Employment Hero abruptly changed course on strategy. Just don't call it a pivot.
The $2 billion HR software unicorn is scaling back in Southeast Asia, cutting jobs and suspending several initiatives. Insiders say it adds to pattern of abrupt U-turns on strategy.
Human resources software unicorn Employment Hero has scaled back Southeast Asian expansion plans and axed several jobs, while simultaneously pausing development work on a swathe of initiatives as it prioritises its SmartMatch jobs marketplace.
Just don't call it a pivot.
The moves, announced in October and November and confirmed in Slack messages and internal documents viewed by Capital Brief, represent significant strategic shifts for the $2 billion valued-business which is backed by prominent local venture capital firms including Airtree Ventures, OneVentures and US-based Insight Partners and TCV.
But current and former staff who spoke on the condition of anonymity due to fears of retribution say they add to pattern of abrupt U-turns at Employment Hero, as internal tensions mount over its high performance culture and the company's future direction.
"The change in direction at a leadership level is nuts, but then they won't admit it," said one former employee.
