South China Morning Post (SCMP)
June 21, 2023
Southeast Asian tech giant Grab’s decision to slash 1,000 jobs, despite its confidence last year it could avoid large-scale lay-offs, is a sign that no single industry player is immune from the effects of rising interest rates and slowing economic growth, analysts have said.
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Grab’s decision to cut workers has been a result of both internal and external factors such as aggressive hiring during the pandemic and expansion into various new ventures, as well as shifting investor sentiments and the rise of generative AI, say observers.
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On external factors, Adrian Goh, co-founder of tech talent platform NodeFlair, said that investor sentiments had shifted towards “prioritising profitability over unlimited growth”, especially for mature firms like Grab.
“In light of these circumstances, companies including Grab need to make more calculated decisions when it comes to hiring and explore sustainable growth approaches,” he added.
