Maintain Business, Glints Lays Off Employees and Cuts the Salaries of the Founders

In a statement released, Glints Co-founder & CEO Oswald Yeo revealed, the company has done layoffs to some of their employees. Reported from TechinAsia there are about 18% affected layoffs of about 1100 employees. This means that there are around 198 employees affected by layoffs,

Oswald emphasized that he and other management, such as Ying Cong, Yong Jie, and Steve Sutanto, were responsible for the decisions taken by the company.

"This decision is especially difficult for a company whose mission is to help people realize their full potential. We understand that it will be even more difficult for those affected."

With reasons to maintain business, Glints decided to take cost-saving measures across the business. This includes freezing hiring, reducing benefits and expenses, and making voluntary pay cuts for the management team, including the founders.

Oswald also added that in the last 6 months the market has undergone many changes. Many businesses experience difficulties with the uncertainty that occurs. It was noted that fewer consumers made purchases, and the businesses serving these consumers were also affected.

"As you can imagine, this had an immediate impact on our business and resulted in a slowdown in our overall business growth in the short term."

He added that in the future the company cannot predict what the market growth will be like, whether it will slow down further and what the effect will be on the company. On the other hand, the company also sees that there will be fewer recruits in several companies globally in the future.

For employees affected by layoffs, benefits will be given according to the regulations in force in each country. For example, in Indonesia, an employee with 15 months of service will receive approximately 3,5 months of salary.

For those who have worked with less than one year, will be given at least 2 months salary and round off the difference if necessary.

DailySocial.id tried to get additional information from Glints Indonesia, but they were reluctant to provide further information on how many employees in Indonesia were affected and what Glints Indonesia plans for the future after the layoffs of their employees.

The company's positive achievements

Founded in Singapore in 2015, Glints today has empowered more than 6 million talents and assisted 50 companies. Currently they have operations in 6 countries, including Indonesia, Malaysia, Singapore, Vietnam, the Philippines, and Taiwan.

The company has also completed funding D series worth $ 50 million or the equivalent of 742 billion Rupiah. DCM Ventures, Lavender Hill Capital and former investor PERSOL Holdings led this investment round. A number of investors also supported the funding, including Endeavor Catalyst and previous investors including Monk's Hill Ventures, Fresco Capital and Binny Bansal, co-founder of Flipkart.

Separately Glints Co-Founder & Country Manager Steve Sutanto said that in Indonesia, the basis for the growth of employers reached 4x yoy. Currently, Glints has collaborated with a number of companies such as IKEA, Kawan Lama Group, BCA Digital, and others. On the talent side of active on the platform, Glints also saw a 2x yoy increase with a total of 2,3 million registered young professionals.

"We want to continue to grow our employer and talent base in Indonesia. For professionals, we continue to innovate and provide tools and resources as they grow in their careers. This includes mentoring extensions, skill-building courses, and community members," added Steve.