Job search platform Indeed announced plans to lay off 2,200 employees, or roughly 15% of its staff, according to an email by CEO Chris Hyams to all employees on Wednesday.
The CEO said that the cuts will affect nearly "every team, function, level and region at the company", noting that the decisions were carefully made with human resources, the legal department, and Diversity, Equity, Inclusion and Belonging teams.
CEO Hyams himself would also take a 25% cut in base pay, with more than 75% of his total compensation tied to Indeed revenue growth. The company would now be instituting additional cost-saving measures moving forward.
He commented that job cuts come amid the global job market slowdown and a continuing decline that could hit pre-pandemic levels. Job openings in the United States were down 3.5% last quarter year-over-year, and sponsored jobs dropped 33%.
According to the company, affected employees outside of the United Kingdom, Ireland, the Netherlands and Japan would receive an email with their updated employment status. In those countries, local regulations would mean a longer wait for notification.
As part of a severance package, those who are impacted will receive a January through March bonus at target or at quota performance, depending on whichever is greater. Employees will keep their laptops, which will be remotely wiped, and will receive either a January-through-March bonus or a quota performance, whichever is greater.
The company also said laid-off workers will receive 16 weeks of base salary, or two weeks for every year of service, whichever is greater.
Indeed's layoffs come amid a broader global tech industry layoff and a slowdown in employee recruitment in the industry which has supercharged his earnings for years.