SINGAPORE: Grab, one of Southeast Asia’s top ride-hailing and food delivery providers, says it will not undertake mass layoffs during the current, difficult, market conditions.
The company says it will instead aim to be conservative with its hiring.
Earlier this year Grab’s Chief Operating Officer Alex Hungate said the company was worried about a global recession and was being “very careful and judicious" about its headcount.
“I know other companies have been doing mass layoffs, (but) we don't see ourselves in that category,” Hungate told the media.
“(We) want to make sure that we're conserving capital. The hurdle for making a hire has definitely been raised.”
A household name across the region, Grab had around 8,800 staff at the end of 2021.
During the second quarter, Grab’s loss narrowed to USD 572 million, from USDD 801 million a year earlier.
In August, Grab also shut down several of its distribution hubs for on-demand groceries and slowed the roll-out of its centralised delivery facility.
The company has also reshuffled its fintech unit this year, focusing on more lucrative opportunities in the space, including lending products and insurance.
“As we make this shift, the business mix will move towards higher margins," Hungate said.