NE BUSINESS BUREAU
AHMEDABAD, APRIL 3
COVID-19 has impacted the global hospitality industry significantly with occupancies of various hotel chains being affected drastically. In this unprecedented and difficult period, Ritesh Agarwal, the Founder & Group CEO, OYO Hotels & Homes, has decided to forego 100% of his salary for the rest of the year. The company’s entire executive leadership team has taken a voluntary pay cut starting at 25%, with many opting for an additional uncapped amount, and some going up to 50% to enable building the runway for the company. This would be effective in April 2020 and the entire company is standing together to tide over these times, a company release said.
It has been a matter of pride for OYO Hotels & Homes that it has retained every single leader in the CXO group in the history of the company, and in a difficult time like this, the executive leadership has come together as one strong entity as true partners of the company.
The company management has also taken several other measures to ensure business continuity and is committed to the well-being of its OYOpreneurs. The company has assured that all employees in India, including ten thousand plus OYOpreneurs on payrolls and tens of thousands of OYO, managed assets staff including lots of hotels which will open post lockdown will continue to receive their salaries and benefits without any interruptions during this unprecedented period of a countrywide 21-days lockdown.
Commenting on the development, Ritesh Agarwal, Founder & Group CEO said, “The current situation the world over is deeply concerning to every one of us. OYO is doing everything to support the world with its limited resources in this pandemic from making isolation centres to finding a safe place for first responders. Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100% of my salary for the rest of the year. I am grateful to my leadership team, that have also taken pay cuts and support the company during these tough times.”
In line with the Government’s direction, OYO has taken a series of measures to accommodate frontline medical staff, aircrew, corporates, tourists, PGs as well as foreign nationals stranded in the nationwide lockdown.
The company is focusing on a two-pronged strategy to minimise the possibility of infection and maximise social distancing and hygiene. Certain hotels are being identified to partner with hospitals for setting up safe, pay per use quarantine facilities. Certain others are focused on providing safe shelter to local and foreign tourists and travellers who are stranded in cities owing to the lockdown.
Healthcare facilities
OYO is in touch with various state governments as well as authorities to understand how some of its properties can be of assistance during this crucial period. Recently, OYO also partnered with Apollo Hospitals to offer sanitized beds and facilities in certain COVID-19 exclusive hotels it identified within its network in the proximity of Apollo Hospitals. The partnership will be activated in 6 cities namely, Mumbai, Delhi, Hyderabad, Chennai, Bengaluru and Kolkata for self-quarantine and isolation for suspected COVID-19 patients that require medical observation and supervision.
