Indeed Will Cut 2,200 Jobs

More stories for you

New Report Calls For Netherlands To Invest $176 Billion In Tech, Overhaul Labor Market

15 hours ago

AI Sparks Critical Thinking Crisis: Executives Warn Of Talent Pipeline Collapse

15 hours ago

Should Your Top 2026 Work Goal Be To…Get Hot?

1 day ago

The Real Competitive Edge Of Using Gen AI At Work Has Nothing To Do With The Actual Technology

1 day ago

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.  

Advertisements

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. 

Advertisements

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. 

Advertisements