San Francisco, June 1 : Job search engine ZipRecruiter has announced to reduce its global headcount by approximately 270 employees, which represents approximately 20 per cent of the company's total number of employees.

The company said in a filing with the US Securities and Exchange Commission (SEC) that the action was taken in response to current market conditions and after reducing other discretionary expenses, "with a view toward driving 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. Apple iPhone 16 Pro To Flaunt a 6.27-inch Display, While iPhone 16 Pro Max Will Boast of a 6.86-inch Display, Say Latest Reports.

The company expects to complete all of the headcount reduction by the end of the fiscal quarter ending June 30.A Approximately 50 per cent of the impacted employees were from the sales and customer support teams.

As a result of the headcount reduction, the company currently estimates that it will incur a pre-tax charge in the range of $7 million to $9 million during the fiscal quarter ending June 30.

ZipRecruiter was founded in 2010 by Ian Siegel, Joe Edmonds, Ward Poulos and Will Redd. In 2017, Facebook (now Meta) also partnered with the company and integrated ZipRecruiter into its platform. Meta Threatens To Block News on Facebook, Instagram if California’s Journalism Preservation Act Passes.

In 2018, the company had reported that over 1.5 million businesses and 430 million job seekers used its platform. In the same year, ZipRecruiter raised $156 million for its online employment marketplace, at a valuation of $1 billion.

(The above story first appeared on LatestLY on Jun 01, 2023 02:08 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).