SAN FRANCISCO, March 22 (Xinhua) -- Job listing platform Indeed announced on Wednesday that it's laying off 2,200 people, 15 percent of its employees.
In a blog post, its chief executive officer Chris Hyams said that the job market is expected to continue to cool down. As of last quarter, sponsored job volumes were down 33 percent year over year, and total job openings were down 3.5 percent in the United States.
According to Hyams, it is becoming increasingly likely that HR Tech revenue will decline in the fiscal year 2023 and potentially again in 2024.
"With future job openings at or below pre-pandemic levels, our organization is simply too big for what lies ahead," Hyams wrote. "We have held out longer than many other companies, but the revenue trends are undeniable. So I have decided to act now."
Hyams said that he will take a 25 percent cut in base pay himself.
He noted that the cuts are impacting nearly every team, at every function, level and region, and the company will ensure the layoffs do not disproportionately impact underrepresented minorities in the United States.
Waves of layoffs have continued across the U.S. tech industry. This week, Amazon announced its second round of layoffs, impacting an additional 9,000 employees on top of previous 18,000 job cuts. Last week, Meta also announced a second round of layoffs with plans to cut another 10,000 jobs, despite eliminating 11,000 roles in November 2022.