According to the co-founder of the Singapore-based careers site Glints, Oswald Yeo, layoffs are being made “depending on market conditions and company interests”.
According to reports, a source stated that layoffs affected approximately 18% of the 1,100 employees. This leads to 198 employees being eliminated from the workforce.
The business obtained $50 million in the US in a series D fundraising round in August, which led to the development. The company stated in the same month that its yearly sales and gross earnings increased 2.5 times over the previous 12 months.
For each year of service, the firm, which is supported by private equity fund Lavender Hill Capital, would pay retrenched employees one month’s compensation. Up to the end of March 2023, it will also provide healthcare, perks for learning and development, and leave encashments. The startup will also aid affected workers in their job-search efforts.
“We are removing the one-year cliff on ESOP for all Glintstars who have been with us for less than a year,” Yeo’s said in the address. The next ESOP vesting schedule will also be accelerated by six months for employees who have been with the company for over a year, he added.
Glints is a company that links businesses with talent pools in Indonesia, Malaysia, Singapore, Vietnam, Taiwan, and the Philippines. It was founded in 2013 by Yeo and Seah Ying Cong. On its platform, there are more than 3 million job searchers and over 50,000 organizations.
“We have taken all measures to ensure that this is a one-time occurrence and that there will not be another restructuring in the near future,” Yeo said in the address.
