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New Delhi, Apr 2 () OYO Hotels and Homes on Thursday said its founder and group CEO Ritesh Agarwal will forego his salary for the rest of the year and its executive leadership team will take voluntary pay cuts as the hospitality industry reels under the COVID-19 pandemic. This would be effective from April 2020 and the entire company is standing together to tide over these times, OYO said in a statement. The company's entire executive leadership team has taken a voluntary pay cut starting at 25 per cent, with many opting for an additional uncapped amount, and some going up to 50 per cent to enable building the runway for the company, it said. "Given the current business situation, which is unprecedented for our industry globally, I am foregoing 100 per cent of my salary for the rest of the year. I am grateful to my leadership team, that have also taken pay cuts and support the company during these tough times," Ritesh Agarwal said. The company has assured that all employees in India, including over 10,000 people on payrolls and tens of thousands of OYO-managed assets' staff will continue to receive their salaries and benefits without any interruptions during this unprecedented period of a countrywide 21-days lockdown, the statement added. AKT SHW ANSANS

COVID-19: OYO chief to forgo remaining annual salary, leadership team to take voluntary pay cuts

New Delhi, Apr 22 () OYO on Wednesday asked some of its staff in India to go on leave with limited benefits from May 4 for four months, and also asked all employees in the country to accept a cut in their fixed salaries by 25 per cent due to the impact of the COVID-19 on the hospitality industry. The company currently has around 10,000 employees in the country. "We had to take the hard decision of placing some OYOpreneurs on a leave with limited benefits (LwLB) from May 4, 2020, for four months until August 2020," OYO India and South Asia CEO Rohit Kapoor said in a email send to the employees which has been accessed by . Those going on this leave will avail benefits such as continuation of medical insurance and parental insurance, school fee reimbursement and ex-gratia support, he added. "In addition, to our colleagues on LwLB, in case there is an unforeseen medical emergency, we will support beyond the insured amounts, if the need so arises," Kapoor said. All these colleagues remain integral to the OYO family and "we hope we will be in a position to welcome them back into full-time roles sooner rather than later," he added. OYO is taking all necessary actions to mitigate COVID-19's impact and ensure long-term success and sustenance of the business while ensuring there are no job cuts despite the economic pressures, Kapoor said. When asked about the number of employees it is placing on leave, the company refused to share any numbers. The company, however, confirmed that the employees will receive an ex-gratia amount equal to a total of 60 per cent of the monthly fixed salary, paid in two equal instalments across May and June. OYO is also taking a difficult but necessary step for India, whereby the company is asking all employees to accept a reduction in their fixed compensation by 25 per cent. This will be effective for April-July 2020 payroll, Kapoor said. "All other benefits and terms of your contract will remain unchanged. Also, note that this action will be planned in such a way that post the proposed pay cut, the fixed compensation for any employee is not less than Rs 5 lakh per annum. "This ensures a large percentage of our colleagues at lower pay scales see no impact," he added. Earlier this month, OYO had started placing some of its employees on furloughs or temporary leaves in the US and other select markets on account of slump in the hospitality industry due to COVID-19 pandemic. "OYO has been a leading brand in the hospitality industry, hence the revenue impact of the crisis is significant - about 50-60 per cent revenue drop now... For our peer hotel chains in the industry, the revenue drop impact is as high as upwards of 75 per cent," OYO Founder and Group CEO Ritesh Agarwal had said at that time. AKT ANSANS

OYO asks some India employees to go on leave with limited benefits, cuts fixed pay of all by 25 pc

(Eds: Recasting intro) New Delhi, Apr 22 () OYO on Wednesday informed employees that 25 per cent of their fixed salaries will be cut and asked some staff to go on a four-month leave with limited benefits from May 4 as the hotel rooms aggregator grapples with "economic pressures" due to COVID-19. The company, which has around 10,000 employees in the country, is a leading player in the hospitality industry that has been ravaged by the coronavirus pandemic. The nationwide lockdown, which has been extended till May 3, to curb spreading of infections has also significantly disrupted economic activities. "We had to take the hard decision of placing some OYOpreneurs on a leave with limited benefits (LwLB) from May 4, 2020, for four months until August 2020," OYO India and South Asia CEO Rohit Kapoor said in a email send to the employees which has been accessed by . Those going on this leave will avail benefits such as continuation of medical insurance and parental insurance, school fee reimbursement and ex-gratia support, he added. "In addition, to our colleagues on LwLB, in case there is an unforeseen medical emergency, we will support beyond the insured amounts, if the need so arises," Kapoor said. All these colleagues remain integral to the OYO family and "we hope we will be in a position to welcome them back into full-time roles sooner rather than later," he added. OYO is taking all necessary actions to mitigate COVID-19's impact and ensure long-term success and sustenance of the business while ensuring there are no job cuts despite the economic pressures, Kapoor said. When asked about the number of employees it is placing on leave, the company refused to share any numbers. The company, however, confirmed that the employees will receive an ex-gratia amount equal to a total of 60 per cent of the monthly fixed salary, paid in two equal instalments across May and June. OYO is also taking a difficult but necessary step for India, whereby the company is asking all employees to accept a reduction in their fixed compensation by 25 per cent. This will be effective for April-July 2020 payroll, Kapoor said. "All other benefits and terms of your contract will remain unchanged. Also, note that this action will be planned in such a way that post the proposed pay cut, the fixed compensation for any employee is not less than Rs 5 lakh per annum. "This ensures a large percentage of our colleagues at lower pay scales see no impact," he added. Earlier this month, OYO had started placing some of its employees on furloughs or temporary leaves in the US and other select markets on account of slump in the hospitality industry due to COVID-19 pandemic. "OYO has been a leading brand in the hospitality industry, hence the revenue impact of the crisis is significant - about 50-60 per cent revenue drop now... For our peer hotel chains in the industry, the revenue drop impact is as high as upwards of 75 per cent," OYO Founder and Group CEO Ritesh Agarwal had said at that time. AKT ANSANS

OYO cuts 25% of fixed pay of employees; sends some staff on leave with limited benefits

Richard Drew/APRitesh Agarwal is the founder and CEO of Oyo.<ul class="summary-list"><li>SoftBank-backed Oyo fired 110 employees in the US citing their performance on April 1, Business Insider has confirmed. The company also put <a href="https://www.bloomberg.com/news/articles/2020-04-08/softbank-backed-oyo-is-furloughing-thousands-of-employees">thousands more employees</a> on paid leave to cut costs this week.</li><li>Some of those fired employees said they never had conversations about their performance with a manager before their sudden termination, leading them to question the reason.</li><li>Employees who currently or used to work at Oyo said sales had essentially become impossible amid the coronavirus and after negative articles damaged the company's reputation with hotels.</li><li>Oyo said the firings were based on performance in the first 90 days of their employment, and were unrelated to the recent furloughs.</li><li>People who were fired are being asked to sign separation agreements that will pay them severance if they agree not sue the company in a class-action lawsuit or speak publicly about their employment.</li><li><a href="https://www.businessinsider.com/?hprecirc-bullet">Visit Business Insider's homepage for more stories</a>.</li></ul>The former "<a href="https://www.bloomberg.com/news/articles/2020-01-10/softbank-backed-oyo-is-firing-thousands-across-china-and-india?sref=BWbpWjRm">jewel</a>" of SoftBank's startup portfolio has had another shakeup.One week before its reported furloughs, Oyo quietly fired 110 employees in the US, saying they were being terminated based on performance, Business Insider has confirmed. Employees said those people affected were not on performance improvement plans before their firing, which made them question the reason for their sudden removal."They were saying, 'This is not a layoff. You are being terminated for performance,'" said an employee who was fired over the phone on April 1.Oyo confirmed the firings in an email, saying that the reductions were based on employees' ability to close a sale in their first 90 days of employment, and were not related to the <a href="https://www.bloomberg.com/news/articles/2020-04-08/softbank-backed-oyo-is-furloughing-thousands-of-employees">recent furloughs</a>.Still, people who currently or used to work at Oyo are arguing that the firings were part of a cost-cutting strategy as the startups rides out the coronavirus pandemic. The company's salesforce has struggled to make deals since before the outbreak because of its reputation in the hotel industry, multiple sources said. Some employees who were fired said they should have been laid off instead."Your sources seem unreliable as the details are incorrect," an Oyo spokesperson said in an email on Friday. "Specific to this instance, these terminations were performance-based, where sales team members, who generally had not made a single sale since December 9th of last year at least, including some who had not made a sale for more than 180 days, were impacted."Eight employees spoke to Business Insider on condition of anonymity because some signed nondisclosure agreements, and others were not authorized to speak publicly on Oyo.They said that the <a href="https://www.businessinsider.com/softbank-backed-oyo-layoffs-us-offices-2020-1">last round of layoffs</a> in the US, which Business Insider first reported in January, created a firestorm for Oyo. The startup sells to mostly independent motels and puts up money to redecorate and make sure the internet works, for a percentage on every reservation.The layoffs added to growing signs of trouble at Oyo, shaking its credibility with hotel owners and making it harder to close deals, according to some employees who were spared in January."It was a huge PR nightmare. They lost credibility with the owners," said one former employee. She said that any more news stories about "Oyo not being able to make it in America" would put the company out of business."They can't survive having another media story," said another source.OyoOyo gives independent hotel owners money for property improvements in exchange for a cut on every reservation made on Oyo's app.The Economic Times, a daily newspaper in India, <a href="https://economictimes.indiatimes.com/small-biz/startups/newsbuzz/oyo-gives-pink-slips-to-us-staff/articleshow/75038719.cms">first reported the firings</a> at Oyo on Thursday.<h2>Oyo is slashing costs</h2>The big <a href="https://www.bloomberg.com/news/articles/2020-04-08/softbank-backed-oyo-is-furloughing-thousands-of-employees">news out of Oyo</a> this week was that the budget hotel chain was placing thousands of employees on paid leave for at least two months. The goal, said Oyo's founder and chief executive Ritesh Agarwal in a video message, is to cut costs now so it can put people back to work after the travel industry recovers from the economic shutdown.Those employees on furlough will earn 15% of their salary before taxes and deductions, and receive health benefits, according to a document sent to current employees on Thursday, which was seen by Business Insider.In the video message, which has since been <a href="https://www.youtube.com/watch?v=-1V3HE_2XOk&amp;feature=youtu.be">posted on YouTube</a>, Agarwal said the company would avoid layoffs."This situation of COVID-19 comes at a very unique time for Oyo. This is right after we had a sizable restructuring of our company in January of this year," Agarwal said. "Due to that, I want to clarify for all of you that we intend to do no or negligible layoffs as a part of cost restructuring across the world."Oyo's chief executive will also <a href="https://www.prnewswire.com/news-releases/ritesh-agarwal-founder--group-ceo-oyo-to-forego-100-of-his-annual-salary-and-the-executive-leadership-team-to-take-voluntary-salary-cuts-301034128.html">not take a salary</a> for the rest of the year. Other executives are following suit, Oyo said.<h2>The coronavirus pandemic has made closing sales a struggle, some former employees said</h2>Based in India, Oyo has raised $3.1 billion in equity from SoftBank, Sequoia Capital, and Lightspeed Ventures on the promise of rapid growth. After taking over <a href="https://www.bloomberg.com/news/articles/2019-06-19/hotel-unicorn-oyo-plots-300-million-push-into-the-u-s-market">more than 23,000 properties</a> around the world, the company opened its first office in Texas in early 2019 with the goal of duplicating its success in the US. Oyo hired a salesforce of hundreds to bring US motels onto its platform."The rough idea was, if we signed 'X' amount of hotels with 150 sales people, let's quadruple the number of sales people and we'll quadruple the number of hotels, which was a spectacular failure," said a former employee who left the company earlier this year."I think they way over-committed to what they were capable of," he said.Some of the employees who were fired on April 1 were told that they had not made a sale in their first 60 days of employment, which was grounds for termination. Those workers did not contest what their supervisors said.The task was near-impossible, they said.Employees said that the startup had difficulty signing on hotels <a href="https://economictimes.indiatimes.com/industry/services/hotels-/-restaurants/oyo-layoffs-have-hotel-partners-worried/articleshow/73348921.cms?from=mdr">because of its reputation</a>. A business development manager would walk onto a property and ask to speak to an owner, who had one of two reactions, they said. "One was, 'Yeah, I know who Oyo is. Not interested. Get out.' Response two was, 'Who's Oyo?'" a current employee said.A hotel owner who searched Oyo on the internet would find "nothing but negative articles," including <a href="https://www.nytimes.com/2020/01/02/technology/oyo-softbank-india.html">a report in The New York Times detailing its questionable business practices</a>, said the employee, who is being furloughed.In India, some hotel owners said that after they spent money to renovate their rooms to match Oyo's branding, they never received reimbursements they had been promised, the Times reported.Adnan Abidi/ReutersA sign making disparaging remarks about Oyo is placed outside a hotel in New Delhi, India.The startup also changed the terms it could offer hotel owners because of the coronavirus pandemic's effect on its business, according to current and former employees. They said Oyo used to give $1,500 per room on average for improvements, and has since lowered its capital expenditure to $300 a room. Revenue has dropped 50% to 60% since the outbreak, according to the startup.In recent months, the company <a href="https://tech.economictimes.indiatimes.com/news/internet/oyo-suspends-payments-to-hotels-partners-say-clause-not-in-contract/74958727">also suspended payouts to hotels</a> if they do not reach a certain number of bookings, known as a minimum guarantee payment. Still, Oyo increased its percentage cut on room reservations by several points, employees said."Nothing as far as the value of what we were offering increased," said a former employee who was fired last week.In a written statement, Oyo said that the salespeople who were fired had not made a sale in their first 90 days of employment, not 60 days. Most of those individuals started around the winter holidays, before the first cases of the novel coronavirus were confirmed in Wuhan, China. The virus wasn't <a href="https://www.businessinsider.com/who-declares-coronavirus-pandemic-covid19-2020-3">declared a pandemic</a> until early March.Some people had not made a sale in six months, an Oyo spokesperson said. The decision to fire people was based on their performance even before the outbreak worsened, according to Oyo."Performance management actions are periodic actions," they said. "There is clear communication to the sales team about the expectation to sign their first deal within 60 days, and disciplinary actions, including termination, after 90 days."<h2>'The document they sent me was hush money,' an employee said</h2>Oyo fired mostly business development managers across 32 states and Washington, DC, according to a separation and release agreement that was obtained by Business Insider.Now, those employees are being asked to sign separation agreements that will pay them one to two weeks salary if they agree not sue the company in a class-action lawsuit or speak out against Oyo, according to multiple sources and a copy of one of the agreements viewed by Business Insider."The document they sent me was hush money," said one former Oyo employee, who said he was fired for not closing a sale in his first 60 days of employment.Oyo is not required to pay severance to employees who are fired for cause."The company, however, went out of its way to provide a modest severance package," an Oyo spokesperson said."Also, recognizing the difficult timing of this action, Oyo has ensured that employees who rely on its benefits plans will continue to have coverage in both April and May."The company said it will cover 100% of the insurance premiums in May.Do you work at Oyo and want to share your story? Contact this reporter via encrypted messaging app Signal at +1 (603) 913-3085 using a nonwork phone, email at mrussell@businessinsider.com, or Twitter DM at @meliarobin.Do you have a personal experience with the coronavirus you'd like to share? Or a tip on how your town or community is handling the pandemic? Please email <a href="mailto:covidtips@businessinsider.com">covidtips@businessinsider.com</a> and tell us your story.Get the latest <a href="/coronavirus-business-impact">coronavirus business &amp; economic impact analysis</a> from Business Insider Intelligence on how COVID-19 is affecting industries. <h3>NOW WATCH: <a href="https://www.businessinsider.com/what-could-be-fastest-way-end-coronavirus-crisis-2020-4">What could be the fastest way to end the coronavirus crisis?</a></h3>

Oyo, the former 'jewel' in SoftBank's startup portfolio, quietly fired 110 people based on their performance. Some fired workers say it was basically impossible to close sales, and the company is only offering severance if they agree to not speak out.

<ul><li>Fresh graduates who took Scaler Academy's six month coding programme secured average compensation of over ₹15 lakh from global multinationals like Amazon, Samsung, Google and more. </li><li>Other job offers came from companies like Lido Learning, MindTickle, Delhivery, 1MG, Oyo, MakeMyTrip and Razorpay. </li><li>Of the 182 learners on the platform, 177 previously had job offers extending an average salary of nearly ₹7.5 lakh via campus placement drives or direct recruitment. </li><li>The learners are mentored by subject matter experts from companies like Google, Facebook, Twitter and Netflix.</li></ul>Fresh graduates who took Scaler Academy’s six-month coding programme, secured jobs offers from global multinationals like Amazon, Samsung, Google and more. The academy also says that their average compensation is also over ₹15 lakh. A third of them also received job offers over ₹25 lakh per annum. Some other companies that provided job offers include Lido Learning, MindTickle, Delhivery, 1MG, Oyo, MakeMyTrip and Razorpay. The academy claims that most of their students also managed to receive compensation that is twice that of their campus job offers. Of the 182 learners on the platform, 83 previously had job offers extending an average salary of nearly ₹7 lakh via campus placement drives or direct recruitment. That means, the salaries offered after reskilling was more than double, compared to the campus offers. “Once the youth of our country is empowered with the necessary skills and knowledge, they are capable of creating hundreds of unicorns like Facebook and Google. The April 2019 batch was the litmus test to understand that. In fact, 33 of them today hold job offers that are paying over ₹25 lakh per annum,” said <keyword id="8665617" type="PERSON" weightage="20" keywordseo="abhimanyu-saxena">Abhimanyu Saxena</keyword>, Co-founder at Scaler Academy and <keyword id="8665620" type="UNKNOWN" weightage="20" keywordseo="InterviewBit">InterviewBit</keyword>. Scaler Academy is an initiative of the reskilling startup Interviewbit. While a few learners on the platform came from premier Indian institutions like Indian Institutes of Technology (IITs) and National Institutes of Technology (NITs), almost three-fourths of them were from tier II colleges. “72% of our students come from non-‘pedigree’ institutions and yet they have been able to secure gainful employment opportunities with top companies, including the likes of Google. The numbers clearly suggest that most MNCs and leading start-ups are no longer only hiring from Tier1 colleges, they are increasingly looking at talent over pedigree,” added <keyword id="279823" type="PERSON" weightage="20" keywordseo="Anshuman-Singh">Anshuman Singh</keyword>, co-founder at Scaler Academy and InterviewBit. Currently, Scaler academy has a user base of nearly 2,000 students. The learners are mentored by experts from companies like Google, Facebook, Twitter and Netflix. “A lot of young engineers don’t always have access and exposure to the relevant technical skills or recruitment processes of global companies. Our mission is to bridge that gap and help them grow in their careers. We will help young engineers expand their knowledge and coding skills and enable them to get top tier software engineers jobs at the best global tech companies,” Singh earlier said. See also: <a href="https://www.businessinsider.in/careers/news/tcs-cognizant-capgemini-and-other-top-giants-who-are-not-letting-go-of-their-new-hires/articleshow/75136446.cms">TCS, Cognizant, Capgemini and other top giants who are not letting go of their new hires</a> <a href="https://www.businessinsider.in/careers/news/capgemini-india-cognizant-and-others-who-are-giving-salary-hikes-in-times-of-coronavirus/articleshow/75151960.cms">Capgemini India, Cognizant and others who are giving salary hikes in times of Coronavirus</a>

A third of the freshers who reskilled at Scaler Academy bagged job offers at over ₹25 lakh

Mumbai, Apr 18 () Diversified group Raymond Chairman and Managing Director Gautam Hari Singhania has said he will forgo his salary during the lockdown and will take a substantial pay cut after that to help support his company during this challenging time. "In light of the current situation, I have taken the decision that I will not be taking any salary from the company till the lockdown is in place. And, after that I will be taking a substantial reduction on the same," Singhania said in a video message to Raymond employees on Friday. He said liquidity is becoming a major problem, and the teams within the organisation are working hard to find cash. "I think we have to survive at any cost. We must conserve cash at any cost. And also make sure to focus on our collections. Every drop counts. We have to work hard to stay afloat at this tough time," he added. Further, he said that during the current tough times, each and everybody in the organisation will be required to take some tough measures and personal sacrifices. "We need to brace ourselves for this unprecedented time. And I am sure but he has come out at the end of it," he added. Singhania has joined in with his peers who have stood up to the challenges and have shown their commitment by taking pay cuts to support their business amid the COVID-19 crisis. The COVID-19 pandemic has brought havoc to businesses that led many companies resorting to pay cuts and layoffs not only in India but across the world. Uday Kotak, Ritesh Agarwal, Vijay Shekhar Sharma, Anand Mahindra are among many top executives who have announced to forgo their salaries. Kotak Mahindra Bank CEO Uday Kotak has opted to forego his salary and will take only Re 1 as compensation, OYO Hotels &amp; Homes CEO and founder Ritesh Agarwal will take a 100 per cent salary cut for the rest of the year to enable building the runway for the company, Paytm CEO and founder Vijay Shekhar Sharma announced that he will not take two months' salary, Mahindra &amp; Mahindra chairman Anand Mahindra is contributing his 100 percent salary to deal with the severe impact of the coronavirus pandemic. SM HRS

Raymond CMD Singhania decides to forgo salary during lockdown, to take pay cut after that

“The secret to successful hiring is simple: Look for people who are willing to change the world,” and this mantra is being followed by many <keyword id="982553" type="UNKNOWN" weightage="80" keywordseo="Indian-startups">Indian startups</keyword> on a hiring drive. This time, the companies have shifted their focus from top engineering and management school to undergraduate campuses in order to create a work force of talented youngsters. 

	This year, the number of startups searching for talent at some of the top campuses has increased twice, and there is also a two-time increase in the average salary as well, revealed an Economic Times report.
 By simple observing the hiring trends this year, the ET report stated that most of these startups have chosen candidates from <keyword id="72476" type="ORGANIZATION" weightage="80" keywordseo="Lady-Shri-Ram-College">Lady Shri Ram College</keyword> (LSR), <keyword id="264593" type="ORGANIZATION" weightage="80" keywordseo="Shri-Ram-College">Shri Ram College</keyword> of Commerce (SRCC), <keyword id="6417880" type="ORGANIZATION" weightage="80" keywordseo="hansraj-college">Hansraj College</keyword> and others colleges of the <keyword id="6360099" type="ORGANIZATION" weightage="80" keywordseo="Delhi-University">Delhi University</keyword> (DU). Beside this, Bengaluru’s <keyword id="87934" type="ORGANIZATION" weightage="80" keywordseo="Christ-University">Christ University</keyword> has also been among the top favourites of the employers. Till now, the top known salary so far is Rs 13 lakh at LSR as against Rs 12 lakh in 2014. This recruitment process will continue till April end. The new companies that hiring this year include: Axsiom, UTH Connect, Zocalo, Cashkaro, CFBI, Smartican, Foxymoron, Indxx, Papertrue, Inopen, Papertray, Akosha, Oyo Rooms, Truly Madly and <keyword id="606198" type="COMPANY" weightage="80" keywordseo="O3-Capital">O3 Capital</keyword>, etc. These companies are in search of people who are fit to work as junior-level analysts, as well as those who could handle work related to marketing and business development. 

	Deepesh Garg, founder and MD of O3 Capital, told the ET, "We are not always getting good talent at MBA level. In the past we never hired at analyst level. The idea is to get good analysts from the UG level; typically, these will be people with economics, maths, and commerce background."
 

	The move is also a first for Gurgaon-based Axsiom, which is an alternative investment vehicle exclusively invested in Web Properties &amp; Digital Assets. The company has hired 15 graduates from the DU to observe whether it makes any sense to pay lucrative salaries to IITians if undergraduates with non-engineering background can perform equally well and that too at a lower salary than what the IITians get.
 

	The average salary offer for LSR graduates is Rs 5.8 lakh. While at SRCC, the average salary this year is Rs 7 lakh. And Rs 5.5 lakh is the average salary at Hansraj as against Rs 3.8 lakh in 2014.

	(Image: www.vision-architects.net)

Know where India Inc’s latest hiring ground is

Here's what you need to know before the <keyword id="31671" type="CITY" weightage="100" keywordseo="markets">markets</keyword> open. 1. <a href="https://www.businessinsider.com/oil-price-brent-crude-follows-wti-down-amid-supply-glut-2020-4">'Prices could fall to zero': Brent crude drops to a 2-decade low as the global oil rout continues</a>. One analyst said while Brent prices are unlikely to turn negative, prices could hit zero if storage concerns persist. 2. <a href="https://markets.businessinsider.com/news/stocks/tiny-hedge-funds-gained-500-percent-bets-against-us-shale-2020-4-1029116594">Tiny hedge funds gained as much as 500% last quarter as their bets against US shale paid off</a>. Saltstone Capital, Kalkriese Capital Partners, and Exo Trading posted big gains as oil prices tanked. 3. <a href="https://www.businessinsider.com/oil-etf-uso-revamps-portfolio-crude-oil-prices-historic-lows-2020-4">A $3 billion oil ETF is being forced to revamp its portfolio thanks to oil's historic plunge below $0</a>. The largest US oil fund made a radical change to revamp its portfolio after crude oil prices remained stuck at record lows. 4. <a href="https://www.businessinsider.com/facebook-invests-in-jio-india-mobile-internet-service-2020-4">Facebook will invest $5.7 billion in Jio Platforms, India's popular mobile internet service</a>. The multi-billion-dollar stake makes Facebook the largest minority shareholder in Jio, which is a part of Reliance Industries Limited. 5. <a href="https://www.businessinsider.com/china-allows-samsung-elec-staff-to-enter-country-for-chip-factory-expansion-2020-4">China allows Samsung staff to enter the country for chip factory expansion</a>. China has allowed 200 employees from Samsung to enter the country to work on the expansion. 6. <a href="https://www.businessinsider.com/softbank-backed-oyo-to-cut-pay-of-all-employees-in-india-internal-memo-2020-4">Softbank-backed OYO to cut pay of all employees in India</a>. OYO Hotels and Homes has cut salaries of all employees by 25% for four months starting April and also sent some of its people on leave with limited benefits. 7. <a href="https://www.businessinsider.com/us-orders-chevron-to-wind-down-venezuela-operations-by-december-1-2020-4">U.S. orders Chevron to 'wind down' Venezuela operations by December 1</a>. The US Treasury Department imposed tight new restrictions on Chevron's joint ventures with Venezuelan state-run oil company PDVSA. 8. Stocks are slightly higher. In Europe, Germany's DAX rose 0.7%, Britain's FTSE 100 rose 1.3%, and the Euro Stoxx 50 rose 0.6%. In Asia, China's Shanghai Composite rose 0.7%, Hong Kong's Hang Seng rose 0.4%, and Japan's Nikkei rose 0.7%. In the US, futures underlying the Dow Jones Industrial Average, the S&amp;P 500, and the Nasdaq rose between 1% and 1.3%. 9. <a href="https://markets.businessinsider.com/earnings-calendar#date=04/22/2020&amp;name=&amp;countries=&amp;eventtypes=103,99&amp;tab=L103,99&amp;tab=L">First-quarter earnings expected</a>. NextEra Energy, T-Mobile, AT&amp;T and Biogen are highlights. 10. <a href="https://markets.businessinsider.com/economic-calendar">Economic data releases</a>. The Energy Information Administration's crude oil stocks change will provide a look at the weekly change in number of commercial crude oil barrels held by US firms.Read the original article on <a href="https://www.businessinsider.com/opening-bell-april-22-2020-4">Business Insider</a>

10 things you need to know before the opening bell

<ul><li>IIMs aside, other B-schools like Faculty of Management Studies Delhi and <keyword id="481185" type="COMPANY" weightage="20" keywordseo="Management-Development-Institute">Management Development Institute</keyword> (MDI) students also receive high paying job offers. </li><li><keyword id="1938161" type="PERSON" weightage="20" keywordseo="FMS-Delhi">FMS Delhi</keyword> recorded its highest ever average salary package at ₹25.6 lakh while the highest package went up to ₹58.6 lakh per annum. </li><li>Meanwhile, the average compensation at MDI too increased by 9.5% at ₹22.05 lakh. </li><li>Both the institutions clocked in 100% placements this season. </li></ul><keyword id="53914" type="COMPANY" weightage="20" keywordseo="Indian-Institutes-of-Management">Indian Institutes of Management</keyword> (IIMs) have achieved iconic status for their courses, faculty and of course the high paying job offers. But it is not just these students who are walking away with the best of salary offers. Students of other B-schools like Faculty of Management Studies Delhi and Management Development Institute (MDI) are receiving salary offers that are just as good. This year, on average, FMS Delhi students received job offers that paid ₹25.6 lakh. The best paying job offer went as high as ₹58.6 lakh per annum. This is the kind of high paying salaries that are generally associated with IIMs, XLRI and others. Thanks to A-list recruiters like Capgemini, McKinsey &amp; Co, Flipkart, Airtel and Xiaomi, almost 75% of FMS students received offers that paid above ₹20 lakh. That is three in four students. For the top performing quartile, the salaries went as high as ₹37.5 lakh. Though FMS ranks 35th in top Indian B-schools, the students who get admission to this Delhi University-affiliated college have to score 99% in CAT. However, due to public university affiliation, the fees are around ₹65,000 per year while the IIMs cost a massive ₹10 lakh per annum. <div type="image" title="fms" msid="74185469" hostid="261" caption="&amp;lt;p&amp;gt;Faculty of Management Studies, Delhi&amp;lt;/p&amp;gt;"></div>

 Startups and other businesses come hiring at elite B-schools The high salaries of FMS students is not an aberration. In fact, across elite schools average compensations have been growing in spite of the slowdown. The <a href="https://www.businessinsider.in/careers/news/amazon-becomes-the-top-recruiter-at-mdi-gurgaon-with-a-40-5-lakh-offer/articleshow/73545137.cms">average compensation at MDI</a> too increased by 9.5% at ₹22.05 lakh, thanks to startups and new-age businesses looking for bright, fresh minds. <div type="image" title="32743536387_9f030c0e1c_o" msid="74185477" hostid="261" caption="&amp;lt;p&amp;gt;Management Development Institute, Gurgaon&amp;lt;/p&amp;gt;"></div>

 Amazon offered the highest package at ₹40.5 lakh and 41 offers came from the ecommerce sector. Other recruiters were Flipkart, Oyo and PhonePe. The increased demand for digital skills across job roles seems to be working in favour of fresh graduates. “When you talk about digital businesses, they will definitely look at retaining talent with digital skills. The e-commerce sector has seen the highest growth, in terms of hiring at nearly 141%, compared to last year,” Kanwal Kapil, Dean of Placements at MDI<a href="https://www.businessinsider.in/careers/news/amazon-becomes-the-top-recruiter-at-mdi-gurgaon-with-a-40-5-lakh-offer/articleshow/73545137.cms"> told </a>Business Insider. The growing trend of summer placements and pre-placement offers too might have had an effect on the increased interest of recruiters. MDI said that it received 36% more pre-placement offers at 68. During the summer placements as well, both the two institutes witnessed a 40% and 14% increase in offers from consulting companies, respectively. Needless to say, both the universities clocked in 100% placements this season. See also: <a href="https://www.businessinsider.in/careers/news/these-are-the-starting-salaries-offered-to-b-school-students-in-india/articleshow/74168696.cms">These are the starting salaries offered to B-school students in India</a> <a href="https://www.businessinsider.in/careers/news/indias-best-minds-from-iim-ahmedabad-xlri-mdi-gurgaon-are-heading-to-consulting-firms/articleshow/74055916.cms">India’s best minds from IIM Ahmedabad, XLRI are heading to consulting firms</a> <a href="https://www.businessinsider.in/careers/news/iim-lucknow-iim-kozhikode-mdi-gurgaon-secure-100-placements-offering-2-5-million-as-the-starting-pay/articleshow/73722200.cms">Indian B-schools are beating the slowdown with average salary offers at ₹2.5 million</a>

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COVID-19: OYO chief to forgo remaining annual salary, leadership team to take voluntary pay cuts

PTI

OYO asks some India employees to go on leave with limited benefits, cuts fixed pay of all by 25 pc

PTI

OYO cuts 25% of fixed pay of employees; sends some staff on leave with limited benefits

PTI

Oyo, the former 'jewel' in SoftBank's startup portfolio, quietly fired 110 people based on their performance. Some fired workers say it was basically impossible to close sales, and the company is only offering severance if they agree to not speak out.

Melia Russell

A third of the freshers who reskilled at Scaler Academy bagged job offers at over ₹25 lakh

Prerna Sindwani

Raymond CMD Singhania decides to forgo salary during lockdown, to take pay cut after that

PTI

Know where India Inc’s latest hiring ground is

BI India Bureau

10 things you need to know before the opening bell

Shalini Nagarajan

These two B-schools have seen placement offers as good as those at IIMs

Prerna Sindwani

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