SINGAPORE: Singapore will continue to invest in developing local tech talent despite recent layoffs at tech giants, as this is the right thing to do, said Josephine Teo, a Minister for Communications and Information. Speaking on Thursday, Ms Teo noted that Microsoft and Amazon last week cut 28,000 jobs worldwide, citing slowing sales and a possible recession.
Alphabet and Spotify have recently announced layoffs, while Meta and Twitter staff in Singapore have faced terminations.
Is there a question, on everyone's mind, if we should be worried about opportunities in tech? Is it a good idea to encourage people to look at opportunities in tech? The minister said challenges faced by tech companies were acknowledged at the World Economic Forum in Davos last week. Geopolitical tensions, lingering after-effects of the COVID 19 epidemic and over-hiring in the past few years were some of the problems highlighted.
Ms Teo said technology will continue to undergird the growth of our economies, as well as the pursuit of sustainability goals and the green economy.
It is a painful exercise to right-sizing the workforce for these tech companies, especially for the affected individuals and their families. She said that tech companies risked becoming more bloated and less agile without a more disciplined approach to headcount growth.