Last Updated on 2022-12-14 , 7:44 pm
With the recent spate of tech companies toppling with massive layoffs, it shouldn’t come as a surprise when another domino falls.
Now, joining them is a company relatively unheard of. From none other than our Lion City, it is the job recruitment platform Glints.
S’pore-Based Tech Firm, Glints, Announces Layoffs
Glints, a Singapore-based startup aimed at facilitating regional job recruitment, announced on 7 December that they would be slashing their company population.
Their team has over 1,000 employees in Southeast Asia. Now, with the 18% reduction, it’s down just three figures.
Oswald Yeo, one of the company’s founders, addressed the company regarding the issue.
“It is with deep sadness that I must confirm that in order to adapt our business, we will be reducing our team size and saying goodbye to many of our talented Glintstars,” he said.
Glinstars is the term used to refer to the members of the company.
After apologising, he explained the company’s decision to start the layoffs.
For context, the company experienced “solid growth” in 2021, which prompted them to increase staffing in the tech sector and on remote hiring and expansion of the business.
However, due to the volatile market, “consumers are spending less, and businesses serving these consumers are also affected.”
In response to the new market reality, Glints has “froze hiring, reduced perks, and expenses, and took voluntary pay cuts for the management team, including the founders.”
Unfortunately, their efforts were insufficient. As a last resort, they let off their workers.
A job recruiting company undergoing job cuts? Ironic.
Following the news, they have arranged for Glintstars to receive proper severance.
Firstly, one month of salary is provided to each affected employee for every year of their service. Those who have been in Glintstars for less than a year will be provided at least two months of salary, and the difference will be rounded up.
As for the unused time off balances, they will be paid off even in countries where it is not legally required.
Next, they will remove the one-year cliff on their employee stock ownership plan (ESOP) for those who have been at Glints for less than a year. For the rest, the following ESOP vesting schedule will be accelerated by six months.
Simply put, the affected workers have an expedited opportunity to become company shareholders (despite being out of the team).
Lastly, they will continue providing healthcare and learning and development (L&D) benefits until March 2023.
Glints isn’t the first company to undergo layoffs, and with the current situation, won’t be the last too. We’ll just wait and see who the reaper brings down next.
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Featured Image: Glints
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