Jobs portal Indeed shuts Singapore tech office amid global layoffs

MORE than 200 Singapore-based employees of recruitment platform Indeed have lost their jobs on the back of a move by the US-headquartered company to slash 15 per cent of its global workforce, people familiar with the matter said.

Indeed on Wednesday night (Mar 22) laid off about 90 per cent of its more than 300-strong Singapore team mainly responsible for engineering and product development, the people said. Roles in talent acquisition and trust and safety were also among those affected.

The company is closing its Anson Road tech office as it battles a slowdown in business, underscoring the drastic cost-cutting steps tech companies have taken since the industry was upended by rising inflation and interest rates.

An Indeed spokesperson declined to comment on the extent of the cuts, but confirmed the closure of the tech office.

“We remain committed to Singapore, with our other local office supporting all Singapore employees,” said the spokesperson. The company has a smaller sales office at Raffles Place.

Chief executive Chris Hyams on Wednesday announced the layoffs affecting about 2,200 staff worldwide. He cited concerns about the rapidly cooling job market following the pandemic boom, and expects human resources (HR) tech revenue to decline in FY2023, and possibly FY2024.

“With future job openings at or below pre-pandemic levels, our organisation is simply too big for what lies ahead,” he said. “We have held out longer than many other companies, but the revenue trends are undeniable.”

Some employees took to LinkedIn on Wednesday to express their shock and disappointment over the sudden near-decimation of the Singapore office.

“The senior leadership team wasn’t honest with us because prior to the layoffs, there was an all-hands meeting at which they claimed there was a lot of potential in the HR-tech space, and we were not in the red,” one ex-employee told The Business Times on condition of anonymity.

The employee added that assurances were given by a manager that Indeed’s parent company, Tokyo-listed Recruit Holdings, had sufficient funds. “So we thought that the hiring freeze and cost-cutting measures would suffice,” the employee said.

Expats, which feature significantly in the local tech scene, were among those hit by the layoffs. Indeed has extended employment for Employment Pass holders by two months, following appeals by staff for more time to find another job, said a person with knowledge of the matter.

Meanwhile, fears of a global recession continue to rock the tech industry. Over 500 companies in the sector have let go more than 153,000 workers in this year alone, noted online tracker Layoffs.fyi.

Amazon this week said it will shed 9,000 more jobs, adding to the deepest cuts in the company’s history.

In South-east Asia, Internet giants Sea and GoTo embarked on fresh layoffs this month, despite improving profitability metrics, underscoring the urgency that tech companies feel to brace themselves for the winter ahead.