Indeed, it announced Wednesday that it will lay off about 2,200 employees, or 15% of its workforce. In addition to the cuts, the company’s CEO, Chris Hyams, will also take a 25% cut in his salary.
Hyams explained in a official announcement that Indeed earns from sponsoring companies that post job postings, but since last quarter, sponsored job volumes were down 33% year-over-year and total job postings were down 3.5%.
“With future employment opportunities at or below pre-pandemic levels, our organization is simply too big for what lies ahead. We’ve held out longer than many other companies, but the revenue trends are undeniable. So I decided to act now,” wrote the director.
The tech industry is experiencing a slump not seen since the 2008 recession, with mass layoffs, high interest rates, and companies bracing for the next economic swing (especially after the Silicon Valley Bank collapse).
Among the many companies that have made layoffs are great technicians Meta (21 thousand employees), Google (12 thousand people) and Amazon (27 thousand cuts).
According to Indeed, as part of the severance package, affected employees will receive bonuses from January through March, regular pay for the month, paid time off and access to mental health services. Hyams also warned that job opportunities in the US are likely to decline further over the next two to three years.
With information from Reuters and Indeed
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Source: Olhar Digital