Job search platform Indeed to cut 2,200 jobs

Source | economictimes.indiatimes.com | Reuters

U.S.-based job search platform Indeed said on Wednesday it would cut about 2,200 jobs, or 15% 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% cut in base pay, said future job openings were at or below pre-pandemic levels and that the company was too large.

Corporate America has been laying off staff at a pace not seen since the financial crisis over a decade ago, bracing for a an economic downturn triggered by aggressive rate hikes by central banks around the world.

Click here to read the full article