Public firms likely to benefit from startup layoff frenzy

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Hello reader,

There aren’t many benefits for big, publicly traded companies as we head into a likely recession. For starters, being tasked with growing businesses at a time when the economy is shrinking is unenviable. That’s before we even get into the ripple effects of a rise in unemployment and a subsequent fall in consumer discretionary spending.

However, large firms can provide employees with stability even during tough economic times — something startups that depend on funding and equity to lure top talent cannot guarantee.

Here is where the opportunity to scoop up seasoned experts in their respective fields presents itself to big companies. The draw of job security and a steady salary under an uncertain macroeconomic climate cannot be understated.

In fact, a Tech in Asia analysis of the hiring needs of Southeast Asia’s major tech players – Sea Group (SE, NYSE), Grab (GRAB, NDAQ), GoTo Group (GOTO, IDX), and Bukalapak (BUKA, IDX) – will show they are looking to make the most out of the current job market, with roughly 3,000 roles on offer.

My colleague Jenina highlights these trends in this week’s Big Story. Additionally, after several conversations with recruitment agencies in Singapore and Indonesia, she narrows down the job opportunities in prevalent fields and which roles tech firms prefer to hire for amid the impending economic slowdown.

— Shravanth

P.S: Layoffs in the US surged to a 16-month high in June, but we already knew things were tough out there. Ever since job cuts began stacking up amid the funding crunch, Tech in Asia has kept track of the layoffs happening across Asia’s startup ecosystem.

We’ve also unlocked our hiring tracker to provide a better view of the current landscape and opportunities.

THE BIG STORY

Tech winter scrambles hiring landscape, but opportunities exist despite layoffs

Image credit: Timmy Loen

Tech firms are still looking for talent, but they’re hiring with caution. Meanwhile, job seekers are sticking to firms with little need for more funding.

3 Trends to keep an eye on

Hot stocks, earnings reports, restructuring, pressure from activist investors, and more.

2 Eye-popping facts

The ones you didn’t see coming