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Saturday, February 4, 2023
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GRAB CUTTING COSTS & FREEZING SALARIES, CEO CALLS IT A “DIFFICULT DECISION”

Grab previously announced on 14 December that they will be cutting costs in a bid to tide over the uncertain situation of the economy.

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CEO of Grab Anthony Tan said in a memo that the measures that the company is taking include cutting the budget for travel and expenses, as well as freezing salaries and hiring.

Tan also said that the measures were a “difficult decision” for the company but that it was needed to help the company get “leaner and fitter” to “accelerate even faster towards sustainable and profitable growth.”

The memo was sent to employees on 15 December, and Tan said that employees will need to be “frugal and prudent” as the new year approaches.

Tan also added that Southeast Asia will not be spared from the increasing interest rates and rising prices, and he also touched on how the new measures will help the company “avert knee-jerk reactions.”

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