Hospitality giant OYO recently announced that the company has decided to withdraw pay cuts instigated back in April 2020. Rohit Kapoor, CEO OYO India, and Dinesh Ramamurthi, Chief Human Resources Officer reportedly told the staff in an internal town hall that OYO begins restoring full salaries of employees with fixed compensation up to Rs 8 lakhs from now. As a result, almost 60% of employees across India and South Asia found themselves reassured amidst a pandemic.
The company also communicated that all other employees would also see a phased reversal in their pay cut. Around 12.5% of the total 25% cut will be restored from October 2020. The rest would be done by December. The company had to make difficult decisions of placing some employees on leave with limited benefits four months back.
During the town hall, the company urged everyone to continue working together to bring the business back to pre COVID-19 levels. OYO had shared employee stock ownership plans (ESOPs) worth 130 crores approximately to its furloughed employees to minimize losses and disruptions being experienced by them.
We are indebted to the passion and love that each one of our colleagues has shown, and our efforts are to reward the employees for the long-term as they have supported the company during tough times, and do all we can to support them during these tough times. Even during these challenging circumstances, OYO is doing its best to deliver on its people priorities said Rohit Kapoor, CEO OYO India
More recently, the company announced new employee initiatives to help employees deal with anxiety and stress while working from home. With work from home becoming the new normal, thousands of Indians have been subject to long working hours, eventually leading to what’s now called “burn out.”
OYO’s latest initiative includes a 5-day work week, with strict restrictions on spilling work to the weekends. The company says:
Responding to work emails or messages over the weekend by the subsequent working day will be acceptable, and leaders or business heads will not conduct review meetings on Monday so that the teams do not have to prepare for it over the weekend. – as stated by OYO
The employees will also be allowed to block personal time for meals, hobbies and other household chores on their calendars during weekdays. The company has also partnered with another upcoming giant, Cure.fit, to give its employees access to their workout sessions. OYO said that they would bear 50% of the costs for the first year. All these initiatives add to employees happiness and wellbeing eventually helping OYO reinforce their commitment to OYOpreneurs.
OYO’s journey from April to August 2020 has been a story of resilience. As the world slowly and gradually moves back into its usual work mode, its promise of restoring full salaries and wellbeing programs comes out as a breather for its employees.