Glints, a talent platform based in Singapore, has laid off 18% of its team, reports The Business Times, citing sources. The company had over 1,000 employees. Glints’ management cited a slowdown in its business growth in the short term, after market uncertainty and reduced consumer spending affected the customers it serves. The company is providing one month’s worth of salary in severance for every year of service. Employees with less than a year of service will be provided with at least two months of salary, with the difference being rounded up. Glints’ founders and management team have taken pay cuts, while perks and expenses have been reduced. In an address to staff today, Glints Chief Executive Oswald Yeo said 2021 ‘was a year of solid growth’.

“We doubled down on the tech sector, which was experiencing phenomenal growth,” Yeo said. “We also doubled down on remote hiring and expansion into new markets, including the Philippines. However, the markets have changed drastically over the past six months. Many businesses have been hit hard. There will be a continued slowdown in hiring in the meantime as global economic recovery is uncertain.”