OYO has allocated Employee Stock Ownership Plan (ESOP’s) worth around Rs.130 crore to its employees who were sent on unpaid leave because of the ongoing pandemic situation, said Founder Ritesh Agarwal on Monday. OYO has also been extremely considerate to even provide stocks to employees who were not impacted by the COVID-19 crisis.
On April 8, Ritesh Agarwal had specified in a letter and circulated a video message wherein the company said that, it will place a certain number of employees on furloughs or temporary leaves, globally.
According to the sources, the number of laid-off employees globally hit around thousands in count. However, there has been no crisp details regarding the total number of the employees impacted.
In the meantime, OYO is also pro-actively working with the organisation’s investors in order to identify opportunities in their listed companies. This is done in order to provide its employees with an alternative career options in those companies. Agarwal also said he was extremely sorry for the impact, and added that he wanted to re-emphasise that “this is not your fault in any way. This is a scary and a tough time for all of us in different ways.”
Further he added, “I am privileged to have worked with all of you. Thank you for helping the company get where it is today and for being an integral part of our company. Thank you for being a part of our lives. Thank you for coming to OYO. We are all better because of it.”