Job search giant Glassdoor will cut 140 jobs after other cost-cutting measures were not enough following a drop in profits.

The cuts equate to 15 percent of its workforce.

CEO Christian Sutherland-Wong said the decision came with a “heavy heart.”

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In a message on the company’s website, he said: “From the start, we said that layoffs would be a last resort. Unfortunately, we have reached that point. It is with a heavy heart that I share that I have made the difficult decision to reduce our workforce.

“Today we are going to say goodbye to around 140 of our colleagues, who represent approximately 15 percent of the Glassdoor team.

“This outcome is devastating, and please know that we made all attempts to control costs to avoid this. We paused hiring. We cut program costs. We cut travel and events. Unfortunately, this was not enough.

“Last quarter, US-sponsored jobs across our SBU were down 33 percent year-over-year.

“And we saw declines in retention rates for our Employer Branding customers too.

“It has become increasingly clear that this is just the beginning of a broader economic slowdown, as the job market cools after the post-COVID boom. 

“Economic contractions tend to have an extended impact on the recruiting industry, and we anticipate declines in US job openings back to pre-pandemic levels over the next two or three years.

“As such, I am making difficult but necessary changes to our cost structure now to handle what we expect to be a challenging period for our business and revenue.”

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Employees leaving will receive:

  •  A minimum of 16 weeks base pay.
  •  Healthcare coverage for 4 months. 
  • 100% payout of Spring 2023 bonus, and full payout of earned commissions and spiffs.
  • The choice to keep their Glassdoor laptop to help with their job search.

Mr. Sutherland-Wong added: “It’s heartbreaking to say goodbye to such a talented group of people for reasons that are outside of their control.

“While today will feel like a big change to our company, let me be clear that our vision for Glassdoor is unchanged.

“We are on a path to transforming Glassdoor into the leading community for workplace conversations.

“Recognizing we’ll be a smaller team after today, we will take time in the coming weeks to adapt our plans to ensure we can remain focused on delivering this vision.”

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