Job search platform Indeed to cut 2,200 jobs

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.

Affected employees will receive January through March bonus and regular pay for the month, the company's blog said.

Human Resource Technology revenue will decline in fiscal years 2023 and 2024, the CEO said, adding U.S. job openings will likely fall to pre-pandemic levels of 7.5 million or even lower in the next two to three years.