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In a twist of irony, Indeed, the world's largest jobs website, announced that it will be laying off approximately 2,200 employees, or 15 percent of its workforce.
According to a blog post from Indeed CEO Chris Hyams, the executive is "heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs."
"We anticipate we will be letting approximately 2,200 people go. This is roughly 15% of our team. The cuts come from nearly every team, function, level and region at Indeed and Indeed Flex," Hyams continued.
In his post, Hyams warned of economic changes that are sure to damage revenues in the future.
"It is becoming increasingly likely that HR Tech revenue will decline in FY2023 and potentially again in FY2024," he wrote.
Hyams acknowledged that Indeed, like many other tech companies, overhired in recent years, and that has led largely to the massive layoffs.
"With future job openings at or below pre-pandemic levels, our organization 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," Hyams concluded.
While it is unclear how exactly Indeed's revenue is being affected by current economic unrest, it is likely that companies are pulling job listing posts from the platform as layoffs occur across the board and worries about a recession continue to mount.
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