Job Platform Indeed To Lay Off 1,000 Employees

Job listing platform Indeed has plans to lay off 1,000 employees, constituting approximately 8 per cent of its global workforce. 

CEO Chris Hyams disclosed this decision in a company memo, attributing it to a significant downturn in job postings and a cooling labour market. 

Hyams stressed on the need for "clarity, focus, and urgency" in navigating the challenging economic landscape. He noted that future job openings are expected to remain stagnant or even decline compared to pre-pandemic levels, prompting the organisation to streamline its operations.

The impact of the economic downturn extends beyond Indeed, affecting its parent company, Recruit Holdings, as well. Recruit Holdings reported a 33 per cent decline in sponsored job listings during the last quarter of 2022, reflecting a broader trend in the tech industry. Companies are cutting jobs to adjust to economic uncertainties and shifts in market conditions.

Recruit Holdings, which also owns Glassdoor, has been particularly affected by reduced employer spending on job ads. The decline in recruitment spending has necessitated cost-cutting measures across the organisation.

Indeed has said it will be providing robust severance packages to affected employees. "This is a decision I truly hoped I’d never have to make," Hyams said in the memo.