Indeed.com, a job-search website, stated on Wednesday (March 22) that it would lay off over 2,200 employees, or over 15% of its workforce.
“The cuts come from nearly every team, function, level, and region,” at the company, CEO Chris Hyams said in a memo released by the company. “The specific decisions on who and where to cut were extremely difficult, but they were made with great care,” the memo added.
Indeed’s forecast that the labor market will continue to cool following “the recent post-COVID boom,” according to Hyams, led to the decision to reduce jobs at the 2004-founded company. According to CNN, the firm predicts that its primary source of income, job posts, would continue to decline in fiscal years 2023 and 2024.
“Last quarter, US total job openings were down 3.5 percent year-over-year, while sponsored job volume fell 33 percent. In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years,” Hyams added.
Workers outside the United Kingdom, Ireland, the Netherlands, and Japan were supposed to get an email within an hour of the memo’s distribution informing them of their position. The subject line of an email addressed to employees who will keep their employment will be “Your Job Has Not Been Impacted.” Those who were laid off will receive an email with the subject line “Your Position Has Been Impacted.”
Indeed’s layoffs follow Amazon’s massive lay off the news on Tuesday
Indeed’s layoffs come on the heels of Amazon’s massive lay off the news on Tuesday. According to CEO Andy Jassy, around 9,000 individuals will be laid off, primarily from Amazon Web Services, People Experience and Technology (PXT), advertising, and Twitch. According to the corporation, the sacked employees will get their normal paychecks until the end of March, as well as a 16-week severance payout.
