Via a message on Indeed’s pressroom, the American-based job search platform announced plans to layout 15% of its workers on Wednesday 22nd of March.
The CEO, Chris Hyams, who will take a 25% cut in base pay, said in the press release that approximately more than two thousand people are expected to be let go from the team. He continued to say that the decision was difficult to make but was done with a great deal of care and precision.
“Our organization is simply too big for what lies ahead”, said Hyams to justify the decision in parallel with the declining job market post-COVID boom. He added that the revenue from human resource technology will decline in 2023 and potentially again in 2024 and job openings will likely decrease to pre-pandemic levels of about 7.5 million.
Indeed is the latest to join US companies list to layout workers in recent months. Eearlier this week Amazon.com Inc (AMZN.O) announced a second round of layoffs and terminating the jobs of nine thousand as they look to cut costs.
In February alone, layoffs in the United States stood at 77,770, more than five times higher than the 15,245 job cuts announced a year earlier, according to the report from employment firm Challenger, Gray & Christmas Inc. February’s total is the highest for the month since 2009 when 186,350 cuts were recorded.
Hyams said, “We worked closely with the HR, Legal, and DEIB+ teams to ensure objectivity and equity in these decisions.” He continued that The final selections have no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US. He added that the decision was made to prepare the organization for the future, aligning with the company strategy and priorities, and reducing duplication of effort and inefficiency.
He explained the differences in the layout p process according to the location of the workers in the US, UK, Ireland, the Netherlands and Japan. The decision will be sent to the international workers via email and effective immediately for all both international and American workers. All impacted employees will receive January through March bonuses.
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