 8 lakh means pay cuts for as many as 60% of employees across India and South Asia stand reversed, and that they will receive their full salary in the next payroll.

The chain has also communicated that all other employees will also see a phased reversal in their pay cut. Around 12.5% of the total 25% cut will be restored from October 2020 and the remaining 12.5% pay cut will be restored effective December 2020. In April, Kapoor, in an email had asked all employees to accept a reduction in their fixed compensation by 25%, effective for the April-July 2020 payroll period. He had also said the company also had to take the “hard decision” of placing some employees on leave with limited benefits for four months from May 4. On April 8, founder Ritesh Agarwal had announced that the company was placing a certain number of employees on furloughs globally.

ET had reported in its edition dated July 4 that Oyo had offered all its employees deeply discounted ESOPS comparable to RSUs in India. RSUs, or restricted stock units, are company shares an employer issues to employees as compensation that will ultimately become normal stocks after a vesting period. Kapoor ended the town hall thanking all employees for giving Oyo a ‘fighting chance to survive these challenging times.’ He said: “Thank you for all your hard work and contributions. We hope that you are ready to make an even bigger impact on the lives of our customers and partners in the days to come. And as you do that, we will continue to work closely to enable your success, growth and well-being at every stage of your OYO journey.”

Softbank backed Oyo Hotels & Homes begins restoring salaries of employees Softbank backed Oyo Hotels & Homes begins restoring salaries of employees Reviewed by TechCO on 8/04/2020 Rating: 5

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