According to its CEO Chris Hyams, the US-based company Indeed, a division of Japan’s Recruit, has slashed almost 2,200 jobs from practically all of its teams and functions. 15% of the overall workforce of the organization is represented by this.
Several of Indeed’s Singapore workers have posted complaints on the company’s website about the “massive” employment losses that have largely hit its local operation in the city-state. Senior UX researcher Sara Koay, who is no longer employed by Indeed, said on LinkedIn that her product and UX teams “disappeared overnight.”
Almost 120 Singapore employees were let off, according to The Business Times. Truly informed Tech in Asia that it has nothing else to add at this time.
It’s “increasingly likely,” according to Hyams, that income from HR IT will decline over the course of the next two fiscal years as the company anticipates the employment market to continue declining.
“With future job openings at or below pre-pandemic levels, our organization is simply too big for what lies ahead,” he added.
The CEO said that sponsored positions decreased by 33% while overall employment vacancies in the US decreased by 3.5% over the previous quarter.
In addition, Hyams will get a 25% pay cut because more than 75% of his income is directly related to the company’s financial success.
Since its establishment in 2004, Indeed has reportedly had over 250 million unique visits monthly. It is sold in more than 60 countries and has offices, among others, in Australia, Japan, and India. Recruit also runs Glassdoor in addition to Indeed.