PropertyGuru Group will lay off 79 of its workers, or about 5 per cent of the corporate’s whole workforce, and shut down unprofitable models a part of a strategic evaluate, The Edge reported.
In an open letter to staff at this time (February 27), the corporate’s CEO and Managing Director, Hari Krishnan, stated that the choice was made after “cautious and goal identification of the roles for PropertyGuru’s subsequent part of progress”.
Roles inside buyer help can be redesigned throughout advertising and marketing, product and enterprise gross sales to serve prospects “holistically and with enhanced worth”.
Affected workers can be given severance pay of 1 month for annually of service capped at 12 months or nation statutory severance pay, whichever was larger.
The corporate may also give a goodwill fee of one-month base wage and eligible 2023 annual efficiency bonus for affected non-sales workers, or gross sales fee for February and March for affected gross sales workers.
Moreover, PropertyGuru will lengthen firm medical insurance coverage, or a lump sum fee in lieu, and entry to its worker help programme for 3 extra months from the final date of employment. Affected workers may also be capable to entry an outplacement service for 3 months and preserve their work laptops.
To be able to “future-proof” the enterprise, Krishnan provides that the corporate can be making “structural organisational adjustments”, together with the closure of two of the corporate’s 9 branches in Vietnam associated to the corporate’s Market enterprise, that are operationally non-scalable and unprofitable.
The corporate may also consolidate expertise supply to “drive economies of scale” and to streamline its regional expertise assets to enhance collaboration.
Unstable market circumstances and altering buyer wants require us to adapt our technique in order that we will proceed to develop sustainably. It’s important that we periodically reassess our progress and take proactive steps to future-proof our enterprise.
– Hari Krishnan, PropertyGuru Group’s CEO and Managing Director, on the layoffs
Featured Picture Credit score: PropertyGuru