Shopee Lays Off More Staff, Will Offer Compensation Packages
On 15 Sep, Sea, the parent company of Shopee, announced that its leaders will not draw salaries until it becomes self-sufficient again.
Now, Shopee is proceeding with more retrenchments, Business Times (BT) reported on 19 Sep.
They include Singapore-based staff in human resources, regional operations, marketing, and product and engineering.
Shopee lays off staff; announcements made during town halls
The news was reportedly broken to the staff during impromptu town halls held on the morning of 19 Sep.
No exact figures were stated as to the number of employees that will be let go.
Sources told MS News that besides Shopee, some employees in other Sea arms, such as SeaMoney, were also affected.
Some employees in not only Singapore, but also China and Indonesia received email notices of their retrenchments after the announcement, according to the BT report.
The layoffs are believed to be part of earlier announced plans to become sustainable in the next 12 to 18 months.
Shopee told BT in a statement,
These changes are part of our ongoing efforts to optimise operating efficiency with the goal of achieving self-sufficiency across our business. We are extending support to our affected colleagues during this transition.
Working with unions, extending compensation packages
Shopee told the Creative Media and Publishing Union (CMPU) that “appropriate compensation packages” will be given to affected employees in line with market norms.
Shopee is also in touch with NTUC’s e2i (Employment and Employability Institute) regarding the latest layoffs.
“Employment facilitation and assistance, including career coaching and job matching services via CMPU’s network and e2i, will be offered,” they noted.
The details of the compensation packages are currently not public.
This is the latest layoff exercise by Shopee after previous rounds, one of which included rescinded job offers.
An engineer from China only found out that his job offer had been rescinded after he landed at Changi Airport on 25 Aug.
Shopee Cancels Engineer’s Job Offer After He Lands In S’pore From China, Offers Compensation
Sea had lost S$239.6 billion (US$170 billion) of market value since last October.
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