Indeed to Lay Off 2,200 Employees, 15% of Workforce
Indeed CEO Chris Hyams said he would be taking a 25% cut in his base pay.
Photo:
Jordan Vonderhaar/Bloomberg News
Internet job-search platform Indeed on Wednesday said it expects to lay off about 2,200 employees, or 15% of its workforce. It is the latest company to plan for a reduced head count as economic uncertainty ripples across sectors.
The
Recruit Holdings Co.
6098 1.33%
-owned platform said the cuts will come from nearly every team, function, level and region at Indeed and Indeed Flex, an app for job seekers looking to find temporary work.
“It is becoming increasingly likely that HR Tech revenue will decline in FY2023 and potentially again in FY2024,” said Chief Executive
Chris Hyams
in a message to employees.
Mr. Hyams said job openings in the U.S. declined recently and that the company expects the trend to continue over the next two to three years.
“With future job openings at or below prepandemic levels, our organization is simply too big for what lies ahead,” said Mr. Hyams, who said he would be taking a 25% cut in his base pay. “We have held out longer than many other companies, but the revenue trends are undeniable.”
Mr. Hyams said Indeed will implement additional cost-saving measures in a plan he said would be outlined Thursday.
Indeed joins a stream of companies that have announced layoffs and job cuts in recent months as businesses pull back on hiring and reduce payroll expenses.
The labor market, which has recently shown signs of cooling, had 10.8 million openings in January, according to the Labor Department. Some companies are keeping job posts up without filling roles.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the March 23, 2023, print edition as ‘Job Platform Indeed To Lay Off 15% of Staff As Headwinds Loom.’
Indeed CEO Chris Hyams said he would be taking a 25% cut in his base pay.
Photo:
Jordan Vonderhaar/Bloomberg News
Internet job-search platform Indeed on Wednesday said it expects to lay off about 2,200 employees, or 15% of its workforce. It is the latest company to plan for a reduced head count as economic uncertainty ripples across sectors.
The
Recruit Holdings Co.
6098 1.33%
-owned platform said the cuts will come from nearly every team, function, level and region at Indeed and Indeed Flex, an app for job seekers looking to find temporary work.
“It is becoming increasingly likely that HR Tech revenue will decline in FY2023 and potentially again in FY2024,” said Chief Executive
Chris Hyams
in a message to employees.
Mr. Hyams said job openings in the U.S. declined recently and that the company expects the trend to continue over the next two to three years.
“With future job openings at or below prepandemic levels, our organization is simply too big for what lies ahead,” said Mr. Hyams, who said he would be taking a 25% cut in his base pay. “We have held out longer than many other companies, but the revenue trends are undeniable.”
Mr. Hyams said Indeed will implement additional cost-saving measures in a plan he said would be outlined Thursday.
Indeed joins a stream of companies that have announced layoffs and job cuts in recent months as businesses pull back on hiring and reduce payroll expenses.
The labor market, which has recently shown signs of cooling, had 10.8 million openings in January, according to the Labor Department. Some companies are keeping job posts up without filling roles.
Write to Denny Jacob at [email protected]
Copyright ©2022 Dow Jones & Company, Inc. All Rights Reserved. 87990cbe856818d5eddac44c7b1cdeb8
Appeared in the March 23, 2023, print edition as ‘Job Platform Indeed To Lay Off 15% of Staff As Headwinds Loom.’
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