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May 14, 2024

Stamford’s Indeed laying off 1,000 employees

Courtesy Photo Indeed CEO Chris Hyams

Stamford and Austin, Texas-based online job posting board Indeed is laying off about 1,000 employees, roughly 8% of its total workforce, the CEO told workers this week.

Chris Hyams, CEO of Indeed, shared the news with employees in a message Monday.

“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,” Hyams said.

Most impacted jobs are in the United States, specifically focused on Indeed’s research and development and “Go-to-Market” teams, the company said. Hyams said employees being laid off will receive an email detailing separation packages.

Hyams explained that the company would be restructuring certain teams and eliminating certain sales roles. The CEO said the company would have a “global town hall” meeting Tuesday to discuss the changes. An updated organizational chart will be shared with employees Wednesday, he said.

“Last year we were facing a global slowdown in hiring, which led to multiple consecutive quarters of revenue loss. We reduced our headcount, instituted multiple cost-saving measures, and instilled investment discipline across the company. These measures worked, and we are now operating with stable profitability,” Hyams said. “However, while the global economy has improved in several areas over the past year, we are not yet set up for sustainable growth. Despite our efforts so far, our organization is still too complex, we still have significant duplication of effort and too many organizational layers that slow down decision-making. We have been working to simplify every aspect of our business, but without meaningful change, we can’t get where we need to go.”

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