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Tuesday, June 6, 2023

Job Listing Platform Indeed Lays off 2200 Employees

Job Listing Platform Indeed Lays off 2200 Employees – At a company that helps individuals seek work, 2,200 employees must now conduct their own job hunt. Today, 15% of employees were laid off, CEO Chris Hyams stated in an all-hands meeting.

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Hyams commented on the decision in a blog post by explaining that the job market is projected to continue to cool. Indeed generates revenue by allowing organizations to sponsor job posts, which exposes them to a larger audience of job seekers. Yet, according to Hyams, sponsored job volumes were down 33% year-over-year as of the previous quarter, while total job openings were down 3.5%.

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“With future job openings at or below pre-pandemic levels, our organization is simply too big for what lies ahead,” Hyams wrote. “We have held out longer than many other companies, but the revenue trends are undeniable. So I have decided to act now.”

Employees were emailed about their job status within an hour of the announcement — the subject lines of these emails either read “Your Position Has Been Impacted,” or “Your Position Has Not Been Impacted.” Employees in the UK, Ireland, the Netherlands and Japan may still be in limbo, due to local regulations.

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Indeed is providing at least 16 weeks of base salary pay, reimbursement for accrued PTO, a cash payout for unvested RSUs, and job placement and mental health assistance. COBRA provides US employees with four months of health insurance coverage.

They can also keep their work laptop, which will be immediately disconnected from Indeed business systems; however, their access to Slack, email, and Workday will not be immediately impacted, so they can say goodbye to coworkers and remove personal files from their laptops, which will be remotely reset.

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According to Hyams, these cuts affect practically every team at every level, function, and region. The corporation consulted HR, legal, and DEIB+ teams to ensure that the layoffs did not negatively affect underrepresented minorities in the United States disproportionately.

In the technology industry, layoffs continue to create ripples. Last week, Amazon conducted its second significant round of layoffs in only a few months, affecting an additional 9,000 employees on top of the 18,000 who were previously laid off. Last week, Meta also announced a second round of significant layoffs: the social networking behemoth would eliminate another 10,000 positions, in addition to the 11,000 positions that were eliminated in November.

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