News: Job search engine ZipRecruiter implements layoffs, letting go of 20% of global staff

Strategic HR

Job search engine ZipRecruiter implements layoffs, letting go of 20% of global staff

ZipRecruiter stated that through streamlining the organisation and optimising its cost structure, the company aims to achieve faster execution and enhanced focus on key priorities and long-term strategic growth objectives.
Job search engine ZipRecruiter implements layoffs, letting go of 20% of global staff

ZipRecruiter, the job search engine, has made an announcement regarding a reduction in its global workforce by around 270 employees. This downsizing accounts for approximately 20% of the company's total employee count.

As reported by IANS, ZipRecruiter stated in a filing with the US Securities and Exchange Commission (SEC) that the decision to reduce the workforce was a response to prevailing market conditions. The company also mentioned that it had already reduced other discretionary expenses, aiming to enhance long-term efficiency.

"By streamlining the organisation and optimising cost structure, the company believes it can execute faster with increased focus on its top priorities and long-term strategic growth objectives, including continued development of its technology roadmap," said ZipRecruiter.

By the end of the fiscal quarter ending on June 30, the company anticipates finalising the entire headcount reduction process. The sales and customer support teams accounted for approximately 50% of the affected employees. Due to the headcount reduction, the company foresees an estimated pre-tax charge of approximately $7 million to $9 million during the fiscal quarter ending June 30.

Founded in 2010 by Ian Siegel, Joe Edmonds, Ward Poulos, and Will Redd, ZipRecruiter has gained prominence in the job search market. In 2017, the company partnered with Facebook (now Meta) and successfully integrated its platform into the social media giant's network. 

By 2018, ZipRecruiter boasted a user base consisting of over 1.5 million businesses and 430 million job seekers, as reported by the company. During the same year, the company secured $156 million in funding for its online employment marketplace, valuing the company at $1 billion.

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Topics: Strategic HR, #HRCommunity, #Layoffs, #HRTech

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