Indeed Announces 1,000 Layoffs Amid Global Hiring Slowdown

Job search platform Indeed is laying off around 1,000 employees, approximately 8% of its global workforce, to simplify its organization and adapt to the global hiring slowdown, with the primary impact on US-based research-and-development and go-to-market teams. The move is part of a broader trend of tech companies reducing their workforces in 2024, with Indeed's CEO taking responsibility for the decision aimed at driving revenue growth." This description focuses on the primary topic of Indeed's layoffs, the main entity being the company itself, and the context of the global hiring slowdown and tech industry trends. It also highlights the significant action of the layoffs, the consequences for the affected employees, and the implications for the company's future growth. The objective details provided will help guide the AI in creating an accurate visual representation of the article's content.

Nitish Verma
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Indeed Announces 1,000 Layoffs Amid Global Hiring Slowdown

Indeed Announces 1,000 Layoffs Amid Global Hiring Slowdown

Indeed, a leading job search platform, is set to lay off approximately 1,000 employees, accounting for about 8% of its global workforce. The decision, announces by CEO Chris Hyams on Monday, is aimed at simplifying the organization and adapting to the global hiring slowdown experienced last year.

Why this matters: The layoffs at Indeed reflect the broader challenges facing the global job market, highlighting the need for companies to adapt to changing economic conditions. As a leading job search platform, Indeed's actions may have a ripple effect on the industry, influencing the strategies of other companies in the sector.

The layoffs will primarily affect employees in the United States, with a focus on the research-and-development and go-to-market teams. In a letter to employees, Hyams explained, "Unlike last year, where our reduction was driven by cost savings, we are taking this action because we need to simplify our organization to make it easier and faster for us to make decisions, and help us to more effectively grow revenue and hires."

Indeed faced a global slowdown in hiring last year, leading to multiple consecutive quarters of revenue loss. Despite implementing cost-saving measures and achieving stable profitability, Hyams believes the organization remains too complex, with significant duplication of effort and too many organizational layers that slow down job cuts decision-making.

The company worked closely with its human resources, legal, and diversity, equity, inclusion, and belonging teams to ensure objectivity and equity in the decision-making process. According to Hyams, the final selections had "no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US."

Affected employees will receive notice on Monday, along with details about separation packages, which have been increased for most employees over the past year. Hyams acknowledged the significant impact of these decisions on people's lives and took responsibility for the company's current situation, stating, "I am responsible for how we got here, and the entire SLT is responsible for making the difficult decisions necessary to help set us up for the future."

This round of layoffs comes just over a year after Indeed cut 2,200 employees from its workforce in March 2023. However, Hyams emphasized that while the previous cuts were driven by cost savings, the current layoffs are focused on simplifying the organization and driving revenue growth.

Indeed's layoffs are part of a larger trend of tech companies reducing their workforces in 2024, with firms like Cisco, AWS, and Google also announcing significant job cuts in recent months. As the global economy continues to face challenges, companies are seeking ways to streamline operations and adapt to the changing landscape of the job market.

Key Takeaways

  • Indeed to lay off 1,000 employees, 8% of global workforce, to simplify organization.
  • Layoffs primarily affect US employees in R&D and go-to-market teams.
  • CEO Chris Hyams takes responsibility for the decision, citing need for faster decision-making.
  • Affected employees to receive increased separation packages, with no disproportionate impact on under-represented groups.
  • This is Indeed's second round of layoffs in over a year, part of a larger trend of tech companies reducing workforces in 2024.