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US-based firm Indeed, a subsidiary of Japan’s Recruit, has cut roughly 2,200 jobs across almost all of its teams and functions, its CEO Chris Hyams told employees. This represents about 15% of the company’s total workforce.
A number of Indeed’s Singapore employees have expressed their grievances online over the “major” job cuts in the city-state that have affected most of its local office. Sara Koay, a now-former senior UX researcher at Indeed, posted on Linkedin that her UX and product teams “disappeared overnight.”
The Business Times reported that over 120 Singapore employees were shed in the process. Indeed told Tech in Asia that it had no further comments as of now.
Hyams said that as the firm expects the jobs market to continue slowing down, it’s become “increasingly likely” that revenue from HR tech will drop in the next two financial years.
“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 last quarter, total job openings in the US were down 3.5% year over year while sponsored jobs were down 33%.
Hyams will also be taking a 25% pay cut, sharing that over 75% of his compensation directly ties to the company’s financial performance.
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Indeed was launched in 2004 and claims to have over 250 million unique visitors per month. It’s available in over 60 countries and also has offices in Japan, India, and Australia, among others. In addition to Indeed, Recruit also operates Glassdoor.
Update (Mar. 23, 5:00 p.m. SGT): This article was updated to include more information on Indeed’s layoffs in Singapore.
Editing by Thu Huong Le and Lorenzo Kyle Subido
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