The job search platform Indeed will help you find 2,200 jobs

(Reuters) –U.S.-based Job Search Platform Indeed said Wednesday it will reduce approximately 2,200 jobs, or 15%, to join a host companies that are rationalizing their workforce after a boom in hiring.

Chris Hyams, Chief Executive, will be taking a 25% reduction in base pay. He stated that future job openings were generally at or below pre-pandemic levels, and that the company was too big.

Corporate America is laying off employees at a rate not seen since the financial crises over a decade ago. This is in preparation for an economic downturn that will be triggered by aggressive rates hikes by central bank around the globe.

Meta Platforms Inc., and Amazon.com Inc. announced a second round layoffs in an effort to reduce costs.

According to a blog post from the company, employees affected by the severance package will be eligible for a January-March bonus, regular pay for each month, accrued time off, and access to mental healthcare services.

According to Hyams, revenue from human resources technology will drop in fiscal 2023-2024. He also stated that U.S. job opportunities will likely decline to levels pre-pandemic of 7.5 million, or lower, in the next two to 3 years.

(Reporting done by Akash Sriram at Bengaluru; Editing done by Sriraj Kalluvila, Shounak Dasgupta).