Carousell cutting 10% of total headcount

[BabyBlade]

SINGAPORE: E-commerce platform Carousell announced it is cutting 10 per cent of the group's total headcount, or about 110 roles, as part of efforts to cut costs. 

The company's chief executive Quek Siu Rui said on Thursday (Dec 1) that only employees from some business units were affected. Those affected were informed by email and were also invited to a meeting with a team leader and a human resources business partner. 

Mr Quek said this was a "very difficult decision".

"I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here." 

The affected regular employees will receive at least three months' salary, allowed to encash all remaining paid time-off, and have their medical benefits and insurance coverage extended until June 30, 2023, among other measures. 

Tools for job search, counselling services for emotional and mental support, as well as career counselling and employment assistance will be provided to those affected.

Mr Quek said Carousell was eager to reignite growth in its core classified business after the COVID-19 pandemic, and was also optimistic about the recovery to come. 

The company had doubled down on a number of new initiatives, which meant creating more teams to work on them and increasing its headcount. 

"Looking back, I’d made the following critical mistakes," said Mr Quek. 

He said he was firstly too optimistic about the pace of Carousell's impact versus its increase in its investments. The company was quick to grow its expenses and hire, but the returns took longer than expected. 

Mr Quek added he also underestimated the impact of growing the company's team size too quickly - larger teams led to a lack of clarity in decision-making and the additional coordination required to get things done. 

"It does not help that the worsening macroeconomic environment presents more headwinds to the growth expected." 

Full article here: https://www.channelnewsasia.com/singapore/carousell-employees-lay-cut-costs-compensation-3117911

The press release looks almost like a cut and paste from Mark Zuckerberg three weeks ago. 

[Jman888]

no listing fee how they make money? 

[Stratovarius]

This kind of "take full responsibility" is the same league as Vivi's TT full responsibility.

[Stratovarius]

10 minutes ago, Jman888 said:

no listing fee how they make money? 

Ads, wallet and low ballers. Joking about the low ballers.

[Throttle2]

All choot same pattern before and after lah

 

[Wt_know]

1 minute ago, Throttle2 said:

All choot same pattern before and after lah

 

hire and fire …

same old same old tactic

[Volvobrick]

bl@@dy carouhell - thanks to their server kena hacked, my email is spammed everyday with 30 - 50 emails. 

And no action taken so far against carouhell by the authorities or compensation. 

Edited December 2, 2022 by Volvobrick

[Inlinefour]

why lay off huh

 

they are asking all users to sign up for monthly subscription leh

 

minimum $10/mth 

 

5 million X $10 is 50 mill lor 

 

my friend asking is the ceo over paid si bo 🙈🙊🙉

[Thaiyotakamli]

The business model good but revenue model not so

[Spurman]

Tech companies. Haiz. How many of these techkies r truely biz savy one...

[ER-3682]

Signs of Recession.?

[Inlinefour]

perhaps ceo should start buying gcb then white knight from tarmasick will pump billions 

[Jellandross]

Sounds familiar where did I hear this from 🤔

 

[Jman888]

I thought the local boss has sold the business for multimillion? 

[Kyrios]

"I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here." 

Ummm..ok..so how? How do you take responsibility??

[Jamesc]

.

 

Edited December 3, 2022 by Jamesc

[Jamesc]

If someone charge $10 a month

What if someone else put up a website $1 a listing

until sold?

Edited December 3, 2022 by Jamesc

[Throttle2]

15 hours ago, Kyrios said:

"I am deeply sorry for this outcome, and I take responsibility for the decisions that have led us here." 

Ummm..ok..so how? How do you take responsibility??

Talk cock only lah

you believe meh.

he took responsibility by cutting staff lor

actually i very happy when got retrenchment

i am Chairman of Brotherhood.