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, founder and group CEO of 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 April 2020 and the entire company is standing together to tide over these times.
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.