March 22 (Reuters) – U.S.-based job search platform Indeed said on Wednesday it will cut about 2,200 jobs, or 15% of its workforce, joining a host of companies rationalizing their labor force following a pandemic-fueled hiring boom.
Chief Executive Chris Hyams, who will take a 25% cut in base pay, said future job openings in general were at or below pre-pandemic levels and that the company was too large.
Corporate America has been laying off staff at a pace not seen since the financial crisis over a decade ago, bracing for a an economic downturn triggered by aggressive rate hikes by central banks around the world.
For Indeed, among other support measures as part of the severance package, affected employees will receive January through March bonus, regular pay for the month, accrued paid time off and access to mental health services, according to a company blogpost.
Indeed’s revenue from human resource technology will decline in fiscal 2023 and 2024, Hyams said, adding that U.S. job openings will likely fall to pre-pandemic levels of 7.5 million or even lower in the next two to three years.
Reporting by Akash Sriram in Bengaluru; Editing by Sriraj Kalluvila and Shounak Dasgupta
Our Standards: The Thomson Reuters Trust Principles.