Grab is set to lay off 11% of its workforce to make room for long-term growth and lessen its cost for operations which is the biggest one since the pandemic. Grab Philippines will be affected.
Grab Cutting Workforce
According to the ride-hailing company’s Public Relations Manager Arvi P. Lopez, Grab Philippines will be impacted by the job layoffs. However, it has not yet shared any details, such as the precise number of staff who will be let go.
Furthermore, the company’s CEO and Co-Founder Anthony Tan stated that the 1k job cuts are not for profitability only but for the company’s long-term growth wherein restructuring will be a part of that said growth. He also added that the company must adapt to the rapid changes in the industry.
“We must adapt to the environment in which we operate. Change has never been this fast. Technology such as Generative AI is evolving at breakneck speed. The cost of capital has gone up, directly impacting the competitive landscape.”
Anthony Tan, Grab Group CEO and Co-Founder
The ride-hailing company will also offer the option to keep pre-assigned laptops, extended medical insurance, maternity and paternity leave encashment, completion bonuses, career transition support, development, well-being, and repatriation support to those who will be affected by the layoff.
The tech industry has seen job cuts since late last year and Grab is the latest to announce layoffs. Among the companies that have cut their workforce include Meta, Accenture, Disney, Yahoo, Apple, Google, Microsoft, and even Shopee.
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