A series of Shopee employees are about to be laid off

Bloomberg said that the Singapore-based company will begin notifying employees affected by the cuts, mainly those in the marketing and operations departments, from September 19. According to company insiders, a 3% cut rate in Indonesia is appropriate for business in this region. It is known that in 2021, the company has more than 67,000 employees.

“ These changes are part of our ongoing efforts to optimize operational efficiency. We aim to be self-sufficient throughout the entire business .” Shopee said in an e-mail without a detailed explanation. According to the memo, the company intends to provide severance packages and employee support when needed.

Sea’s market value has “evaporated” about $170 billion since its peak last October, due to the impact of the business amid rising interest rates and increasing competition from the giant. Tech giant Alibaba in China.

Last week, billionaire Sea co-founder Forrest Li announced in an internal memo that top management would take no compensation and tighten cost policies to try to keep the company going. economic recession period.

The Singaporean giant is currently reducing its footprint overseas and its peripheral businesses due to increasingly severe competition. Shopee has withdrawn from major markets in Europe, Latin America and India. According to Bloomberg , Southeast Asia’s largest technology company is planning to reduce the number of employees in the gaming sector – the most profitable group – and new projects at the research and development branch.

“ This has been a very difficult decision ,” management said in the memo. ” We will provide reasonable allowance packages for employees who leave and support when needed .”