TODAY
March 15, 2023
SINGAPORE — The latest round of job cuts at Meta have led some workers in the technology field here, including one Apple employee, to fear for their job security.
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Analysts with insights into the tech industry said that they expect other companies with Singapore offices to take steps to reduce manpower in this climate.
Mr Adrian Goh, co-founder of tech talent platform NodeFlair, said that he would not be surprised by more layoffs in these companies here, though this would not be due particularly to what Meta is doing.
Rather, it would be due to poorer market conditions, he said.
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Mr Goh of NodeFlair said that it was not shocking to hear about Meta’s latest round of cuts because it is fighting many fires, including competition from TikTok and hits to its advertising revenue.
“Coupled with the worsening of the financial market, Meta’s shares had tanked quite significantly over the past year and it needs to win back shareholders confidence.”
On how far more Meta and other tech companies could continue to retrench workers, Mr Goh said that based on the big picture, it appeared that Meta over-hired over the past years and is now “right-sizing”.
For example, while the number of employees at Meta almost doubled from 2019 to 2022, Apple’s headcount grew by a lower 19 per cent during the same duration, which was one reason analysts said has helped Apple to avoid mass layoffs.
“After the upcoming layoffs, the effective employee growth rate is still at 70 per cent over the past three years for Meta. This is still pretty significant,” Mr Goh added.
