Job search giant Indeed is undergoing a significant restructuring, announcing layoffs of roughly 1,000 employees – a hefty 8% cut to its global workforce. This move comes after a brutal year for the company, marked by a global slowdown in hiring and multiple quarters of declining revenue.

CEO Chris Hyams took full responsibility for the layoffs in a public memo, acknowledging that Indeed isn’t currently positioned for sustainable growth. Hyams claims the restructuring aims to simplify the organization, specifically targeting “too many organizational layers” – a strategy reminiscent of Mark Zuckerberg’s recent “flattening” of Meta’s structure.

While Hyams assures the cuts won’t disproportionately impact underrepresented groups, the brunt of the layoffs will be felt in the US, with research and development (R&D) and go-to-market teams taking the biggest hit. This targeted reduction suggests Indeed is looking to streamline its innovation pipeline and potentially shift its sales strategy in an effort to reignite growth.

The news comes as a blow to Indeed’s workforce, particularly after last year’s larger layoff of 2,200 employees. The company will hold an internal town hall to address employee concerns and is expected to unveil a revised organizational chart in the coming days.

Whether Indeed’s streamlining efforts will be enough to propel the company back on a growth trajectory remains to be seen. The tech industry continues to navigate a volatile economic climate, and Indeed’s ability to adapt and innovate will be crucial to its future success.