Singapore-based ride-hailing and delivery giant Grab is planning to cut up to 300 jobs, or 6% of its workforce, as it grapples with the economic slowdown and the war in Ukraine.
The announcement of these job cuts, expected in the coming weeks, marks the largest reduction in workforce at Grab since the start of the pandemic. In May 2020, the company had previously laid off 360 employees.
The sector as a whole is grappling with various issues, including rising inflation, interest rates, and the war in Ukraine. Consequently, several prominent companies, such as Meta, Netflix, and Twitter, have recently implemented significant layoffs…
In a memo to Grab’s employees, CEO Anthony Tan acknowledged the tough decisions the company has had to make in light of the prevailing circumstances. The aim is to ensure long-term growth and sustainability by proactively addressing the impact of economic slowdown, the conflict in Ukraine, and rising inflation on Grab’s business and partners.
The job cuts at Grab will affect employees across all levels and functions within the organization. The company has stated that it will provide severance packages and additional support to the affected employees.
Grab joins the growing list of tech companies that are undertaking workforce reductions. These layoffs reflect the evolving economic landscape, as companies adapt to the challenges posed by a more demanding environment.
