Looking for signs of life in Indonesia's grim job market

More: Baidu’s booming robotaxi service and a looming sales slowdown for Nio’s EVs. [Read from your browser]( Daily Newsletter --------------------------------------------------------------- Welcome to Tech in Asia's free Daily Newsletter! Get full access to our subscribers-only Daily Newsletter and other insightful analysis on the big and messy topics of Asia’s tech and startup community by [registering here](. --------------------------------------------------------------- Hello {NAME} A kick in the teeth. A gut-wrenching blow. A knockout punch. While I’ve fortunately not experienced being laid off and scouring for a regular source of income in a tough labor market, I can imagine that it would be as upsetting and unpleasant as the aforementioned actions. However, that’s the predicament of job seekers in Indonesia, Southeast Asia’s largest economy, as they’re heading into 2023. While some retrenched employees were lucky enough to be offered new roles, they likely need to take a hefty pay cut - it’s like being hit when you’re already down. According to data from [Tech in Asia's layoff tracker]( over 111,000 pink slips were handed out by Asian tech startups last year as funds dried up amid the macroeconomic downturn. Companies are expected to continue implementing measures such as downsizing and hiring freezes well into the new year. With such grim prospects, how will retrenched employees navigate this labor market? My colleague Ardi offers some answers in today’s premium piece. He also discusses how a salary correction is leveling the playing field for new startups in Indonesia and how redistribution of top tech talent will affect the country’s startup ecosystem. -- Shravanth  ---------------------------------------------------------------  THE BIG STORY [Mass firing, less hiring: Can Indonesia see hope in a grim job market?]( The oversupply of talent and scarcity of jobs spell difficulty for many job seekers. But this may benefit the ecosystem in the long term. --------------------------------------------------------------- TRENDING NEWS [Ant-backed Akulaku raises $200m from Japan’s MUFG]( Akulaku said it will be working with MUFG companies across Southeast Asia on technology, product development, financing, and distribution. [Tencent CEO blasts managers over ‘corruption’ as business reels]( Pony Ma also said that mismanagement was sapping the company’s vitality, Reuters reported. [Baidu expands driverless robotaxi service in Wuhan]( Apollo Go, the firm’s autonomous ride-hailing service platform, has tripled the size of its operation area to cover 130 square kilometers in Wuhan. [China’s Nio expects to sell less EVs amid Covid-19 crisis]( The company is facing delivery and production challenges as well as some supply chain constraints driven by the Covid-19 wave in China. [These are the most active investors in Hong Kong’s startups]( Which investors are writing the most checks to Hong Kong’s startups? [US considers pushing ByteDance to sell local TikTok unit]( Several security members of the Committee on Foreign Investment in the US believe this could address safety concerns, the Wall Street Journal reported. --------------------------------------------------------------- TECH IN ASIA SCHOOL  Let’s get that bag Early-stage founders, we know you’ve got a stellar MVP and promising traction. But you might be struggling to raise funds in these uncertain economic times. This is where TIA School aims to provide the support every founder needs. We’ll be running our six-week Fundraising Program in February 2023. You’ll be in the good hands of founder-mentors who have successfully raised funds and built great companies in Southeast Asia. They will help personalize your fundraising strategy, enhance your pitch deck, and connect you with ready investors within our network. Here’s a list of some of our mentors: - [Bianca Widjaja]( BRI Ventures - [Davita Natasha]( AFG Partner - [Ziheng Li]( Saison Capital - [Minh Vuhong]( previously with Qualgro - Founders: [Arnaud Renoux]( (The Scalelab), [Mathias Boissonot]( (Handprint), [Thibaut Briere]( (Growth Marketing Studio), and [Maurizio Raffone]( (Credify) [Apply here]( by January 7, 2023, to be part of the upcoming Fundraising Program for a special early bird rate of US$999 - unit price is US$1,199! ---------------------------------------------------------------  WHO'S HIRING You can post a job [here]( or search for jobs [here](. - [Software Engineer (Backend) (Advotics)]( at Deall Jobs Jakarta, Indonesia - [Corporate Communication]( at Youtap Indonesia Jakarta, Indonesia - [Product Head]( at PT docheck Bagi Indonesia Bandung, Java, Indonesia - [Backend Developer]( at Female Daily Network Jakarta, Indonesia - [Mobile App Engineer]( at Paras Digital Jakarta, Indonesia - [2D Artist]( at Avarik Saga Jakarta, Indonesia [ADVERTISE]( | [SUBSCRIBE]( P.S. 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