OYO, a travel tech firm on the verge of going public, revealed today that it will let off 600 workers from its corporate and technical divisions and hire 250 others, mostly from the relationship management teams, to reduce its 3,700-person workforce by around 10%.

OYO stated that the adjustment is a part of broader organisational structure reforms. It is expanding its partner relationship management and business development teams while shrinking its product & engineering, corporate headquarters, and OYO Vacation Homes teams. According to a statement, "OYO will downsize 10 per cent of its 3,700-employee base, which includes fresh hiring of 250 members and letting go of 600 employees." Teams for engineering and product are being combined for improved operation, it added. In order to increase customer and partner happiness, the company will be hiring 250 additional team members, primarily for its relationship management teams. It will also be expanding its business development teams to accommodate more hotels and residences on its platform. According to OYO, the company is reducing in some areas of the business as it moves toward the unification of various activities of its European vacation home business in order to boost productivity and capitalize on synergies.

In addition, the corporation has reevaluated the structure of its corporate headquarters and is flattening team structures and consolidating positions where appropriate.

Key Points

• OYO, a travel tech firm on the verge of going public, revealed today that it will let off 600 workers from its corporate and technical divisions and hire 250 others, mostly from the relationship management teams, to reduce its 3,700-person workforce by around 10%.

• According to OYO, the company is reducing in some areas of the business as it moves toward the unification of various activities of its European vacation home business in order to boost productivity and capitalize on synergies.

• In addition, the corporation has reevaluated the structure of its corporate headquarters and is flattening team structures and consolidating positions where appropriate.