Sea's Abrupt Pause On Job Offers Land Candidates In A Tight Situation

Sea Limited SE owned e-commerce firm Shopee has dumped dozens of job offers in the past two weeks, Reuters reports.
Shopee withdrew offers of at least four candidates just days before their joining. The candidates included a professional who had quit his TikTok parent ByteDance Ltd job.
An analyst saw Sea's handling of the layoffs as "ugly and embarrassing" and likely to hurt its reputation.
Shopee offered a month's salary in cases where people have flown from abroad, including reimbursement of the cost of flight tickets and temporary accommodation.
The candidates landed in a soup as the cost of legal action was expensive, and so was the cost of returning to China and finding a new job, given the economic situation there.
In August, Sea reported widening losses and sharply slower revenue growth in Q2.
Sea acknowledged having canceled some offers at Shopee.
Earlier in September, Sea slashed the workforce in its money-making gaming arm, marking its second attempt in 2022 to contain costs as it struggled for growth.
Sea scaled back its overseas footprint and periphery businesses to focus on boosting profitability.
Sea explored cutting headcount in its most profitable division Garena and new ventures at its R&D arm.
Sea aimed to cut 40 jobs from its game livestream app Booyah!, including product management and quality assurance teams.
Sea also aborted several experimental ventures at its R&D unit Sea Labs.
Sea expected Garena to post its first booking decline this year and withdrew its 2022 e-commerce forecast. In June, Shopee downsized staff across multiple markets to rationalize its e-commerce business encompassing several Southeast Asian markets.
Shopee's payments arm ShopeePay and food delivery business ShopeeFood also faced cuts.
Price Action: SE shares traded lower by 1.90% at $58.79 in the premarket on the last check Tuesday.

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