Online hotel bookings startup Treebo has asked its employees to opt for voluntary resignations. This will be treated under the paid voluntary resignation scheme (PVRS).
Backed by Matrix Partners, SAIF Partners, Bertelsmann India, WardFerry, KarstPeak etc, Treebo Hotels is a technology-enabled budget hotel brand and has raised $57.6 Mn.
“Given the ongoing Covid-19 crisis and its impact on the travel industry, 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. These are exceptional individuals with skill-sets across sales/business development, operations, sales operations, HR, finance,” Co-founder Rahul shared via LinkedIn.
It said the PVRS scheme allows employees to resign from their role at the company, get the notice period waived off, and get one month’s salary, subject to a minimum of Rs 30000 pre tax in advance along with the 5 days worked till date.
The company said it is keen to safeguard the interest of its people and significantly reduce the costs incurred by the company to allow continuity.
The company is also trying to extend Covid-19 insurance for its employees for 6 months. Further, it said that if the situation gets better, the company will reach out to these employees to employ them once again.
The founders are taking a 60% salary cut and senior management is taking 40% salary cuts for at least three months.