Indeed Will Cut 2,200 Jobs

Indeed revealed that it would be cutting 2,200 positions — a workforce reduction of 15%.

What’s going on:

Indeed, the U.S.-based job search platform, announced on Wednesday that it will be slashing 15% of its workforce (a total of 2,200 jobs).

Indeed is joining the surge of companies who have been readjusting their labor force in the aftermath of the pandemic’s hiring surge, according to Reuters.

Why it matters:

Chief Executive Chris Hyams, who will take a 25% cut in base pay, reported that current job openings have fallen to or below pre-pandemic levels, making the company’s size disproportionate.

Hyams suggested that Indeed’s revenue from human resource technology would diminish during fiscal 2023 and 2024, and that U.S. job openings could potentially shrink to pre-pandemic levels of 7.5 million or even less within the next two to three years.

How it’ll impact the future:

Amid corporate America facing the most severe layoffs since the financial crisis of a decade ago, economic uncertainty is looming large due to increased rate hikes by central banks worldwide.