He noted that the revenues of OYO and the occupancies have dropped by over 50-60 per cent. The CEO, however, said that the global leading hotel chains have all dropped their revenues by over 75 per cent and continue to get worse. A company statement said that as global occupancies continue to reduce in the hospitality industry, the temporary leaves in select other markets will give the company the opportunity to do what is right for the business while ensuring that employees are safeguarded against a potential job-cut. “Basis careful consideration of all possible options, this decision of instituting furlough or temporary leaves for a certain number of ‘OYOpreneurs’ is the best way to ensure jobs are safe while keeping costs in check. This option will enable OYO to continue supporting healthcare coverage and other associated benefits, which is important during such tough times,” it said.

The company said that it is also hopeful that as the situation begins to improve globally, they will be able to bring as many of its employees as possible, back to full-time work at OYO. Highlighting some recent positive instances, Agarwal told his employees that there has been small recovery in some markets like China, Denmark and Japan.