Singapore can't afford to let sudden layoffs become the norm
The Straits Times|November 13, 2024
Redundancies are inevitable in any industry, but can we do more to reduce the 'shock' factor that we're seeing in the tech sector?
- Ng Weiyi
Singapore can't afford to let sudden layoffs become the norm

Tech layoffs are surging worldwide. More than 100,000 workers have already lost their jobs so far in 2024.

One of the latest abrupt layoffs in Singapore was at tech company Dyson, after it had axed 1,000 jobs in Britain in July. At that time, the company had said that the Singapore office would not be directly impacted by the job cuts in Britain.

Dyson subsequently announced sudden layoffs of an undisclosed number of workers in Singapore on Oct 1, just three months after announcing dividends of US$700 million (S$936 million).

Several troubling trends have emerged. One is that the job cuts are occurring despite increased profits. Worse, not only are layoffs more frequent and unpredictable, but tech companies are also increasingly reticent about impending dismissals, leaving employees blind-sided and vulnerable.

Commonly, layoffs are a response to poor company performance. For instance, tech giant Intel Corp cut hundreds of jobs in the United States after losing market share to competitors, while Cisco Systems underwent two rounds of layoffs as part of cost management efforts amid declining demand.

Another instance is mismatched post-pandemic assumptions by human resource management during the Covid-19's tech boom when interest rates were zero.

Take e-commerce platform Shopee's layoff spree in September 2022, where it let go over 7,000 employees - just nine months after it launched bouts of hiring fuelled by record investments. This and a wave of post-Covid-19 technology job cuts shows the fallout from unrealistic growth assumptions.

These assumptions are now hitting a harder reality with rising interest rates and a tight venture funding environment.

この蚘事は The Straits Times の November 13, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

この蚘事は The Straits Times の November 13, 2024 版に掲茉されおいたす。

7 日間の Magzter GOLD 無料トラむアルを開始しお、䜕千もの厳遞されたプレミアム ストヌリヌ、9,000 以䞊の雑誌や新聞にアクセスしおください。

THE STRAITS TIMESのその他の蚘事すべお衚瀺
K-pop star Psy's home temporarily seized due to penalty arrears
The Straits Times

K-pop star Psy's home temporarily seized due to penalty arrears

Singer Psy recently had his luxury home in Seoul temporarily seized by the authorities after he failed to pay an administrative penalty imposed by the district office, local media outlets reported on Nov 25.

time-read
1 min  |
November 28, 2024
BTS' Jimin and Jung Kook face off at Billboard Music Awards
The Straits Times

BTS' Jimin and Jung Kook face off at Billboard Music Awards

K-pop supergroup BTS members Jimin and Jung Kook will face off at the upcoming Billboard Music Awards (BBMAs), which will take place on Dec 12.

time-read
3 分  |
November 28, 2024
Stefanie Sun fails to nab Taipei Arena for 2025 world tour
The Straits Times

Stefanie Sun fails to nab Taipei Arena for 2025 world tour

It has been a decade since homegrown Mandopop star Stefanie Sun last headlined her own tour, so when her upcoming world tour Aut Nihilo Sun Yanzi In Concert was announced recently, fans went into a frenzy.

time-read
2 分  |
November 28, 2024
Society is sick': Actor Ryan Lian after netizens laugh at him for being attacked
The Straits Times

Society is sick': Actor Ryan Lian after netizens laugh at him for being attacked

Local actor Ryan Lian has hit back at netizens who were unkind to him after learning that he was injured in a recent knife attack.

time-read
1 min  |
November 28, 2024
The Straits Times

Binge-worthy K-variety series is a celebration of tenacity and sisterhood

Iron Girls follows the trials and triumphs of four award-winning South Korean actresses who signed up for the toughest roles of their lives – participants of the 2024 World Triathlon Cup in Tongyeong.

time-read
2 分  |
November 28, 2024
Problemista's whimsy is wearying, Blitz a conventional WWII drama
The Straits Times

Problemista's whimsy is wearying, Blitz a conventional WWII drama

Alejandro (Julio Torres) from El Salvador is an aspiring toy designer in New York City. With time running out on his American work visa, he becomes personal assistant to an erratic art critic (Tilda Swinton) as his only hope for a sponsored residency.

time-read
2 分  |
November 28, 2024
Moana 2 charts familiar waters, but stays buoyant
The Straits Times

Moana 2 charts familiar waters, but stays buoyant

Disney's second voyage with Moana dives deeper into Pacific culture

time-read
2 分  |
November 28, 2024
Shrek director tackles animation taboo in Netflix fairy tale Spellbound
The Straits Times

Shrek director tackles animation taboo in Netflix fairy tale Spellbound

Animated films tackling parent separation and divorce are few and far between.

time-read
2 分  |
November 28, 2024
New head hopes to offer alternative to 'junk food'
The Straits Times

New head hopes to offer alternative to 'junk food'

General manager of SGIFF Jeremy Chua courts young viewers and social media

time-read
4 分  |
November 28, 2024
Music kings take back their crowns
The Straits Times

Music kings take back their crowns

Must-see MV: G-Dragon – 2024 Mama performance medley

time-read
2 分  |
November 28, 2024