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Indeed cuts 2,200 jobs amid slump in recruitment market

Economic Times · 1y

Job listing site Indeed is cutting 2,200 jobs, around 15% of its workforce, as it deals with decreased job postings and a cooling labor market. CEO Chris Hyams stated that the layoffs were necessary due to the organization being too big for the future job market. Parent company Recruit Holdings has also seen a decline in sponsored job listings, with a 33% drop in the last quarter. The impacted employees will receive severance packages. The move reflects the economic challenges faced by many tech companies in the current market conditions.