If I had a dollar for every tech company that announced staff layoffs this year, I wouldn’t be writing this article right now.
By now, the turbulent tech turnover shouldn’t surprise you.
Although they are all connected by the common trait of cutting their population, each company differs in its approach.
Carousell has taken a slightly different approach in helping the retrenched, and here’s what they did.
Carousell Creates & Shares Excel Sheet of People They’ve Laid Off
In a bid to help employees bounce back up, Carousell has compiled a list of employees who have been retrenched (at the employees’ consent).
The excel sheet contains information such as the employees’ names, email addresses, location of operation, and roles. Their professional abilities are also included, like their years of experience and the skills they bring to the table.
The table was released on 10 December, and at the time of writing, 47 names have been collected, and the link has been shared 76 times on LinkedIn.
Be warned: this isn’t to humiliate the affected but to aid prospective employers in talent-locating.
Carousell’s Job Cut
On 2 December 2022, Singapore’s favourite online marketplace announced its job cut.
Slashing 110 jobs from various countries (e.g., Singapore, India, Vietnam), its company shrunk by 10%.
All Carousell employees received an e-mail from the co-founder and chief executive of Carousell, Quek Siu Rui, explaining that only some business units will be affected by this cut.
The exact number of workers laid off and affected units in Singapore? The CEO did not reveal that in the e-mail.
A spokesman for Carousell, however, revealed that approximately 50 of the affected roles were based in Singapore.
“I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here,” Mr Quek said.
The silver lining is that all affected regular employees will receive a minimum three months’ salary payout and cash in place of their remaining paid time off.
Affected regular employees’ medical benefits will also be extended until 30 June next year.
If you’ve worked at Carousell for six months to a year and happen to hold employee stock options, you will have the vesting for 25 percent of your stocks accelerated.
Critical Mistakes Made
The CEO added that the company had “made critical mistakes” post-COVID-19 lockdown.
Even the hotshots blunder.
Among other mistakes, Mr Quek raised how returns took longer than expected and how he had underestimated the impact of the quick expansion of the Carousell team immediately after COVID-19 lockdowns eased.
“Larger teams lead to lack of clarity in decision-making and the additional coordination required to get things done,” noted Mr Quek.
Of course, the commonly cited trio of high inflation, geopolitical risks, and supply chain disruptions stood in the firm’s way as well.
In the last few months, leaders in the firm have been trying to reduce costs as much as possible without cutting jobs. They even took voluntary pay cuts.
The moves were, however, not enough, and they had to resort to these job cuts.
Well, at least they tried.
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Featured Image: Carousell
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