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 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).

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