Tech layoffs were one of the biggest talking points in 2022, with around 1,500 tech jobs being cut in Singapore.
We shared about the companies that were affected by layoffs in 2022 and found a trend that the layoffs were mostly in part due to company restructuring, economic slowdown, and pressure from investors to be profitable.
While we are still fresh into 2023, we are still hearing much news on tech layoffs. We break down the cause behind the layoff, how much they are paying their employees, and how it affected Singapore workers.
Disclaimer: Companies included in this article are only based on media-reported layoffs.
Meta, formerly known as Facebook, is a social media giant that has been focused on combating foreign influence campaigns and misinformation while emphasizing integrity and safety measures.
Meta is preparing to lay off thousands of workers in its business divisions, including teams handling content moderation, policy, and regulatory issues.
The layoffs are part of Meta's downsizing effort, and affected employees are being notified gradually.
The company is facing increased competition, privacy rules, and economic challenges, leading to a need for cost-cutting measures.
However, concerns have been raised that the layoffs may hamper Meta's ability to address viral political misinformation, foreign influence campaigns, and regulatory challenges, especially during upcoming elections worldwide.
View all Meta salaries.
Shiok Meats is a cell-based meat company based in Singapore that specializes in producing alternative crustacean products. It was founded in 2018 and is considered the first cell-based meat company in Southeast Asia.
Shiok Mats has experienced significant staff turnover, with about half of its team leaving the company over the past six months. This was a result of two rounds of layoffs and employees departing due to concerns about the company's future.
The funding market turning sour, and the looming recession affected the company's ability to secure necessary investments.
The company also acknowledged that it made hiring mistakes and struggled with team culture and structure, particularly during the pandemic.
Furthermore, Shiok Meats encountered significant hurdles in researching and developing cell-based seafood products, leading to a decision to temporarily shift its focus to red meat, which is a more well-studied area in the field of cellular agriculture.
Shopify Inc. is a Canadian multinational e-commerce company headquartered in Ottawa, Ontario. Shopify is the name of its proprietary e-commerce platform for online stores and retail point-of-sale systems.
As the company unveiled its quarterly results, surpassing expectations with a remarkable 25% revenue increase, Shopify also made the announcement regarding the layoffs. The positive financial performance led to a 25% surge in the company's shares as the stock market opened.
The layoff will result in a 20% reduction in its workforce, marking the second major round of layoffs in less than a year.
This layoff affected over 2,300 employees, with the company targeting managerial roles rather than software-related positions. The decision was made as part of a strategic shift and cost-cutting measures.
Impacted employees have received notifications via email regarding their job status and will be provided with a minimum severance package of 16 weeks, along with an additional week for each year they dedicated to the company.
Shopify decided to sell its logistics division to Flexport and refocus its business, resulting in the layoffs. The move aims to streamline operations, increase efficiency, and align with the company's new direction.
View all Shopify salaries.
Oddle is a food and beverage (F&B) tech startup based in Singapore that offers an online-to-offline solution to help restaurants manage their operations.
Oddle has reportedly laid off dozens of staff across its four markets (Singapore, Hong Kong, Malaysia, and Taiwan) to reduce costs and drive the firm to profitability.
The job cuts affected staff in human resources, marketing, product, and data, according to an employee.
Oddle has not revealed the total number of affected employees, but it employs 112 people according to its LinkedIn page.
Oddle is not profitable overall, despite its food delivery unit turning profitable in 2020. The company posted an operating loss of US$578,000 in its financial year ending March 2021.
Oddle is exploring other funding options after a potential deal with an investor did not materialize. The company has made “significant investments” in talent and technology to grow the team in the past 18 months.
However, the slowdown in online food delivery orders across Southeast Asia has led to a shift towards other parts of the F&B value chain.
Amazon has begun a retrenchment exercise that expects to affect 9,000 employees, and staff in its Singapore office are among those affected.
The retrenchment exercise was announced in March and comes on the back of layoffs that cut 18,000 jobs between November 2021 and January.
Amazon Web Services (AWS) is the firm’s most profitable division, but it is experiencing slowing growth, and corporate customers are reeling in their spending.
Adam Selipsky, CEO of AWS, said that the current macroeconomic climate calls for resources to be placed behind the things that matter most to customers.
He said the cuts would affect staff primarily in AWS, as well as in human resources, advertising and gaming divisions.
View all Amazon salaries
Endowus is a Singapore-based fintech platform that provides investment solutions to clients, backed by SoftBank. The company was founded in 2017 and manages over US$4 billion in assets.
Endowus has laid off less than 10% of its workforce due to a decline in the financial markets and technology sector last year.
The news was announced to employees on March 30, with affected employees receiving a severance package.
The company has also slowed down in hiring and cut back on costs, including a volunteer reduction in salaries by management.
The company's CEO, Gregory Van, confirmed the retrenchment and cited a slowed growth trajectory amid the shaky economic landscape. The move comes as the company focuses on building exciting technology for clients efficiently and moving towards profitability.
Despite the setback, Endowus remains one of the largest wealthtech players in Southeast Asia, having raised a total of about US$49 million in funding.
The company also expanded to Hong Kong after acquiring a majority stake in wealth manager Carret Private in October 2022.
Their competitor, StashAway, also had a layoff in 2022.
View all Endowus salaries.
Traveloka is an online travel unicorn that offers various products and services in the travel, local services, and financial services verticals across Southeast Asia.
The company has been trimming its workforce across different markets since January, including senior managers in Indonesia and at least seven managerial positions in Singapore.
The layoffs were not related to the performance review, and affected employees in Indonesia stayed "silent" out of fear of not receiving compensation.
The recent reductions in Traveloka's financial services workforce suggest it is refocusing on travel, which includes accommodation and transportation services, after having to adapt to the new normal during the pandemic, including launching e-grocery and food delivery services that were later terminated.
The company has raised significant funding over the past years and was valued at around US$3 billion in Q3 2020.
View all Traveloka salaries.
Indeed is a US-based job search platform that operates in over 60 countries.
The company has cut roughly 2,200 jobs across almost all of its teams and functions, which represents about 15% of the company’s total workforce.
Many Singapore employees have expressed their grievances online over the “major” job cuts in the city-state that have affected most of its local office.
The company expects the jobs market to continue slowing down, and revenue from HR tech will drop in the next two financial years, leading to the layoffs.
Total job openings in the US were down 3.5% year over year while sponsored jobs were down 33%.
View all Indeed salaries.
Accenture is a global IT services and consulting company.
The company announced it will lay off 2.5% or 19,000 of its employees over the next 18 months, with over half of the job cuts affecting non-billable corporate functions.
It was unclear how many of the affected employees were from the Singapore’s office.
Accenture stated it had to streamline operations to reduce costs in the second quarter of fiscal year 2023, despite continuing to hire to support strategic growth priorities. The impact of the layoffs on employees in different countries was not clarified.
Crypto payments platform XanPool offers fiat-gateway software solutions for exchanges, wallets, and other crypto businesses.
XanPool has laid off nearly 40 of its employees, leaving an estimated headcount of fewer than 100 staff members. The company, which raised $41 million in funding last year, has also closed its offices in Singapore and Malaysia.
XanPool cited global market turbulence and a lack of funding options for startups as reasons for the layoffs. The firm had planned to use its latest funding to expand into Europe, North Africa, Latin America, and the Middle East, but confirmed that the job cuts will affect its expansion into Latin America.
View all XanPool salaries.
GoTo was formed in 2021 in a merger — the largest in the country at that time between Indonesia's two most valuable startups, ride-hailing giant Gojek and e-commerce firm Tokopedia.
GoTo carried out another round of job cuts that will affect around 600 employees. It was unclear how many of the affected employees were from the Singapore’s office.
Around 12% of GoTo's workforce, which equated to 1,300 jobs, was cut by the company in November 2022.
GoTo has identified a number of teams that carry out similar functions and intends to combine various units within GoTo Financial's merchant business to establish a unified merchant services team.
Based on user submissions and past job listings, the salary of a Software Engineer at Gojek ranges from $8,000 to $15,800. On the other hand, the salaries of a Data Scientist at Tokopedia ranges from $4,000 to $20,000.
View all salaries of GoTo Financial, Gojek and Tokopedia.
Fazz is the Southeast Asian digital financial services group created by the merger of Payfazz and Xfers. In September 2022, Fazz raised series C money of US$75 million and received a US$25 million debt facility.
Fazz confirmed it carried out a layoff on 1st March 2023. The company did not reveal how many employees were impacted.
Affected employees received a severance package and notice period in accordance with local regulations, healthcare benefits for two months, financial and professional mental health assistance, and support to secure new employment opportunities.
Fazz shared that the restructuring initiative affected staff from all of its regional offices, and these efforts are aimed at shifting the focus to its core strengths – payments, credit, and stablecoins.
Google is a provider of search and advertising services on the internet. They are headquartered in California with over 78 offices in 50 countries.
An estimated 190 employees from Google’s APAC headquarters in Singapore were laid off on 16 February 2023. This comes after Alphabet, the parent company of Google, cut 12,000 jobs in January 2023.
The layoffs hit people from various departments including Google Cloud, Google Pay, HR and sales.
The layoffs were part of restructuring efforts into their core business as well as to venture into the artificial intelligence scene, similar to what Microsoft is facing.
Average salary ranges for the different positions at Google based on user submissions and past job listings:
View all Google salaries.
Dell Technologies offers the necessary technology infrastructure to help organisations develop their digital capabilities, modernise their IT systems, and safeguard their valuable information.
Dell Technologies shared that they cut 6.650 jobs on 8 February 2023. Dell Singapore also confirmed that the layoffs would impact 5% of Dell Technologies’ global workforce but did not mention how much of it would affect the Singapore office.
Co-COO Jess Clarke wrote in a memo to employees stating that the market uncertainty is their top reason for laying off employees in order to sustain their long-term goals.
Average salary ranges for the different positions at Dell Technologies based on user submissions and past job listings:
View all Dell Technologies salaries.
Foodpanda is an online food and grocery delivery platform owned by Berlin-based Delivery Hero and is headquartered in Singapore.
foodpanda conducted a 2nd layoff on 14 February 2023 after conducting a previous round of layoff in 2022. foodpanda did not disclose the number of staff that were laid off but shared that it affected staff across Southeast Asia.
foodpanda cited the challenging global macroeconomic environment as the reason for their decision to conduct downsizing.
Average salary ranges for the different positions at foodpanda (excluding managerial levels) based on user submissions and past job listings:
View all foodpanda salaries.
Daraz is an online marketplace that allows buyers and sellers to connect and purchase or sell a wide range of products.
Daraz shared that they were reducing their workforce by 11% on 6 February 2023.
CEO Bjarke Mikkelsen shared that the decision was made in order to achieve the company’s long-term vision in view of market disruptions in 2022.
Average salary ranges for the different positions at Daraz (excluding managerial levels) based on user submissions and past job listings:
View all Daraz salaries.
PayPal is a global online payment system that allows individuals and businesses to transfer funds electronically and securely, as well as process online transactions.
PayPal shared that they were planning to cut 7% of their workforce, amounting to 2,000 employees on 1 February 2023. This is their 2nd job cut after the first round of layoffs in May 2022.
PayPal was cited to be lowering their operating cost caused by the reduction in transactions due to the fall in purchasing power with the economic uncertainty and recession.
Based on user submissions and past job listings, the salary of a Software Engineer at PayPal ranges from $6,122 to $15,367. View all PayPal salaries.
Matrixport is a digital asset financial services platform that offers trading, custody, lending, and investment services for cryptocurrencies and other digital assets.
Matrixport announced on 27 January 2023 that they were downsizing their workforce by 10%. They had more than 290 employees in 40 countries. The job cuts were said to affect the marketing department the most.
COO Cynthia Wu shared that the move comes as a realignment of the company’s strategic goal in shifting towards a regulatory stance. This meant that they will continue to hire in compliance, legal and product development and reduce manpower in marketing.
Huobi is a global cryptocurrency exchange platform that allows users to buy, sell, and trade a wide range of digital assets, including Bitcoin, Ethereum, and many other cryptocurrencies.
It was announced on 5 January 2023 that Huobi plans to lay off 20% of its staff. This amounts to around 220 employees affected.
Huobi shares that the layoff comes as a cost-cutting measure with the ongoing crypto winter. This comes after the founder, Leon Li, sold his full stake to Tron founder Justin Sun. Sun describes the move to be a short-term restructuring pain to move the company forward in the long run.
Crypto.com, established in 2016, has a customer base of over 10 million and offers various crypto-related services, including the fastest-growing crypto app, a crypto Visa card, an exchange, a DeFi wallet, and an NFT platform.
Crypto.com announced on 12 Jan 2023 that they were cutting its workforce by around 20% worldwide, which amounted to around 490 employees. This is their 3rd layoff since 2022.
Crypto.com shared that the economic downturn of the crypto market and the FTX implosion were the primary reasons amounting to the layoff. The company grew ambitiously in 2022 but is heavily impacted by the crypto winter.
Average salary ranges for the different positions at Crypto.com (excluding managerial levels) based on user submissions and past job listings:
View all Crypto.com salaries.
The following companies were affected by layoffs but did have any reports of Singaporean workers affected. Though its inconclusive to define their stance on layoff from the perspective of their Singapore offices, this serves as an outlook into the companies’ current situation globally.
Salesforce shared plans to cut 10% of their workforce on 4 January 2023 and close some of their offices.
Salesforce attributed the layoff to their rapid pandemic hiring. Additionally, businesses relying on cloud services are getting more conservative and trying to reduce expenses, which is hurting Salesforce’s revenue stream.
Average salary ranges for the different positions at Salesforce (excluding managerial levels) based on user submissions and past job listings:
View all Salesforce salaries.
Microsoft laid off more than 10,000 employees starting on 19 January 2023. Microsoft conducted layoffs in July and October 2022. Engineering roles were cut in the recent layoff.
Microsoft CEO Satya Nadella shared that the company is undergoing a refocus on their growth and long-term competitiveness. This was evident in their $10 billion investment in OpenAI later that month.
Average salary ranges for the different positions at Microsoft (excluding managerial levels) based on user submissions and past job listings:
View all Microsoft salaries.
Spotify is said to have cut 6% of their global headcount on 30 January 2023, accounting for around 580 workers.
CEO Daniel Ek shared that the company was too ambitious in investing ahead of their revenue growth and the layoff was in part due to pressures from investors to sustain their long-term goals.
View all Spotify salaries.
Zoom eliminated 15% of its global workforce on 8 February 2023, amounting to 1,300 jobs worldwide. Zoom operates across 5 countries (including Singapore), and not much information was revealed as to which region was impacted the most.
CEO Eric Yuan shared that the move was due to restructuring efforts after the company faced slower consumer spending after the pandemic boom.
Average salary ranges for the different positions at Zoom (excluding managerial levels) based on user submissions and past job listings:
View all Zoom salaries.
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