In a company that helps people find jobs, 2,200 employees have to find jobs themselves. Indeed laid off 15% of his workforce today, his CEO Chris Hyams announced at an all-hands meeting.
In a blog post, Hyams elaborated on the decision by explaining that the job market is expected to continue to cool. Indeed makes money by allowing companies to sponsor job listings. However, Hyams said that as of last quarter, the number of sponsored job openings was down 33% year-over-year, and total job openings were down 3.5%.
“Future job openings are at or below pre-pandemic levels, and our organization is too big for the future,” Hyams wrote. has held up for a long time, but the earnings trend is undeniable, so I decided to act now.”
The CEO cuts himself 25% of the base salary.
Employees were notified by email of their job status within one hour of the announcement. The subject lines of these emails read, “Your position is affected” or “Your position is not affected.” UK, Ireland, Netherlands and Japan employees may still be in a precarious situation due to local regulations.
Indeed offers a base salary of at least 16 weeks, PTO coverage incurred, cash payments for non-vested RSUs, and access to career placements and mental health services. A U.S. employee can get four months of health insurance through COBRA. It can also hold a work laptop that is quickly disconnected from Indeed’s business systems. However, access to Slack, email, and Workday won’t be affected immediately, so people can say goodbye to co-workers and delete personal materials from their laptops, which will be reset remotely.
Hyams wrote that these job cuts are affecting nearly every team, every function, level and region. The company consulted with Human Resources, Legal, and her DEIB+ team to ensure the layoffs did not disproportionately affect an underrepresented minority in the United States.
Layoffs continue to make waves across the tech industry. Just this week, Amazon implemented her second major layoff in just a few months, and on top of the layoffs he’s already affected 18,000, he’s affected 9,000 employees. I was. Last week, Meta also announced a second round of major layoffs. The social media giant says he plans to cut another 10,000, even though he cut 11,000 in November.
