PropertyGuru lays off 79 employees in latest restructuring exercise

SINGAPORE: PropertyGuru Group has laid off 79 employees, constituting around 5% of its workforce.

The decision stems from what CEO Hari V. Krishnan termed a “strategic review” and the ongoing organizational restructuring efforts within the company.

Affected employees are set to receive a one-month severance for each year of service, capped at twelve months or following the country’s statutory severance pay, whichever is higher.

Additionally, a one-month base salary goodwill payment awaits them, along with eligibility for the 2023 annual performance bonus or sales commission for February and March, where applicable.

To ease the transition, PropertyGuru is extending medical insurance for an extra three months or offering a lump sum payment in lieu.

The company is also providing an “outplacement service” for three months, offering personal consultants to support the affected employees. Furthermore, they will be permitted to retain their work laptops.

For those under employment visas, PropertyGuru is offering up to 3 months of extended leave without pay, aligned with local manpower laws. The company is also providing repatriation support for employees and their dependents if needed.

The layoffs are reportedly part of PropertyGuru’s proactive strategy to “future-proof” its business in response to volatile market conditions and evolving customer needs.

Recent decisions, such as closing down Rumah in Indonesia and the planned retirement of the SaaS product FastKey in 2024, align with the company’s commitment to optimizing operations.

PropertyGuru is set to shut down “non-scalable and non-profitable” operations, including two out of nine branches in Vietnam.

In the restructuring plan outlined by Krishnan in an email to staff, roles in marketing, product, and enterprise sales will be redefined, and technology delivery will be consolidated to achieve economies of scale.