Job search firm Indeed announces laying off 15% of staff, says report

Job search firm Indeed announces laying off

According to the Economic Times on Thursday, the top job search company Indeed announced on March 22 that it would eliminate about 2,200 positions, or about 15% of its overall workforce at Indeed and Indeed Flex, across teams, levels, regions, and functions. This announcement came amid a dispute over layoffs.

According to Indeed CEO Chris Hyams, “Our organisation is simply too huge for what lies ahead with potential job opportunities at or below pre-pandemic levels.”

Hyams explained in an email to the staff that the company is now concentrating on getting the organisation ready for the future. “I alone am responsible for where we are right now. I apologise a thousand times over “He stated, adding that he would accept a base wage reduction of 25%.

In addition, Hyams stated, as reported by the business day, “I’ve decided to cut our staff by making some unpleasant layoffs. I sincerely hoped that I would never have to make this choice.”

The underrepresented minority population in the US, women, and other underrepresented genders did not see any measurably disproportionate effects.

He further explained the company’s choice and predicted that the job market will continue to cool after the post-COVID boom. “The likelihood that HR technology sales would decrease in FY2023 and possibly again in FY2024 is rising. US job openings overall were down 3.5% year over year in the third quarter, while sponsored job volumes were down 33% “In his mail, he noted.

According to specifics, the employment agency anticipates that employment openings may decrease to pre-pandemic levels of approximately 7.5 million or fewer in the upcoming 2-3 years.

The company will pay 16 weeks of basic salary to those affected by the layoff at Indeed, or two weeks for each year of employment. The firm will provide, among other things, access to continuous career placement services for a period of six months and access to ongoing mental health services for a period of twelve months.

Hyams wrote in the e-mail, “I am convinced that we will manage through it, and we will come out stronger on the other side, even if we’re facing challenging times ahead.

Indeed has now joined companies like Microsoft, Amazon, Google, Disney, and other ones with the reported layoffs.