2,200 workers at Indeed, a company that aids in job searches will now have to start their own job search. In an all-hands meeting, CEO Chris Hyams revealed that 15% of workers were in fact sacked on Wednesday.
Hyams elaborated on the choice in a blog post by pointing out that the job market is predicted to continue to cool. By allowing businesses to sponsor job listings, Indeed is able to attract more applicants to its listings. Hyams, however, noted that as of the most recent quarter, sponsored job volumes were down 33% year over year, and there were 3.5% fewer job openings overall.
According to Hyams, “With future job openings at or below pre-pandemic levels, our organisation is simply too big for what lies ahead.” He continued, “We have held out longer than many other companies, but the revenue trends are undeniable. So I have decided to act now.”
The CEO will reduce his own base salary by 25%. Within an hour of the announcement, emails with the subject lines “Your Position Has Been Impacted” or “Your Position Has Not Been Impacted” were sent to employees informing them of their employment status.
At least 16 weeks of base pay are offered by Indeed, along with access to career placement and mental health services, and reimbursement for accumulated paid time off (PTO).
According to Hyams, almost every team, across every function, level, and region, is being impacted by these cuts.
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