US based job search platform Indeed said on Wednesday it will cut about 2,200 jobs, or 15 per cent of its workforce, joining a host of companies rationalizing their labor force following a pandemic-fueled hiring boom.
Chief executive Chris Hyams, who will take a 25 per cent cut in base pay, said future job openings in general were at or below pre-pandemic levels and that the company was too large.
They currently have two offices in Dublin city centre, one just off St Stephen's Green and another office in Capital Dock.
There has been an increase in major lay-offs since the financial crisis over a decade ago, bracing for an economic downturn triggered by aggressive rate hikes by central banks around the world.
Meta Platforms and Amazon.com have announced both a second round of layoffs as they look to cut costs.
For Indeed, among other support measures as part of the severance package, affected employees will receive January through March bonus, regular pay for the month, accrued paid time off and access to mental health services, according to a company blogpost.
Indeed's revenue from human resource technology will decline in fiscal 2023 and 2024, Hyams said, adding that U.S. job openings will likely fall to pre-pandemic levels of 7.5 million or even lower in the next two to three year.
