Layoffs: How Singapore’s large-scale tech layoffs are impacting Indians

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metaparent company of Facebookannounced that it will lay off approximately 11,000 employees, or 13% of its global workforce. This is the 18-year-old Social’s first large-scale redundancy exercise for his media giant.

Asia Pacific Headquarters Singapore I was not spared. According to media reports, out of an estimated 1,000 employees here, perhaps up to 100 are affected, the majority of whom are techies, including software engineers.

About a quarter of the 177,100 Employment Pass holders, or about 45,000, are from India, based on 2021 Singapore Ministry of Labor figures. Employment Pass holders are the highest qualified foreign professionals who are permitted to work in the country and must earn a minimum of SGD5,000 (US$3,700) per month. Many of these, not just Meta, dismissal Also other layoffs happening in the tech sector.

Singapore, a major tech hub with regional headquarters for tech companies around the world and many tech giants, is freezing or shrinking jobs in the face of sluggish consumer spending, rising interest rates and inflation. increase. Singapore-based gaming and e-commerce giant Sea Limited, along with Garena’s parent company (publisher of games such as League of Legends and Free Fire) and Shopee, announced that it will make two rounds of his staffing in June and September. We made cuts and canceled job offers. According to the company’s latest annual report, Sea has 67,300 employees at the end of 2021, double his number from the previous year.

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After posting a net loss of US$931 million in the second quarter of this year, with rising borrowing costs and a slowing global economy, the company has scaled back its international and peripheral operations, and reduced its domestic presence. We aimed to increase profitability by strengthening our position. Key Markets and Key Products.

The company has not disclosed the number of job cuts, but it is estimated that hundreds have been lost in its offices in Singapore and around the world.

Jessica Huang Pouleur, a partner at venture capital firm Openspace, said in an interview with CNBC, “A lot of what happened last year was that the market was flooded with a lot of cheap capital, and companies weren’t able to do it at all costs. It really allowed me to grow,” said June. “What happened is that people got hired very quickly. There’s a problem. It just throws people in. There could be a lot more jobs in the next few months.” I think it’s expensive.”

Southeast Asian firms that cut jobs mid-year include Singapore-based digital wealth manager StashAway, which laid off 31 employees (14% of its workforce). Percentage of employees in Singapore. Meanwhile, Malaysian online shopping platform iPrice also cut 25% of his workforce by 250, while Indonesian education tech company Zenius laid off more than 200 of his employees.

Digital payments startup Stripe and social media network in November twitter It is one of the companies that have cut jobs in their Singapore offices.

On November 3rd, Stripe announced it would cut its global workforce by 1,000 or 14%. After the layoffs, Stripe will have about 7,000 employees. Some Singapore-based jobs were affected.

The next day, after the Elon Musk acquisition, Twitter cut half of its global workforce, or about 3,700 employees a week. The people in the Singapore office were also affected. Singapore’s Straits Times reported that those affected were staff from engineering, sales and marketing teams.

Startups in the region were particularly hard hit by the drop in venture capital funding levels this year. Funding in the region in the first quarter of 2022 fell 7% to US$36.3 billion compared to the same quarter last year, according to a Crunchbase report.

Many tech companies expanded rapidly during the COVID pandemic. Many people around the world have formed a habit of staying home and demand for online services has skyrocketed. Some of these habits have changed as consumer behavior started to normalize after lockdowns.This, combined with rising inflation and interest rates, is putting pressure on all tech companies. Some say the recent drop in the stock prices of big tech companies is a premature correction.

While technology earnings and employment will be impacted in the short term and the market may fluctuate in the near future, the technology industry is expected to continue growing in the long term.

According to a recent article published by consulting and recruitment specialist Mercer, demand for tech jobs and talent is outstripping supply in Asia. Evidence for Mercer’s claims lies in the starting salaries of graduates with computing degrees. Comparing his Mercer data for 2018, in most places he factors the time it typically takes for one cohort to complete an average degree course. Strong growth was driven primarily by large hiring in emerging tech markets such as Vietnam (up 59%) and low-rise cities in China (up 22%).

Moreover, Asian economies are becoming increasingly digital. According to research by Google, Temasek Holdings, and Bain & Co., Southeast Asia’s internet economy is projected to double to $363 billion by 2025, surpassing his previous forecast of $300 billion.

The tech industry is constantly going through “periods of major adjustments and corrections” like the “dotcom bubble” of the mid-1990s and early 2000s, Dr. Natalie Pang told Channel NewsAsia. Dr. Pang is a Principal Scientist at the Trusted Internet and Community Center at the National University of Singapore.

“While the widespread adoption of technology in the workplace and at home has led to significant industry growth in the last two years of the pandemic, the post-pandemic era has highlighted the need for adjustments and corrections.” she added. “With the recent layoffs, I would say the technology is in a major adjustment period.”

ET Online

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