International

Grab Wants Staffers To Accept Unpaid Leave, Decreased Hours

Grab

Grab Holdings Inc. has started to request that workers accept decreased hours or take a leave without pay so the company can steer clear of reducing its workforce, Bloomberg reported.

The SoftBank-backed company, which is based in Singapore, said it has provided workers throughout the region with a choice to have flexible working options, such as sabbaticals.

Anthony Tan, the CEO of Grab, had recently cautioned that the coronavirus is making sizable challenges that will make “tough decisions” a necessity when it comes to handling capital and reducing costs. Grab, for its part, has 6,000 staffers and had a value of $14 billion per last count.

“We are taking active steps to conserve cash and manage our employee base before we consider layoffs,” the firm said, according to Bloomberg. “There is a lot of uncertainty as to the depth and duration of the pandemic, and we don’t know how long the economic recession will last.”

On-demand services firms have been strongly impacted in the economic slowdown that the pandemic has brought about.

As previously reported, demand for Grab has disappeared with the closing of all businesses except for essential services. The company has reportedly been trying to offset the loss of its ride-hailing business with its food delivery offering.

Grab operates in over 300 cities in eight countries in Asia, including Malaysia, Singapore and Indonesia.

In separate news, Lyft is laying off 17 percent of its workforce and put salary reductions in place for executives for three months. The firm said it would lay off 982 employees and furlough 288 more to cut down on operating costs because of the COVID-19 pandemic.

And, beginning in May, the ride-hailing company will reportedly put forward a 30 percent reduction in pay for executive leadership, 20 percent for vice presidents and 10 percent for all other staffers who are exempt per a Securities and Exchange Commission (SEC) filing.

——————————

New PYMNTS Report: Preventing Financial Crimes Playbook – July 2020 

Call it the great tug-of-war. Fraudsters are teaming up to form elaborate rings that work in sync to launch account takeovers. Chris Tremont, EVP at Radius Bank, tells PYMNTS that financial institutions (FIs) can beat such highly organized fraudsters at their own game. In the July 2020 Preventing Financial Crimes Playbook, Tremont lays out how.

TRENDING RIGHT NOW