Word just broke that Indeed is laying off 1,000 workers mainly in its U. S. operations.
CEO Chris Hyams just published the news and took responsibility for getting them here;
This message was shared earlier today with Indeed employees:
I am sad to share the news that we have made the difficult decision to reduce our headcount through a layoff. Unlike last year, where our reduction was driven by cost savings, we are taking this action because we need to simplify our organization to make it easier and faster for us to make decisions, and help us to more effectively grow revenue and hires.
We anticipate that we will be letting approximately 1,000 people go, representing ~8% of the company. While the reductions touch many groups and regions, they are not across the board like last year; rather they are mostly concentrated in the US, and are more focused on R&D and some Go-to-Market teams. 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.
Within the hour, employees outside of Ireland, the UK, and Australia will hear whether or not you have been impacted by this decision. If you are impacted, your email will include a link to the details of your separation package, which will vary by region. Package amounts have been increased for most employees over last year, and include severance, healthcare payment where applicable, and outplacement services, among others. Employees in Ireland, the UK, and Australia will hear within the hour whether you will be entering into the consultation process.
I am responsible for how we got here…(continue reading on Indeed)
My Take: We’ve seen “peak Indeed” at this point and this could be the sign of their long, slow downward climb as what happened to their predecessors (i.e. Monster) who once ruled the roost but then let success go to their head. Indeed has been trying (and failing) to innovate/iterate with no success to speak of. The cuts are affecting R&D which means no new products and just status quo from now on.
If I were an Indeed competitor, now’s the time to strike with new products and innovation of your own. But employers still aren’t spending on job ads like they used to and this might be the new normal for another few years.
