There is no end to layoffs recently an American worldwide employment website, Indeed has sacked 2,200 employees roughly 15% of the workforce.
The company’s severance package will have some additions based on role and location, but under the severance agreement employees will receive:
- 16 weeks of base salary, or two weeks for every year of service, whichever is greater
- Four months of COBRA (US only)
- Accrued PTO (where applicable)
- A cash payout is equivalent to your RSUs scheduled to vest on May 1. For employees whose initial grant date was August 1, 2022, or later, they will receive a partial payout for RSUs that would vest on May 1 with the standard one-year vesting cliff waived. The payout will be calculated at the closing stock price on Feb 1. If the closing price on May 1 is higher, you will receive an additional payment for the difference.*
- The employees will receive access to ongoing career placement services for six months. Additionally, The employees will receive access to ongoing mental health services for twelve months.
Indeed CEO Chris Hyams wrote, “I am heartbroken to share that I have made the difficult decision to reduce our headcount through layoffs. This is a decision I truly hoped I’d never have to make.”
“Leading a company whose mission is to help people get jobs, every single day I think about how important a job is in a person’s life. Losing a job is extraordinarily hard, financially and emotionally. For those who will be leaving, we are working to bring as much support as possible to each of you”, Chris Hyams added.
Chris Hyams further said, “We anticipate we will be letting approximately 2,200 people go. This is roughly 15% of our team. The cuts come from nearly every team, function, level, and region at Indeed and Indeed Flex.”
“The specific decisions on who and where to cut were extremely difficult, but they were made with great care. We focused on preparing the organization for the future, aligning with our strategy and priorities, and reducing duplication of effort and inefficiency”, Chris Hyams added.
Chris Hyams said, “We worked closely with the HR, Legal, and DEIB+ teams to ensure objectivity and equity in these decisions. The final selections have had no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US.”
