PropertyGuru cuts 79 jobs as they undergo organisational changes

SINGAPORE: The leading property technology company PropertyGuru cuts 79 jobs as they undergo organisational changes, constituting about 5% of its workforce, The Edge Singapore reports.

Hari V. Krishnan, CEO and managing director of PropertyGuru, said, “This decision was made after careful and objective identification of the roles for PropertyGuru’s next phase of growth.”

The decision is part of a strategic move to “future-proof” the business amidst the current volatile market conditions and evolving customer needs, announced Krishnan on Feb 27.

This development comes after recent layoffs in various firms, including tech giants like Google, Amazon, and TikTok.

Krishnan outlined the key changes, including the closure of non-scalable and unprofitable operations, such as two branches in Vietnam related to the Marketplace business, and the discontinuation of FastKey, a marketplace feature connecting agents to developers.

Additionally, PropertyGuru will consolidate its technology delivery to drive efficiency and enhance collaboration across regions.

The company also aims to strengthen customer support by redesigning marketing, product, and enterprise sales roles.

Despite the challenging decision to let go of employees, PropertyGuru offers severance packages to affected staff.

This includes one month of severance pay for each year of service, capped at 12 months or according to country statutory requirements, whichever is higher.

Additionally, impacted employees will receive a goodwill payment equivalent to one month’s base salary and eligible annual performance bonuses for non-sales staff in 2023.

Sales employees will also receive commissions for February and March, where applicable.

Furthermore, affected employees will continue receiving medical insurance coverage and career transition assistance for three months post-employment.

They will retain their work laptops, and those on employment visas will be granted three months of extended leave without pay as per local regulations.

PropertyGuru will also provide repatriation support for employees and their dependents and financial assistance for early exits from residential tenancy agreements.

Krishnan expressed gratitude to departing employees, acknowledging their significant contributions to the company’s journey.

He said, “To each departing Guru, the leadership team and I extend our heartfelt gratitude, and we wish you good luck. Your contributions have been important to our story, and we value the relationships we built over the years.” /TISG

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