BIZ BUZZ: Trouble in two-wheeler paradise?
From a fast-charging, attention-grabbing, market-defining enterprise just a few years ago, this company that daily commuters are very familiar with is said to be getting dangerously close to coming to a complete halt.
Biz Buzz sources said that the ride-hailing company implemented this week its latest round of job cuts, prompted by increased competition and nagging problems with its app that have turned off both the end-users and its drivers, many of whom have jumped to rival firms.
Sources shared that the job cuts that caught the staff unawares were felt across departments, with some teams’ manpower complement reduced by a minimum of 10 percent and a high of 50 percent, in an attempt to save on rising costs that have eroded revenues and the bottom line.
This latest retrenchment episode follows a similar purge early last year, which means that the problems it had then have only persisted, leading to this latest drastic action.
Industry observers were not exactly surprised, however, that this ride-hailing company had to shed employees, given that top management has reportedly lost focus on the company and instead turned its attention to the rough and tumble world of politics.
Will these latest cuts lead to the desired results and stem the bleeding? Will another one follow? Or will the company be forced to throw in the towel? Abangan!
