Technology cuts have hit almost every region of the world, and Southeast Asia is no exception, with companies like Sea, Crypto.com and JD.ID among the victims. In particular, fintech startups — BNPL, credit and lending, and inventory-holding businesses মতো are just as risky as in other parts of the world.
Glints, one of the largest job platforms in Southeast Asia with more than 30,000 active job listings and 40,000 employers per month, recently released a report that shows the situation may not be so bad (although it probably doesn’t seem like anyone just got it Pruning). The technological talent crisis still exists, even in Singapore, where most layoffs and hiring have stopped because it is the regional headquarters of many international businesses and a startup hub.
“It simply came to our notice then. I think what we’ve seen is that in the last two to three years a big bull run has pumped a lot of capital into the technology industry. With that, we had a lot of companies that expanded rapidly, ”Oswald Yo, co-founder and CEO of Glints, told TechCrunch.
“Singapore companies seem to be the fastest responding to changes in the macroeconomic environment,” he added, “which is not necessarily a bad thing, because for some of these changes, you want to move faster.”
The teams that have been hit the hardest include the operations, finance and human resources departments and some sales and marketing teams.
Many new recruits will happen remotely, with companies leaning towards Vietnam and Indonesia, both of which have seen fewer cuts for top tech talent. It is partly fueled by the will of a decentralized workforce caused by the epidemic.
“Together with the cost-saving system because on the one hand, the ease of remote employment due to the epidemic has increased,” Yeo said. “Then at the other end, there is this need to save costs. So from both a human capital angle and a financial capital angle, many companies are now actually hiring more remotely. At Glints, for example, we see remote job opportunities increase 10-fold in the last year. “
In Malaysia, regional agencies still pay cross-border rentals, but local agencies have again gone into local recruitment. Glints said they do not expect mid-senior compensation to fall from current levels, but junior talent compensation could be affected.
Another new trend is permanent-term, usually one-year contracts, which allow companies to better assess their financial outlook. “Employers are more cautious about committing themselves to permanent contracts with employers,” Yeo said.
“It’s not all destruction and misery, and there are still positive aspects,” Yeo said. For example, he said that Glints still has an unequal demand for technology and product talent, the proportion of which is in favor of job seekers.
Trimming gives startups the opportunity to build their core team.
“For companies that are in a good position and have the capacity, this is a great time to strengthen the bench, build the management bench and the leadership bench with top management talent because there is a bit less competition for talent now.”