Indeed, the employment listings site, plans to lay off 2,200 people, or 15% of its workforce, as job postings tank, CEO Chris Hyams said Wednesday in a letter to employees.
“With future job openings at or below pre-pandemic levels, our organization is simply too big for what lies ahead,” Hyams said. “We have held out longer than many other companies, but the revenue trends are undeniable. So I have decided to act now.”
Almost every team, function, level and region at Indeed and Indeed Flex are affected by the layoffs, Hyams said. All workers except those in the United Kingdom, Ireland, the Netherlands and Japan, due to local regulations, were notified Wednesday if their positions were cut.
Workers who were contacted today received an email either with the subject line “Your Position Has Been Impacted” or “Your Position Has Not Been Impacted,” Hyams said. Layoffs were effective Wednesday, but workers will receive pay through March 31 and their January through March bonus. They will lose access to the company’s business systems, yet will have access to email, Slack and Workday until midnight Central Time March 26 and can keep their laptops once they’re wiped remotely.
Workers will receive severance, including the greater of 16 weeks of salary or two weeks for each year of service, unused PTO, career placement services for six months and mental health services for a year.
Hyams will take a 25% reduction in base pay and said the company will take other cost-saving measures.