Budget hotels aggregator Treebo has made a mass appeal through LinkedIn to find jobs for its employees who were offered a paid voluntary resignation scheme (PVRS).
The company introduced the scheme on Monday to deal with the tough business climate in the travel industry amid the Covid-19 pandemic.
“Treebo has launched a paid voluntary resignation scheme to reduce our fixed cost structure and to provide the right opportunities for our highly valued colleagues. Some of our colleagues have signed up for this and we are finding outplacement opportunities for them currently,” co-founder Rahul Chaudhary said on LinkedIn on Tuesday.
The Bengaluru-based company cut jobs across functions of sales, business development, operations, human resources and finance, the post on the professionals networking platform added.
“Finding exciting and meaningful opportunities for our people who have opted for this paid voluntary resignation scheme will be our number one priority in the coming few days,” co-founder Sidharth Gupta said in a seperate LinkedIn post.
Gupta did not respond to TechCircle’s request for comment on additional details at the time of the report’s publication.
Treebo was founded in 2015 by Gupta, Chaudhary and Kadam Jeet Jain. The budget hotel chain manages over 10,000 rooms across more than 95 cities. Treebo competes with OYO, MakeMyTrip, ClearTrip, Yatra and FabHotels in the segment.
The company on Monday had sent an email to all its employees to state that a majority of its hotels are on stop-sell, while all demand channels have dried up, revenue has nearly disappeared, and cash reserves are running low, according to multiple media reports citing the internal memo.
It further said the PVRS scheme will allow employees to resign from their role at the company, with the notice period waived off. Employees will also get one month's salary, subject to a minimum of Rs 30,000 pre tax in advance along with the 5 days worked till date. Additionally, Treebo's co-founders have taken a 60% pay cut whereas its senior management team has taken a 40% pay cut.
Last week, travel and hotel booking firm Ixigo slashed employee salaries by 20-50% to avoid layoffs. Prior to that, travel aggregator MakeMyTrip announced it would cut salaries of top and managerial level employees as its business has been taking a severe beating due to the Covid-19 pandemic.