Indeed, Glassdoor to cut 1,300 jobs amid AI integration, memo shows
The cuts — representing about 6 per cent of the HR technology segment workforce — are mostly in the U.S. and within the research and development, growth, and people and sustainability teams, but span all functions and several countries, the memo said.
While the company did not provide a specific reason for the layoffs, Recruit CEO Hisayuki "Deko" Idekoba said "AI is changing the world, and we must adapt by ensuring our product delivers truly great experiences for job seekers and employers".
U.S. companies, including tech giants Meta and Microsoft, have announced job cuts recently to prioritize AI investments as well as to navigate slowing economic growth.
Recruit also said it would integrate Glassdoor operations into Indeed. As a result of which, Glassdoor CEO Christian Sutherland-Wong would leave the company, effective October 1.
LaFawn Davis, chief people and sustainability officer of Indeed, will also step down effective September 1, and will be succeeded by Ayano Senaha, chief operating officer of Recruit.
Recruit, which acquired Indeed in 2012 and Glassdoor in 2018, currently has 20,000 employees in the HR technology business unit.
In 2024, Indeed announced plans to eliminate 1,000 positions. This followed a previous announcement a year earlier, when the company said it would cut about 2,200 jobs, representing 15 per cent of its staff.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
14 minutes ago
- Business Times
Buffett's Berkshire hit with US$3.8 billion Kraft Heinz charge
WARREN Buffett's Berkshire Hathaway took a US$3.8 billion impairment on its Kraft Heinz stake, the latest hit to a bet that's weighed on the billionaire investor's company in recent years. On Saturday (Aug 2), Berkshire marked down the carrying value of its Kraft Heinz investment to US$8.4 billion, down from more than US$17 billion at the end of 2017. It's a rare disappointment for Buffett, 94, who was an instrumental force in the merger of both Kraft and Heinz about a decade ago. While the billionaire is still in the black on his bet, the stock of the packaged foods giant has fallen 62 per cent since then. During the same period, the S&P 500 has risen 202 per cent. Berkshire's Kraft Heinz stake is now marked at its fair value as of the end of June. The writedown was 'overdue', said Kyle Sanders, an analyst at Edward Jones. 'You could argue they should have done it a couple of years ago.' Kraft Heinz is now contemplating a spinoff of part of its business as it grapples with headwinds including inflation weighing on consumers' spending and people seeking healthier alternatives to its products. Last month, the company posted a decline in sales that wasn't as bad as analysts had predicted, in part thanks to higher prices. In recent months, Berkshire has signalled that it's taking a slight step back with its ties to Kraft Heinz. In May, Kraft Heinz announced that Berkshire gave up seats on the packaged foods company's board. And because Buffett's company is now limited to what Kraft Heinz discloses publicly, Berkshire said it would start reporting its share of Kraft Heinz's earnings on a one-quarter lag. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up The writedown, disclosed Saturday in a regulatory filing, was driven in part by the sustained decline in fair value. But the company also said it considered its relinquishing of those board seats and Kraft Heinz's push to evaluate strategic transactions when determining how much of a charge to take. 'Given these factors, as well as prevailing economic and other uncertainties, we concluded that the unrealised loss, represented by the difference between the carrying value of our investment and its fair value, was other-than-temporary,' Berkshire said in the filing. While Buffett's conglomerate said it owns 27.4 per cent of Kraft Heinz stock at the end of June, the writedown could ease the path to a reduction of that holding in the future, according to Edward Jones's Sanders. 'I think they're giving themselves more flexibility to potentially exit their position in the future,' he said. 'This is one of Warren's largest missteps in the past couple of decades. It might just be time to move on from it.' Cash hoard Buffett's cash pile ended up dropping 1 per cent in the three months through June, to US$344 billion, the first time in three years that the war chest has shrunk. Those funds had previously kept soaring to all-time highs as he struggled to find opportunities to invest. Buffett ended up taking a cautious approach to the stock market in the second quarter. He was a net seller of other companies' shares during the period, offloading about US$3 billion of equities. He even steered clear of Berkshire's own stock, forgoing any buybacks. He's been on the sidelines for repurchases for roughly a year now, despite the stock falling 12 per cent after Buffett announced in May that he would step down as chief executive officer at the end of the year. Buffett's perceived cautious stance towards the market, including his own stock, may weigh on Berkshire's share performance compared with the market, according to Sanders. 'The things that they need to do to get the stock working, they're just not willing to pull the trigger on yet,' he said. Operating profit Berkshire had a weaker second quarter at its operating businesses. Profit dropped 3.8 per cent to US$11.16 billion, driven by a decline in underwriting earnings at its insurers. Its auto insurer, Geico, posted pretax underwriting earnings that rose 2 per cent to US$1.8 billion in the second quarter. The unit's underwriting expenses surged 40 per cent in the period, as the company spent more to increase its policy count. 'They were behind their peers, they lost market share and it took a couple of years to turn the ship,' Sanders said. 'That comeback is finally on solid footing.' Berkshire's utility business, which runs Pacificorp, MidAmerican and NV Energy, posted a 7 per cent increase in operating earnings. The company said it is currently evaluating the impact of President Donald Trump's tax law as it accelerates the phase-out of clean energy production. At its railroad network operator, BNSF, operating earnings rose 19 per cent to about US$1.5 billion, an increase Berkshire attributes to increased productivity and a lower tax rate. The unit, which Berkshire acquired in 2010, has been caught up in dealmaking speculation in recent weeks. Two major competitors, Union Pacific and Norfolk Southern, struck a US$72 billion deal to create the first transcontinental railroad operator. BNSF's strong performance in the second quarter calls into question the necessity for the railroad to do its own deal to remain relevant, according to Cathy Seifert, an analyst at CFRA Research. 'We just came out of a quarter where they've had to write down a deal that didn't work out very well,' she said. 'So there's really a hesitancy to pay up when you've got a potential target that's been bid up in anticipation of you making a deal.' BLOOMBERG
Straits Times
2 hours ago
- Straits Times
China and Russia start joint drills in Sea of Japan
Sign up now: Get ST's newsletters delivered to your inbox The 'Joint Sea-2025' exercises kicked off in waters near the Russian port of Vladivostok and would last for three days. BEIJING - China and Russia began joint naval drills in the Sea of Japan, also known as East Sea, on Aug 3 as they seek to reinforce their partnership and counterbalance what they see as a US-led global order. Alongside economic and political ties, Moscow and Beijing have strengthened their military cooperation in recent years, and their relations have deepened since Russia invaded Ukraine in February 2022. The 'Joint Sea-2025' exercises kicked off in waters near the Russian port of Vladivostok and would last for three days, China's defence ministry said in a statement on Aug 3. The two sides will hold 'submarine rescue, joint anti-submarine, air defence and anti-missile operations, and maritime combat'. Four Chinese vessels, including guided-missile destroyers Shaoxing and Urumqi, are participating in the exercises alongside Russian ships, the ministry said. After the drills, the two countries will conduct naval patrols in 'relevant waters of the Pacific'. China and Russia have carried out annual drills for several years, with the 'Joint Sea' exercises beginning in 2012. Top stories Swipe. Select. Stay informed. Singapore LTA, Singapore bus operators reviewing Malaysia's request to start services from JB at 4am Singapore Despite bag checks and warnings, young partygoers continue to vape in clubs in Singapore Singapore Ong Beng Seng to plead guilty on Aug 4, more than 2 years after trip to Qatar with Iswaran Singapore Now flying solo, Acres CEO Kalaivanan Balakrishnan presses ahead with wildlife rescue efforts Opinion The charm – and drawbacks – of living in a time warp in Singapore Business Decoupling to save on tax? You may lose right to property if ties go awry Singapore NDP 2025: Veteran Red Lion says each leap 'feels like 5km run' Singapore Lessons learnt from Singapore's love-hate relationship with e-scooters 2024's drills were held along China's southern coast. The Chinese defence ministry said on Aug 1 that 2025's exercises were aimed at 'further deepening the comprehensive strategic partnership' of the two countries. China has never denounced Russia's more than three-year war nor called for it to withdraw its troops, and many of Ukraine's allies, including the United States, believe that Beijing has provided support to Moscow. China insists it is a neutral party, regularly calling for an end to the fighting while also accusing Western countries of prolonging the conflict by arming Ukraine. AFP
Business Times
2 hours ago
- Business Times
South-East Asian firms test Hong Kong waters amid IPO surge
[SINGAPORE] South-east Asian companies have mostly sat out Hong Kong's 2025 listing boom , but a cautious revival may be under way with four more initial public offerings (IPOs) from the region in the pipeline, according to the Hong Kong Stock Exchange (HKEX). Johnson Chui, HKEX's head of issuer services, told The Business Times that four South-east Asian companies are preparing to list, though he did not name them. If these plans proceed, they would mark the highest annual number of South-east Asian IPOs in Hong Kong since 2020, signalling a slow rebound after a prolonged slump. The pandemic and unfavourable macroeconomic conditions drove a steep decline in regional interest, with just three South-east Asian IPOs recorded between 2021 and 2024, compared with more than 65 in the five years prior. The new listings could include that of Singapore-headquartered apparel retailer Shein. In July, it filed for an IPO on HKEX after its plans to debut in New York and London were stymied by regulatory pressures . Chui told BT that the exchange continues to seek opportunities from the south. 'HKEX is deeply committed to strengthening ties with Asean markets,' he said, noting that the bourse frequently conducts roadshows in the region. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up In the first half of 2025, three regional companies listed on HKEX: Indonesia-based Nanshan Aluminium, Singapore biotech firm Mirxes , and Thai coconut water-maker IFBH . They accounted for 7 per cent of the bourse's 43 IPOs so far this year, as overall activity rebounded sharply. In H1, IPOs and cross-listings on HKEX totalled 210 deals, raising US$49.2 billion – more than nine times the US$5.3 billion raised a year ago, based on data from S&P Global Market Intelligence. The 43 IPOs in H1 2025 marked a sharp jump from the 29 in the same period in 2024, and the 27 in H1 2023. 'Most of the success we've seen in the capital markets in Hong Kong has been from Chinese companies,' said Jon Withaar, head of Asia special situations at Pictet Asset Management. Much of HKEX's fundraising surge has stemmed from the 175 dual-listed companies that also trade on the mainland's A-shares market. For these firms, Hong Kong's deep capital markets and currency fungibility provide greater flexibility. Mainland markets The prospect of expanding into the Chinese market has prompted some South-east Asian companies to make the leap. Listing on HKEX could lead to greater recognition among investors across Greater China, or the leverage of brand familiarity for fundraising. Thailand's IFBH, whose coconut water brand IF commands a significant market share in China, cited desires to grow its business in the wider region following its Hong Kong debut in June. ' Most of the success we've seen in the capital markets in Hong Kong has been from Chinese companies. ' — Jon Withaar, head of Asia special situations at Pictet Asset Management In addition, Hong Kong's efforts to attract listings from key sectors could draw the attention of Greater China companies. Specialist technology firms in China have flocked to HKEX as the bourse offered pathways to lessen compliance burdens for applications within the sector. This may be why cancer diagnostics startup Mirxes chose HKEX over the Singapore Exchange (SGX) for its IPO in May, citing better valuations and a more savvy investor pool. This is despite the company's links with Singapore government bodies such as the Agency for Science, Technology and Research, and the Economic Development Board. Homecoming bias Admittedly, South-east Asia's own IPO market has been relatively quiet, with fundraising reaching a decade-long low in 2024 . Fresh listings in H1 2025 have also underperformed compared to the year before, a Deloitte report noted. Local exchanges have remained more attractive than HKEX for new listings, with fundraising flexibility and policy incentives laying the foundations for domestic players to access funds. 'Major Asean members have their own currencies and domestic stock markets to fund business growth,' a Bloomberg Intelligence report noted in July. 'The bias remains for South-east Asian companies to list on their local exchanges in 'homecomings',' said Pictet's Withaar, pointing out that government-linked investment companies and sovereign wealth funds in countries such as Malaysia, Indonesia and Singapore often support large listings in the region. Such government involvement is expected to persist in South-east Asia's capital markets. 'Companies increasingly favour local exchanges over international ones due to regulatory support and growing domestic investor interest,' Stephen Bates, partner and head of deal advisory at KPMG in Singapore, told BT last month. As a result, little of Hong Kong's listing activity in the last few years has come from South-east Asia, Withaar noted. 'These are markets for Chinese and Hong Kong investors, who can understand Chinese businesses much more than (those) in Thailand, Vietnam or Malaysia.' Cross-listings Notably, HKEX may still find additional reach in dual-primary or secondary-listed companies which already trade on Asean exchanges. The bourse may already have signalled a strategic shift, which HKEX chief executive Bonnie Chan hinted at in a June interview: 'I am now beginning to realise that our sweet spot may not be private companies.' 'We're now more focused on companies which are actually already listed on another market, but might have outgrown their domestic market,' she added. Since 2022, international issuers have been included in HKEX's Stock Connect programme, which allows mainland Chinese investors to trade and settle shares listed on Hong Kong boards. Access to these investors may be why companies such as Malaysia-listed Capital A, the parent company of low-cost carrier AirAsia, is now seeking a secondary listing on the Hong Kong bourse. ' I am now beginning to realise that our sweet spot may not be private companies. We're now more focused on companies which are actually already listed on another market, but might have outgrown their domestic market. ' — Bonnie Chan, HKEX chief executive As part of efforts to woo more South-east Asian firms, HKEX has included several exchanges from the region in its list of recognised stock exchanges – allowing companies already listed on these boards to pursue secondary listings in Hong Kong without being subject to additional regulatory requirements. The bourse added the Indonesia Stock Exchange to this list in 2023, and the Stock Exchange of Thailand in March this year. The list already includes SGX, but not Malaysia's or Vietnam's main stock exchanges. Seventeen companies from South-east Asia –- including 16 from Singapore and one from Malaysia – are currently trading on both HKEX and their domestic bourses, Bloomberg data indicated. Even so, access to additional fundraising is far from a given for South-east Asian companies. SGX-listed real estate player LHN discovered this as it voluntarily delisted from the Hong Kong bourse in July, citing compliance costs and low trading volumes. Liquidity concerns, the company's board said, had limited its opportunities to conduct secondary equity fundraising on HKEX. Pictet's Withaar also warned that dealmaking in Hong Kong still suffers from deep cyclicality, where listing booms come and go. 'Just 18 months ago, there were miniscule levels of activity in the Hong Kong capital markets,' he said. 'This is unlike the US, which has a very deep and liquid market. There is always a steady stream of capital markets transactions.' When it comes to overseas listings, Wall Street exchanges Nasdaq and the New York Stock Exchange remain the gold standard for foreign companies due to better liquidity and valuations, he added. Compared to the three South-east Asian listings on HKEX, six regional companies have already gone public on Nasdaq in 2025, all of which are headquartered in Singapore.
