Indeed draws more than 250 million people from around the world each month, making it the largest job site.

Careers site Indeed will lay off roughly 1,000 employees, or 8% of its workforce.In a memo, CEO Chris Hyams said the company is profitable, but not set up for sustainable growth.Hyams said the cuts are more targeted than last year’s across-the-board reduction of 2,200 workers.

Careers site Indeed says it will lay off roughly 1,000 employees as it looks to simplify its organization.

In a memo released publicly on Monday, CEO Chris Hyams took responsibility for “how we got here,” but said the company is not yet set up for growth after last year’s global slowdown in hiring caused multiple quarters of declining sales.

Unlike last year’s across-the-board reduction of 2,200 workers, Hyams said the latest cuts will be more concentrated in the US and primarily affect R&D and Go-to-Market teams.

The move is also aimed at reducing “too many organizational layers” at the company. That echoes Mark Zuckerberg’s move last year, in which the Facebook cofounder said that he sought to “flatten” the org-chart at Meta.

“We have been working to simplify every aspect of our business, but without meaningful change, we can’t get where we need to go,” Hyams said.

Hyams also said the company worked with HR, Legal, and DEI teams to ensure that underrepresented groups were not disproportionately affected by the cuts.

The company will hold an internal town hall Tuesday and provide an updated org chart Wednesday, Hyams said.

Read the original article on Business Insider


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