HR Tech Revenue Will Decline In FY2023 And Potentially Again In FY2024: Indeed CEO

Job search platform Indeed’s CEO Chris Hyams said that the HR Tech revenue is likely to drop in FY2023 and again in the following fiscal.

Announcing that Indeed would be cutting 2,200 jobs (about 15 per cent workforce), Hyams highlighted that the overall job market will continue to cool after the recent post-COVID boom.

Speaking on US job openings, he said that last quarter the numbers were down by 3.5 per cent year-over-year, while sponsored job volumes were down 33 per cent.

He added that the job platform expects job openings to decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years.

Apologising for the job cuts, the Indeed CEO said, “With future job openings at or below pre-pandemic levels, our organisation is simply too big for what lies ahead. We need clarity, focus, and urgency to ensure that all of our energy is directed towards investing in our future. We have held out longer than many other companies, but the revenue trends are undeniable. So, I have decided to act now.”

As part of the company restructure, Hyams said he would be taking a 25 per cent cut in his base pay.