Indeed cuts 2,200 jobs amid slump in recruitment market

The move, disclosed by CEO Chris Hyams in a company memo, comes as the platform grapples with a significant downturn in job postings and a cooling labor market.

“With future job openings at or below pre-pandemic levels, our organization is simply too big for what lies ahead,” Hyams stated. He emphasized the need for “clarity, focus, and urgency” to navigate the challenging economic landscape.

Indeed’s parent company, Recruit Holdings, has also felt the impact, reporting a 33% decline in sponsored job listings during the last quarter of 2022. This decline is part of a broader trend in the tech industry, where companies are cutting jobs to adjust to economic uncertainties and shifts in market conditions.

Recruit Holdings, which also owns Glassdoor, has been particularly affected by reduced employer spending on job ads.

The affected employees will receive robust severance packages. Hyams said, “This is a decision I truly hoped I’d never have to make.” Indeed’s layoffs reflect the broader economic challenges many tech companies are facing as they strive to remain competitive and sustainable. The company aims to support its departing employees while streamlining operations to better focus on future investments and opportunities.

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