Indeed to lay off 2,200 staff – over 200 in Ireland may be affected
The multinational jobs website giant says that it has decided which teams are set to be affected, blaming a downturn in tech recruitment worldwide.
Over 200 people at the recruiting firm Indeed’s Irish office could be subject to layoffs, with the multinational firm announcing that 2,200 people are set to be affected worldwide.
The company, which employs around 1,500 people in Ireland, has not yet commented on how many might be affected here, but appears to have decided who it has decided to part with.
“We anticipate we will be letting approximately 2,200 people go,” said Chris Hyams in an email to Indeed staff. “This is roughly 15pc of our team. The cuts come from nearly every team, function, level and region at Indeed and Indeed Flex. The specific decisions on who and where to cut were extremely difficult… I know some of you may feel disappointed that I did not share sooner that we were considering layoffs. Until we knew who would be impacted, I believe any announcement would have increased anxiety for everyone.”
While US staff would be informed on Wednesday, Irish staff targeted for redundancy won’t be immediately told, he said.
"In the UK, Ireland, the Netherlands and Japan, unfortunately, local regulations will mean a longer wait. We will communicate with all of you today to outline the specifics in your region.”
Mr Hyams singled out the slowdown in tech recruitment among other big companies as a primary cause for the layoffs.
“It is clear the job market will continue to cool after the recent post-Covid boom,” he told staff.
“It is becoming increasingly likely that HR tech revenue will decline in 2023 and potentially again in 2024. In the US, we are expecting job openings will likely decrease to pre-pandemic levels of about 7.5 million, or even lower over the next two to three years. With future job openings at or below pre-pandemic levels, our organisation is simply too big for what lies ahead.”
Mr Hyams added that he will take a 25pc cut in base pay and that “more than” 75pc of his total compensation is directly tied to Indeed revenue growth, which is “at risk given current trends”.