Job listing platform Indeed laid off 2,200 employees

Indeed, a job search website will cut nearly 2,200 roles or 15% of its entire workforce. This joins a group of digital firms that are laying off employees in the face of economic uncertainty, including Amazon.com Inc. and Meta Platforms Inc.

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Indeed's chief executive officer, Chris Hyams, stated in a blog post on the company's website on Wednesday that the layoffs will affect "virtually every team." The internet and staffing firm Recruit Holdings Co. in Japan owns Indeed. After the post-pandemic boom, the employment market will continue to cool, according to Hyams, who also predicted that income from the human resources tech sector will decrease in fiscal 2023 and probably once more in 2024.

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After growing during the pandemic, when demand soared for gadgets and data services as people worked and studied from home, the tech sector has been destroyed in recent months. Retrenchment has been brought on by the slowing economy and progressively rising interest rates, which make it more expensive for businesses to borrow money. The tech industry was rocked earlier this month by the failure of startup-friendly Silicon Valley Bank, which put additional strain on an already weak economy.

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According to Layoffs.fyi, more than 150,000 workers have been laid off by 500 tech companies this year alone. The corporation already announced earlier this week that it was laying off 9,000 workers, making these reductions the biggest in the history of the business.

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In the last quarter, there were 3.5% fewer US job openings than a year ago, Hyams said, while sponsored job volumes were down 33%. In the US, he said that "during the next two to three years, job opportunities will probably decline to pre-pandemic levels of roughly 7.5 million or even lower."

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Under that circumstance, Hyams said that "our organization is simply too big for what lies ahead. We have persevered for a longer period of time than many other businesses, but the revenue patterns are evident."

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Hyams claimed that Indeed would be putting in place "further cost-cutting measures moving forward," which he will disclose on Thursday, and that he will accept a 25% wage cut.

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In the tech sector, layoffs have continued to create a stir. In addition to the 18,000 employees already affected by layoffs, Amazon just this week carried out its second sizable wave of layoffs in a short period of time. This affected an additional 9,000 workers. Moreover, Meta revealed a second round of significant layoffs last week: despite removing 11,000 roles in November, the social media juggernaut intends to eliminate another 10,000 positions.