The major job boards are laying off staff and ZipRecruiter is next on the clock. The news came via an SEC filing today;
ZipRecruiter, Inc. (the “Company”) announced a plan to reduce its global headcount by approximately 270 employees, which represents approximately 20% of the Company’s total number of employees prior to the reduction. This action was taken in response to current market conditions and after reducing other discretionary expenses, with a view toward driving long-term efficiency. By streamlining its organization and optimizing its cost structure, the Company believes it can execute faster with increased focus on its top priorities and long-term strategic growth objectives, including continued development of its technology roadmap.
The Company expects to complete substantially all of the headcount reduction by the end of the fiscal quarter ending June 30, 2023. Approximately 50% of the impacted employees were from the Company’s sales and customer support teams.
As a result of the headcount reduction, the Company currently estimates that it will incur a pre-tax charge in the range of $7 million to $9 million during the fiscal quarter ending June 30, 2023, consisting of one-time severance and other termination benefit costs.