So, what is in store for the tech industry over the next few months? Read on to find out. The recent raft of layoffs is merely a way for those companies to rebalance from the last few hectic years. Organisations in the tech industry (including startups) have spent the last few years on a massive hiring spree and many over-invested. With a global recession looming, constant talks of interest rate hikes, ongoing supply chain challenges and the Russia-Ukraine war, it is not surprising that many businesses are feeling jittery about what lies ahead.The Asia region may avoid a recession, but if Europe and the US experience a downturn, demand will likely slow and this will undoubtedly have an impact on growth in APAC. The recent collapse of FTX and the tech-heavy Nasdaq’s disappointing end to the year (finishing with four consecutive negative quarters, which only happened back in 1983-84) has contributed to the downturn. These announcements have not come out of the blue though, especially when you consider the current “crypto winter” (used to describe the global crypto market cooling). Flash Coffee and Sea Group have also reportedly reduced headcount., a cryptocurrency exchange company based in Singapore, revealed in January 2023 that it has “made the difficult decision to reduce its global workforce by approximately 20%”. Asian headquartered players such as GoTo Group, Carousell and Glints have also made layoffs. US-headquartered companies, such as Amazon, Meta, Google, Microsoft, Salesforce, Twilio and Zoom, are not the only ones laying off employees. The Asia region, being a major part of the tech ecosystem, has not escaped the layoffs. From big tech to startups, companies have been announcing layoffs since the second half of 2022. It started with the crypto crash in May last year and swiftly affected the rest of the tech industry. Tech layoffs are contributing to the crypto winter After the last few years of unprecedented growth, the global tech market has been fraught with layoffs. Personify's executive search division, Mackenzie Ryan, will also be part of the brand integration. For more information, please visit contactKirsty Hewitt | +44 7889901517 | +1 81 | Kirsty I'm thankful to be part of this chapter in WilsonHCG’s history and see what we're able to accomplish from here.” The integration of Personify will be completed by May 26, and the integration of Profile will be completed later this year. "Our combined expertise will propel us to new heights in the APAC region.” Ryan Carfley, founder of Personify and now SVP, delivery at WilsonHCG, added, “This integration will give our clients access to a broader range of talent solutions. "We are excited for the opportunities that lie ahead," said Andrew Oliver, co-founder of Profile and now EVP, head of Asia Pacific, at WilsonHCG. To reinforce our market position and continue thriving, we will further integrate the brands externally.” Following the integration, clients of Profile and Personify will receive the same high-quality talent solutions they’ve come to expect. "It's clear our combined capabilities have strengthened the organization and contributed to our success. "We’re looking forward to this final stage of the integration as we bring the Profile and Personify brands into WilsonHCG,” said John Wilson, CEO of WilsonHCG. This is a significant step for WilsonHCG as it continues to expand its global market presence and breadth of talent solution offerings. Personify is an RPO provider that specializes in life sciences, healthcare, biotech and pharmaceuticals. Profile is an executive search firm with offices throughout Asia. Tampa, Fla - WilsonHCG, a global talent solutions leader, is pleased to announce that two of its brands, Profile Search & Selection (Profile) and Personify, are being fully integrated into WilsonHCG in the coming weeks. The integration follows the acquisitions of Profile and Personify, which closed in 20, respectively.
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