As part of its efforts to minimize difficulties faced by its employees due the coronavirus pandemic, hospitality firm OYO is granting Employee Stock Ownership Plans (ESOPs) worth around ₹ 130 crore to all its furloughed employees. The move was announced through email by OYO founder and CEO Ritesh Agarwal.
Hospitality Firm OYO Announces ESOPs For Its Furloughed Employees
Acknowledging employees’ contributions and their passion towards building OYO, Ritesh Agarwal has decided to make all its impacted employees co-owners and shareholders of the company by granting ESOPs to them. This essentially means that all furloughed employees of OYO can own shares in the company.
As per Business Standard, OYO is offering ESOPs worth around ₹ 130 crore (around USD 18 million). However, employees’ specific grant share are expected to differ as per their band and geography, details of which are yet to be shared.
In addition to this, the company has also decided to provide stocks to those employees not impacted by the company’s furlough decision. Thus, it intends to make 100% of its employees co-owners.
Similarly, OYO has also planned to drop the one-year wait on the vesting of stock options by employees. This will ensure that everyone regardless of how long they have been with OYO is eligible to become a shareholder.
Also Read: Government Announces Relief For Hospitality & Tourism Industry
OYO Has Also Announced Placement Support For Its Employees
Given the uncertain times, OYO has also announced placement support for all its furloughed employees.
In this regard, OYO will be coming up with an institutionalized placement support system for all those who wish to explore opportunities outside of the company or within the industry.
Apart from that, OYO is also actively working with its investors to identify opportunities in their portfolio companies so that employees can avail alternative career opportunities in those companies. Reportedly, in Japan, OYO has managed to help about 150 OYOpreneurs through this route.
Similarly, the company has also formed an exigency fund for all its employees who may need it in case of any critical illness.
In these times of crisis, more such companies should come forward to offer help to all its employees. Because in the end, it is employees who make and build a company! Don’t you think so? Also, did you know New Zealand PM Jacinda Arden Asks Employers To Consider 4-Day Work Week To Revive Tourism
Also Read: Amazon Launches Food Delivery In India