Job listing website Indeed.com will cut approximately 2,200 employees, representing almost 15% of its total workforce, the company announced Wednesday.
“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.
The decision to make job cuts at the company, founded in 2004, arose out of Indeed’s projection that the job market will continue to cool down following “the recent post-COVID boom,” said Hyams. The company anticipates that job listings, which are the company’s bread-and-butter, will continue to decline in fiscal years 2023 and 2024.
“Last quarter, US total job openings were down 3.5% year-over-year, while sponsored job volume fell 33%. 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.
Within an hour after the memo was released, employees outside of the UK, Ireland, the Netherlands and Japan were expected to receive an email informing them of their status. Employees who will keep their jobs will receive an email with a subject line of “Your Position Has Not Been Impacted.” For the ones laid off, the email subject line will be “Your Position Has Been Impacted.”
Today will be the last day for the laid-off workers. They will receive their regular paychecks until the end of March, along with a 16-week severance package, the company said.
The Indeed layoffs come right after Amazon announced massive layoffs on Tuesday. Amazon CEO Andy Jassy announced that they will cut around 9,000 employees, primarily from Amazon Web Services, People Experience and Technology (PXT), advertising and Twitch.
Meta also recently released its plan to cut 10,000 employees, on top of 11,000 layoffs announced last fall. The company also announced a “flattening” plan which aims to simplify its management structure, pursuing its mission of “2023 Year of Efficiency.”