Indeed, a major employment company co headquartered in Austin, Texas, has announced they will lay off approximately 8% of its workforce, amounting to roughly 1,000 employees.
This decision comes merely a year after a significant layoff of 15% of its staff as they saw a decrease in job openings following the COVID-19 job surge.
CEO Announces Layoffs With Letter
In a letter written by Chris Hyams, CEO of Indeed, it was announced that 1,000 jobs would be eliminated.
Indeed intends to restructure the company with this round of layoffs and hopes it will boost the company’s overall performance for future growth.
California Offices Are Hit Hard
Hyams stated that the layoffs will apply to many different departments and roles, it will mostly affect “R&D and some Go-to Market teams.” Although most jobs impacted will be in the US, other regions will also be affected.
Indeed’s Foster City office is currently the first of many in California to be strongly affected as Hyams explains that a lot of sales and CS roles will be made redundant. Likely to be affected are other California offices in San Francisco, San Mateo, and Mountain View.
Layoffs Ensures Objectivity and Equity
Indeed is not the only company to be laying off staff in the recent months. Many workers in the tech industry have been laid off in the Bay Area due to restructuring efforts.
Indeed stated they have “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.”
Compensation to Counteract Impact on Laid Off Workers
Hyams began by fully accepting responsibility for the difficult decision to implement another round of job cuts.
He also acknowledged the profound impact these decisions will have on the lives of those affected. Indeed will compensate the laid-off staff accordingly.
Separation Packages Increased in Value
Workers who have been let go have been notified. Indeed have also provided these workers with information on their separation package.
Hyams has mentioned that over the past year, there has been an increase in these packages aimed at providing better assistance to individuals who have been laid off from the company.
Future Plans for Employees at Indeed
For employees who have been kept-on, Indeed will be holding an internal town hall this week to address the news.
Employees will be informed about any changes to the organizational chart and how it may affect their roles.
Post-Covid Environment Could be to Blame
Indeed is only one of many companies that have been laying off staff. Many others in different industries are also restructuring in the effort of reducing costs.
However, given that this recent round of job reductions follows a year after previous layoffs, it may suggest that the employment company is encountering difficulties in generating profits amidst a post-COVID environment.
Indeed Not the Only Company Affected
Tesla, for instance, has implemented multiple rounds of job cuts this year, affecting numerous employees.
Additionally, several major tech firms have also undertaken layoffs in 2024, following a challenging 2023 marked by significant job reductions.
Tech Giants Face Similar Problem
Earlier this year, tech giant Google also cut down their workforce but did not specify the number of workers. The company stated it was due to reorganization.
So far this year, close to 75,000 tech professionals have been laid off across 257 companies, among them, Dell, Cisco, and SAP.
