Two technology companies announced more than 2,300 layoffs this morning, signaling broader trouble in the recruiting and staffing sector.
Indeed, a leading job-listing site based in Austin cut 15% of its workforce or 2,200 employees. The CEO said layoffs are a result of declining job listings, which the firm expects to continue to decline in 2023 and 2024.
Glassdoor, an SF-based employer-rating site cut 140 jobs. Both Indeed and Glassdoor are owned by Tokyo’s Recruit Holdings, whose stock rose on the news of the cuts.
As more companies lay off employees and enact hiring freezes to combat the economic downturn, fewer internal recruiters and staffing-related workers are needed by major companies. Airbnb cut its recruiting staff by 30% earlier this month.
The latest figures show that San Francisco’s unemployment rate is starting to tick up after a year of companies shedding jobs. In the city this week, more than 500 people were laid off.
Though the location of Indeed’s 2,200 layoffs jobs has not yet been released, the cuts at Glassdoor and Twitch this week are the latest cuts to be added to The Standard’s Layoff Tracker. Check the list below for all the SF-based layoffs of 2022 and 2023.