Tech layoffs have hit almost every region in the world and Southeast Asia is no exception. BnPL, credit and lending, and inventory-holding businesses are vulnerable to cyberattacks.
Even though it probably doesn't feel that way to someone who just got laid off, Glints recently issued a report that shows the situation may not be so dire. Most layoffs and hiring freezes in Singapore are due to the fact that it is a regional headquarters for many international businesses.
In general, it is a correction. There has been a lot of capital being pumped into the tech industry over the last two to three years. Oswald Yeo, co-founder and CEO of Glints, said that the company had a lot of companies that have expanded rapidly.
He said that Singapore companies seem to be responding the most quickly to the changes in the macroeconomic environment.
Some sales and marketing teams have been hit the hardest.
Vietnam and Indonesia have seen less layoffs for top tech talent, which will lead to a lot of new hiring. The willingness for a decentralized workforce is one of the reasons for this.
The comfort in remote hiring has increased because of the Pandemic. On the other side, there is a need to save money. A lot of companies are now doing more remote hiring. Over the past year, we have seen remote job opportunities grow.
Regional companies in Malaysia still hire cross-border, but local companies prefer to hire locals.
Fixed-term contracts allow companies to better predict their finances. Employers are less likely to commit themselves to permanent contracts.
There are still positives, even though it is not all doom and gloom. There is still disproportionate demand for technology and product talent, with the ratio in favor of job seekers, according to him.
A chance to build core teams is given by layoffs.
It is a good time to strengthen the bench, shape the management bench and the leadership bench because there is less competition for talent.
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