Job search firm Indeed announces laying off 15% of staff, says report
1 min read 23 Mar 2023, 04:25 PM ISTAs per details, the job search firm expects employment opening may decline to pre-pandemic levels of about 7.5 million or less in next 2-3 years.
PremiumAmid the layoff row, leading job search firm Indeed on 22 March announced that it would deduct around 2,200 jobs or roughly 15% of its total workforce at Indeed and Indeed Flex across teams, levels, regions and functions, reported Economic Times on Thursday.
"With future job openings at or below pre-pandemic levels, our organisation is simply too big for what lies ahead," ET quoted Indeed CEO Chris Hyams as saying.
Hyams wrote an email to the employees stating that the firm has now focused on preparing the organisation for the future. "I take sole accountability for where we are today. I am deeply and profoundly sorry," he said, adding that he will take a 25 percent cut in base pay.
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Apart from this, Hyams said, as quoted by the business daily, "I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I'd never have to make."
"There was no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US."
He also elaborated the firm's decision and said that the job market will continue to cool following the post-COVID boom. "It is becoming increasingly likely that HR tech revenue will decline in FY2023 and potentially again in FY2024. Last quarter, US total job opening were down 3.5% year over year, while sponsored job volumes were down 33%," he added in his mail.
As per details, the job search firm expects employment opening may decline to pre-pandemic levels of about 7.5 million or less in next 2-3 years.
Those impacted with the layoff in Indeed, the firm will pay 16 weeks of base salary, or two weeks for every year of service. Among others, access to ongoing career placement services for six months and access to ongoing mental health services for twelve months will be done by the firm.
"While we’re facing challenging times ahead, I am confident that we will manage through it, and we will come out stronger on the other side," Hyams said in the e-mail.
With the announced layoffs, Indeed has now joined firms like Microsoft, Amazon, Google, Disney and others.
