Job listing company Indeed to let go over 2,200 employees, almost 15% of its workforce

Indeed.com, a website that lists jobs, announcedWednesday (March 22)that it would lay off over 2,200 workers, or nearly 15 per centof its workforce.

“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.

Indeed's projection that the labour market will continue to cool down following "the recent post-COVID boom" led to the decision to make job cuts at the 2004-founded company, according to Hyams. The company believes that the its main source of income from job postings, would continue to drop in fiscal years 2023 and 2024, as reported by CNN.

“Last quarter, US total job openings were down 3.5 per centyear-over-year, while sponsored job volume fell 33 per cent. 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.

Employees outside the UK, Ireland, the Netherlands, and Japan were expected to get an email letting them know their status within an hour of the memo's release. "Your Job Has Not Been Impacted" will be the subject line of an email sent to employees who will keep their jobs. "Your Position Has Been Impacted" will be the email subject line for those who were laid off.

The fired employeeswill receive their regular pay checks until the end of March, along with a 16-week severance package, the company said.

The Indeed layoffs follow Amazon's big layoff announcement on Tuesday. Approximately 9,000 people will be laid off, mostly from Amazon Web Services, People Experience and Technology (PXT), advertising, and Twitch, according to CEO Andy Jassy.

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