Another day, another company laying off its employees.
You’ll probably see more of your friends posting their unemployment holidays trip soon.
FLASH Coffee Letting Go
In light of the deteriorating economy, the homegrown coffee chain FLASH Coffee has fallen and become one of the many companies laying off their employees.
The retrenchment is taking place around the Asia region, particularly in Singapore and Indonesia.
Randy Salim, formerly Flash Coffee Indonesia’s Head of PR & Communication was also laid off. He had attributed these layoffs as “region wide reorg (sic) and ongoing financing effort” on his LinkedIn post.
Currently, it is unknown how many people are and will be laid off.
About Flash Coffee
We know that bright yellow walls and vibrant neon pink decorations from miles away.
Co-founded by David Brunier and Sebastian Hannecker, the homegrown coffee chain has expanded to over 250 stores in seven countries in two years. Their objective was to have a Flash Coffee every 500 metre in all major Asia cities.
Both partners have prior relative experience within this field; 31-year-old Brunier was the former chief marketing officer for Asia-Pacific at foodpanda, and Hannecker was formerly working for Bain, a management consulting company.
Since its launch in 2020, it has opened around 250 outlets with a workforce of 1,400 people. It recruits 250 people for its Singapore headquarters with 31 outlets islandwide.
In September, the company made it to LinkedIn’s list of top startups.
In June this year, the company completed the first closure of its funding round, raising approximately US$30 million.
Mass Unemployment Everywhere
Worldwide, many other companies are going through the same notions of laying off their employees.
The biggest layoffs come from e-commerce and tech companies, including Shopee, Twitter, and Meta.
Over at Shopee, Sea’s e-commerce powerhouse, let go of its staff for the third time this year as Sea struggles to turn a profit.
At Meta platforms, the company had to lay off 11,000 workers, or 13% of its worldwide staff, in an effort to reduce costs. This was the first massive firing for the company since it was founded 18 years ago.
Twitter has since the craziest layoff, as Elon Musk, the new CEO, fired 3,700 people, or almost half of their global staff.
Presently, the company is losing more than $4 million per day, as claimed by Musk.
Among the top executives fired by Musk were the former CEO Parag Agrawal and the finance chief Ned Segal.
Among all three mega-companies, the layoff has impacted staff at every level and team, including people with great performance evaluations.
You can watch this video to know why tech firms are laying off their people:
Featured Image: Instagram (@flashcoffee_sg)
