The job website Indeed, which has headquarters in Stamford, Connecticut and Austin, Texas, is laying off around 1,000 people, which is around 8 percent of the company.
No information has been released on how many jobs in Connecticut will be affected.
“I am sad to share the news that we have made the difficult decision to reduce our headcount through a layoff. Unlike last year, where our reduction was driven by cost savings, we are taking this action because we need to simplify our organization to make it easier and faster for us to make decisions, and help us to more effectively grow revenue and hires,” Indeed CEO Chris Hyams said in a statement that was shared with employees.
Indeed said that the company maintains a co-headquarters in Stamford and there are no changes to the real estate footprint as a result of the announcement.
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“Indeed remains committed to Connecticut. The state continues to be very business friendly, with strong support for our workforce and users - job seekers and employers. Additionally, Stamford is still a key sales office for Indeed, and integral to Indeed’s long-term plans,” Indeed said in a statement.
“While the reductions touch many groups and regions, they are not across the board like last year; rather they are mostly concentrated in the US, and are more focused on R&D and some Go-to-Market teams. We worked closely with the HR, Legal, and DEIB+ teams to ensure objectivity and equity in the decision-making process. The final selections have had no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US,” Hyams told employees.
In 2017, Indeed executives and then-Gov. Dannel Malloy announced that the company was expanding its Stamford offices and bringing in hundreds of employees to have a total of more than 1,200 employees in Connecticut.
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In June 2020, as the state was reopening after the pandemic business closings, Indeed partnered with the state on a custom jobs portal for jobseekers and employers looking for opportunities to get back to reopen and get back to work.
Following is the full statement from the CEO:
A Message from our CEO, Chris Hyams
"I am sad to share the news that we have made the difficult decision to reduce our headcount through a layoff. Unlike last year, where our reduction was driven by cost savings, we are taking this action because we need to simplify our organization to make it easier and faster for us to make decisions, and help us to more effectively grow revenue and hires.
"We anticipate that we will be letting approximately 1,000 people go, representing ~8% of the company. While the reductions touch many groups and regions, they are not across the board like last year; rather they are mostly concentrated in the US, and are more focused on R&D and some Go-to-Market teams. We worked closely with the HR, Legal, and DEIB+ teams to ensure objectivity and equity in the decision-making process. The final selections have had no measurably disproportionate impact on women and under-represented genders or the under-represented minority population in the US.
"Within the hour, employees outside of Ireland, the UK, and Australia will hear whether or not you have been impacted by this decision. If you are impacted, your email will include a link to the details of your separation package, which will vary by region. Package amounts have been increased for most employees over last year, and include severance, healthcare payment where applicable, and outplacement services, among others. Employees in Ireland, the UK, and Australia will hear within the hour whether you will be entering into the consultation process.
"I am responsible for how we got here, and the entire SLT is responsible for making the difficult decisions necessary to help set us up for the future. We know these decisions will have a significant impact on people’s lives. I’d like to share some context for why I believe it’s necessary.
"Last year we were facing a global slowdown in hiring, which led to multiple consecutive quarters of revenue loss. We reduced our headcount, instituted multiple cost-saving measures, and instilled investment discipline across the company. These measures worked, and we are now operating with stable profitability.
"However, while the global economy has improved in several areas over the past year, we are not yet set up for sustainable growth. Despite our efforts so far, our organization is still too complex, we still have significant duplication of effort and too many organizational layers that slow down decision-making. We have been working to simplify every aspect of our business, but without meaningful change, we can’t get where we need to go.
"At a high level, we are significantly restructuring the R&D team to align with our marketplace strategy, and we are reducing layers of management. We are also restructuring and aligning some Go-to-Market teams, and will be eliminating most of the Sales and CS roles in Foster City, California. Across the business we are making additional changes to simplify decision-making and create clarity.
"For those who are staying, I know you will need time to absorb this news. Tomorrow we will have a global town hall where I will share more about the overall org structure. This will be followed by org-specific town halls led by SLT, with opportunities to get answers to your questions. On Wednesday, we will share the updated organization chart for everyone to see.
"As difficult as these changes are, our new structure will help us to simplify and work more effectively as one team, reignite growth in revenue, and drive toward our 2030 goal to help 100 million people get jobs.
"But today, our focus will be on those who are leaving.
"Our mission is vital. Helping people get jobs is a profound privilege. Our work is driven by the deep understanding of just how important a job is in a person’s life. We all know what it means to lose that. For those of you who are leaving, this is incredibly hard. We are committed to bringing as much support to you as possible in the days and weeks ahead. You helped millions of people get jobs, and helped Indeed to be a better place. Thank you."
