The platform known for helping people get jobs is now taking away some.
Indeed recently announced it is laying off more than 15% of its workforce to reduce its monthly spending, with the company hinting that further cost-cutting measures will be more common in the immediate future.
The employees Indeed will be letting go will receive quite a generous severance package.
Indeed Mas Layoff Details
Indeed's CEO, Chris Hyams, mentioned in a message to employees that the company is laying off more than 2,200 people of its workforce, which would affect every team, function, level, and region Indeed and Indeed Flex has.
He mentioned that the layoffs became necessary due to the slowdown of demand following the recent post-COVID boom and that HR Tech revenue is predicted to decline in FY2023 and even in FY2024. As a result, future job openings will soon reach below pre-pandemic levels, making the company too big for "what lies ahead."
While Indeed employees may find the wait of knowing if they get to retain their job or not, Indeed shared a way for them to determine if they get to keep to stay in the company. An employee who received an email with the subject "Your Position Has Been Impacted" and is located outside the UK, Ireland, the Netherlands, and Japan means that Indeed is letting them go.
Those employees that live outside the previously mentioned countries but get to keep their job in Indeed will receive an email with the subject "Your Position Has Not Been Impacted." Unfortunately, those living in the UK, Ireland, the Netherlands, and Japan are in for a longer wait due to their local regulations.
Regardless, those employees leaving Indeed will get a one-on-one meeting with an Indeed leader on Mar. 23 or 24 and have their last day on either of those days, though their final pay will cover until Mar. 31. Additionally, they will get a severance package from the company that includes the following:
- 16 weeks of base salary or two weeks for every year of service, whichever is greater
- Four months of COBRA (US only)
- Accrued PTO (where applicable)
- Access to ongoing career placement services for six months
- Access to ongoing mental health services for twelve months
- A cash payout equal to their RSUs is scheduled to vest on May 1. Those whose initial grant date was Aug. 1 or later will receive a partial payout for RSUs that would vest on May 1, with the standard one-year vesting cliff waived.
Indeed stated that the RSU payment is calculated at the closing stock price of Feb. 1; if the closing price on May 1 is higher, they'll receive an additional payment for the difference.
Indeed CEO's Reaction To The Layoffs
Hyam stated that the company did its best to work with its HR, Legal, and DEIB+ teams to ensure objectivity and equity in its decision to let to this many employees; its final selection equally affected its employees who were women and those in under-represented genders and minorities.
He also added that the layoffs were focused on "minimizing redundant roles and 'inefficiency,'" per Gizmodo. He also added that the company is working to bring as much support as possible for those that are chosen to leave Indeed.
Indeed joins many tech giants in laying off many of its employees, including Amazon, Microsoft, and even T-Mobile due to the ongoing economic recession.
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