Tech lay offs continue to roll in. Austin-based Indeed says 2,200 employees will be let go, which represents about 15% of the company’s total staff, effective Wednesday.
AUSTIN, Texas — Indeed, a worldwide employment website co-headquartered in Austin, Texas, and Stamford, Connecticut, on Wednesday became the latest company to announce a major staff reduction.said 2,200 employees will be let go, which represents about 15% of the company’s total staff.
Hyams said the “cuts come from nearly every team, function, level and region at Indeed and Indeed Flex.” The layoffs are in effect Wednesday, though regular pay will continue through March 31. There is a severance package which includes insurance and 16 weeks of base salary or two weeks for every year of service, whichever is greater.
Hyams attributed the layoffs to a cooling post-COVID job market as well as an anticipated decline in tech revenue in fiscal years 2023 and 2024. Hyams said he’s taking a 25% cut in base pay and that 75% of his total compensation is tied to Indeed revenue growth.LATEST NEWS
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