Pointers at Glance
- Tech layoffs have affected every region in the world, including Southeast Asia.
- Glints, one of the largest job platforms in southeast Asia, reports that the situation may not be so dour.
- Oswald Yeo said that Singapore companies seem to react the fastest to changes in the macroeconomic environment which isn’t necessarily bad because you want to act quickly for some of those changes.
Tech layoffs have affected almost every region in the world. Companies such as Sea, Crypto.com, and JD.ID from southeast Asia are also affected. Fintech startups like BNPL, credit & lending, and inventory holding businesses are especially vulnerable, similar to other parts of the world.
One of the largest southeast Asia’s job platforms with over 30,000 active job listings per month and 40K employers, Glints, issued a report recently that shows the situation may not be so dour.
There is still a tech talent crunch even in Singapore, a regional headquarters for many international companies and a startup hub. There were most layoffs and hiring freezes that happened in Singapore.
Words
The co-founder and CEO of Glints, Oswald Yeo, said to TechCrunch, “It’s a correction in general. I think what we’ve seen is that there’s been a lot of capital flowing into the tech industry over the last two or three years in a big bull run. With that, we’ve had a lot of companies that have also grown rapidly.”
He added that Singapore companies seem to react the fastest to changes in the macroeconomic environment, which isn’t necessarily bad because you want to act quickly for some of those changes.
Many new hires will happen remotely, with companies turning to Vietnam and Indonesia, which have seen fewer layoffs, for top tech talent. This is partly fueled by the willingness for a decentralized workforce created by the pandemic.
Layoffs also give a chance to startups to build their core teams. It is a perfect time to strengthen the bench and shape the management and leadership bench with top management talent as there is a little bit less competition for talent now for the companies that are in a good position and can afford it.
Read our latest issue: 30 Best Companies to Watch in 2022
