With numerous ecommerce platforms such as Lazada, Grab, Shopee, and Shopback implementing significant layoffs, the question arises: which industry might face similar challenges next?
According to individuals interviewed by CNA following the retrenchment process, it was approximated that close to 100 employees from various departments within the company were notified of their layoffs on February 4, 2024. (Souce: CNA News)
The CEO of Grab Holdings, a prominent ride-hailing and food delivery app in Southeast Asia headquartered in Singapore, announced on Tuesday (June 20) that the company will reduce its workforce by 1,000 employees, representing approximately 11% of its total staff. This decision is driven by the imperative to control costs and ensure the long-term affordability of its services. (Source Straits Times,June 27,2023)
The Singapore-based e-commerce, gaming and fintech provider last year cut more than 7,000 jobs, froze salaries and trimmed spending, helping it to swing to a profit in the fourth quarter. (Source Straits Times,March 10,2023)
Recently Temasek-backed cashback and rewards platform ShopBack has reduced its employee headcount by 24 per cent or 195 roles “to become more focused and self-sustainable as a company” amidst the ongoing global economic crisis.(Source :Straits Times March 19, 2024)
In this economic downturn,which industry is the most susceptible to losing its workforce now?
Predicting specific industry impacts with certainty is challenging. However, industries sensitive to economic fluctuations or those undergoing significant transformation may be more susceptible to layoffs or challenges. In Singapore, industries like hospitality, retail, and aviation have historically been vulnerable during economic downturns or periods of uncertainty. Additionally, industries undergoing technological disruption, such as traditional manufacturing, may also face challenges. It’s essential to monitor economic trends and government policies for insights into potential impacts on various industries.
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