E-commerce Giant Shopee Set for Another Round of Layoffs

E-commerce Giant Shopee Set for Another Round of Layoffs

E-COMMERCE platform Shopee is axing more employees as its parent company Sea strains under the pressure to turn profitable amid volatile market conditions.

Singapore-based staff were informed by management on Monday (Sep 19) morning that further cuts will be made to teams. “These changes are part of our ongoing efforts to optimize operating efficiency with the goal of achieving self-sufficiency across our business,” said a Shopee spokesperson in response to queries about the retrenchments announced on Monday. “We are extending support to our affected colleagues during this transition.”

Shopee is also in touch with the Creative Media and Publishing Union (CMPU), which represents Shopee’s employees, about its latest “adjustments”, it said in a joint statement with the union. “The company has assured CMPU that appropriate compensation packages will be extended to affected employees in line with market norms,” the statement read. “Employment facilitation and assistance, including career coaching and job matching services via CMPU’s network and e2i will be offered, if required.”  

Earlier this month, Southeast Asia’s largest e-commerce firm rescinded dozens of job offers. At the time, parent company Sea said it had recently canceled some offers at Shopee “due to adjustments to hiring plans” on some tech teams, but declined to say how many offers were rescinded. In June, Shopee laid off some employees in its food delivery ShopeeFood and online payment ShopeePay teams in Southeast Asia, as well as staff in Mexico, Argentina and Chile.

In a letter to Sea employees last week, CEO Forrest Li said that the company had made “some difficult announcements” lately, citing a turbulent period for the tech industry. “Sadly, we are not immune to these shocks,” he wrote. The “number one objective” for the next 12 to 18 months is achieving self-sufficiency, which means achieving “positive cash-flow” as soon as possible, said Li in his letter.

Sea reported a net loss of US$931 million in the second quarter, more than double the loss it made in the same period a year earlier.

Source: CNA

Pics: Shopee

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