Indeed, a Top Job Listing Organization Is Set To Layoff Over 2000 Employees

One of the biggest job listing platforms, Indeed, has decided to lay off some of its staff. The company that is known to provide job listings is now firing about 2200 of its employees to start job hunting. The decision is said to affect about 15% of the company worldwide; this was made known by the company's CEO.

The words of Indeed CEO, Chris Hyams

Chris Hyams made this decision known in a memo he sent out to the staff of Indeed. He said the cut would affect almost every team, level, and even company region. He went on to say that the decisions on who and which group to cut jobs from were challenging.

"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 carefully," the notice added.

Why is indeed laying off?

As we shared in that last quarterly update meeting, Chris said it was clear the job market will keep cooling down after the COVID pandemic. But now, the HR Tech revenue will reduce in FY2023 and FY2024. The US job openings went down 3.5% year over year, while the sponsored jobs also went down by 33%. So we are also seeing it decrease due to the pre-pandemic levels of around 7.5 million, or even more than in the next two or three years.

The future of job openings going down, we know our company is too big for what lies ahead. So because of this, we need more focus and clarity and ensure that all our energies are toward the future. We have held up together more than some companies, but we need to act fast, hence the reason for my decision, which I take sole accountability for, and I am sorry. Chris said he would be taking a 25% cut of his base salary, and also more than 75% of his total compensation will be tied to the revenue growth in Indeed, though that is at risk with the current trends.

What will happen to the affected staff?

 The CEO also talked about what will happen to the affected staff and about having a one-on-one meeting with an Indeed leader. You can see his words below:

If you are leaving Indeed, you will receive a calendar invite for a 1:1 meeting with an Indeed leader today or tomorrow. Your last day of active employment is today. Your regular pay will continue through March 31, 2023. Your access to Indeed business systems will be disconnected today. Still, you will have access to an internal email, Slack and Workday through midnight CT on March 26, 2023, to say goodbye to friends and colleagues and remove any personal materials from your laptop. After that, we will remotely wipe your computer, and you can keep it for your personal use. All impacted employees will receive January through March bonuses at target or quota performance, whichever is greater.

The severance package will have some additions based on role and location, but under the severance agreement, employees will receive the following:

• 16 weeks of base salary or two weeks for every year of service, whichever is greater
• Four months of COBRA (US only)
• Accrued PTO (where applicable)
• A cash payout equivalent to your RSUs will vest on May 1. For employees whose initial grant date was August 1, 2022, or later, you will receive a partial payout for RSUs that would vest on May 1 with the standard one-year vesting cliff waived. The payout will be summed at the closing stock price on February 1. If the closing price on May 1 is higher, you will receive an additional payment for the difference.*
• Access to ongoing career placement services for six months
• Access to ongoing mental health services for twelve months

Final words on Indeed

The layoff among big companies is flowing all around and has affected over 50,000 people since the end of 2022. Who would imagine that a company that posts job vacancies has made some of its staff start looking for a job themselves? The firing of staff is more rampant among tech companies, and that has been since 2022—tech giants like Meta. Amazon, Twitter, and HP Inc., among many others, have all decided to send away some of their staff.

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