iStockGurugram-based travel firm MakeMyTrip has decided to lay off 350 employees after being severely hit by the ongoing pandemic. In a letter to its employees, MakeMyTrip founder Deep Kalra and CEO Rajesh Magow said that it was unclear when the travel industry, which has been one of the worst-affected sectors, will come back to normalcy.
According to a report in CNBC-TV18, the letter read, "As we revisited some of our strategic imperatives to be able to sustain our business in the long term, it is evident that the pandemic has changed the context and viability of some of our business lines in its current form. Keeping this in mind we have had to take this sad but inevitable decision of rightsizing our workforce."
The letter appreciated the contributions of the laid off employees towards MMT and is offering gratuity, leave encashment, retention of company laptops and outplacement support. It is also offering mediclaim coverage till the year-end for individuals and their families who have been impacted by this move.
MMT is the latest travel company to announce lay offs after facing the onslaught of COVID-19. As per a report by BOTT Travel Sentiment Tracker in partnership with IATO, TAAI, ICPB, ADTOI, OTOAI, ATOAI, and SITE, 81 per cent travel and tourism firms have lost their revenue up to 100 per cent. The report added that around 40 per cent of the firms are at risk of complete shutdown in the next 3-6 months.
According to a report in CNBC-TV18, the letter read, "As we revisited some of our strategic imperatives to be able to sustain our business in the long term, it is evident that the pandemic has changed the context and viability of some of our business lines in its current form. Keeping this in mind we have had to take this sad but inevitable decision of rightsizing our workforce."
The letter appreciated the contributions of the laid off employees towards MMT and is offering gratuity, leave encashment, retention of company laptops and outplacement support. It is also offering mediclaim coverage till the year-end for individuals and their families who have been impacted by this move.
MMT is the latest travel company to announce lay offs after facing the onslaught of COVID-19. As per a report by BOTT Travel Sentiment Tracker in partnership with IATO, TAAI, ICPB, ADTOI, OTOAI, ATOAI, and SITE, 81 per cent travel and tourism firms have lost their revenue up to 100 per cent. The report added that around 40 per cent of the firms are at risk of complete shutdown in the next 3-6 months.
( Originally published on Jun 01, 2020 )
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