Grab lays off 360 employees

It assures affected employees that it will continue to provide them support.

Grab will be laying off 360 or 5% of its employees today, according to a note from Grab CEO and co-founder, Anthony Tan. This comes as it prepares for a long recovery period due to the pandemic.

The company said they have reviewed all costs, cut back on discretionary spending, and implemented pay cuts for senior management over the past few months but recognised the need to become “leaner” as an organisation. Tan assures that this will be the last organisation-wide layoff this year.

The ride-hailing app assured its affected employees that it will provide them support through severance payment, enhanced separation payment, annual cliffs waiver for equity vesting, medical insurance coverage until the end of the year, maternity and paternity leave encashment, as well as encashment of unused accrued annual leave and unused GrabFlex credits.

Outplacement support, access to sessions with a life coach, and half a year’s worth of online career development tools will also be provided, along with emotional support via the Grabber Assistance Program, for 3 months. Lastly, employees may also opt to keep their laptops even after they have been laid-off.

Grab will also be sunsetting some non-core projects, consolidating functions, and right-sizing teams to match the changing business needs. It is also doubling-down on delivery verticals and has redeployed Grabbers to meet the increased customer demand for deliveries.