After issuing pink slips to about 15-20 % of its 12,000 strong workforce earlier this month, OYO Hotels and Homes have rolled out benefits for the outgoing members.
To lessen the burden of the leaving employees, OYO has offered services like outplacement, gross pay of 3.2months, personal insurance for 90 days and parental insurance of 4.5months. The hospitality chain has also agreed to offer a cover of ₹5lakh under personal insurance and parental insurance for the outgoing staff.
Talking to media, CEO of OYO Hotels and Homes India & South Asia Rohit Kapoor said, “We have benchmarked our exit processes not just to local standards but with the very best globally. There are five principles on the basis of which we have done this: fairness, a humane approach, providing financial protection for a reasonable time, dealing with empathy and respect and fifth is continuous support.”
He further added that the company is also working with outplacement agencies to support employees affected by the restructuring exercises.
Other than these benefits, the company is also offering gratuity as ex gratia for every six months served. Encashment of leaves has also been made available in an attempt to overpower peers in the exit process.
Sources close to the development have said that outplacement agencies have been offered to all the impacted staff. These agencies will be responsible for assisting the staff for a period of 90 days in getting better job opportunities elsewhere. An internal project team has also been set up to assist in outreach companies that are currently hiring.
Giving relief to the pregnant employees and female staff on maternity leave, the company has decided to exclude them from the layoff process. A counseling facility has also been set up for the staff to help them deal with the stress and anxiety related to layoffs.
The roll-out of benefits for the estranged employees is a move towards humane layoffs since pinks slips have become a common phenomenon since the last two quarters. Humane layoffs have taken the center stage of discussions amidst a global economic slowdown.
HrNxt.com Newsdesk has researchers and writers with an excellent domain knowledge about the talent ecosystem, and the business environment. The team keeps a tab on the latest happenings in the ecosystem to bring most relevant news and insights for our readers. You can connect with our newsdesk at newsdesk@hrnxt.com.