Indeed CEO removes 1000 employees constituting 8% of its workforce
Globally acclaimed job searching platform Indeed decided to lay off 1000 employees which is constituting 8% of its workforce. The sudden decision of laying off will affect many groups and regions, which are primarily concentrated in the US, specifically targeting the R&D and some Go-to-Market teams.
The CEO of Indeed, Chris Hyams said, "This was a difficult decision, but it is necessary to simplify our organization and make it easier to make decisions."
He also explained the reasons of taking such comprehensive decisions. He explained, "We worked closely with the HR, Legal, and DEIB+ teams to ensure objectivity and equity in the decision-making process. The final selections have had no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US."
In relation to this layoff issue the company has increased their separation package for the affected employees. The package will include severance, healthcare payment where applicable, and outplacement services, among others. Hyams contributed with his participation in the role and connected with the of the senior leadership team during this challenging period.
He opined, "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. We know these decisions will have a significant impact on people’s lives."
He explained and underscored the necessity of the layoff session and exclaimed, "Last year, we were facing a global slowdown in hiring, which led to multiple consecutive quarters of revenue loss. We reduced our headcount, instituted multiple cost-saving measures, and instilled investment discipline across the company. These measures worked, and we are now operating with stable profitability."
He further added, "While the global economy has improved in several areas over the past year, we are not yet set up for sustainable growth. Despite our efforts so far, our organization is still too complex, we still have significant duplication of effort and too many organizational layers that slow down decision-making. We have been working to simplify every aspect of our business, but without meaningful change, we can’t get where we need to go."
Addressing the global challenges in economy, the company has taken decision and they will cut down more posts in Sales and Customer Service roles in California.
