California, June 1: ZipRecruiter has announced a round of job cuts and pay cuts for top executives. The job posting site is planning to cut 20% of its workforce and slow down hiring.

Recent reports claim that Santa Monica, California-based company plans to fire about 270 roles, mostly in sales and customer support departments. The new staff reductions will be mostly complete by the end of June. Taxfix Layoffs: Fintech Unicorn Announces Job Cuts, Fires 120 Employees to Reduce Costs.

The new cuts are in response to the current market conditions. Even, CEO Ian Siegel is likely to take a 30% cut to his base salary. The top executive apparently earned USD 550,000 last year.

The Job-hunting platform earlier warned that a shakier economy had made for a cautious hiring environment.

“This action was taken in response to current market conditions and after reducing other discretionary expenses, with a view toward driving long-term efficiency,” ZipRecruiter said in the filing. Guild Layoffs: Edtech Unicorn Announces Job Cuts, Lays Off 172 Employees.

The company expects to record a pre-tax charge in the range of USD 7 - 9 million during the current quarter for severance and other termination benefit costs. After the announcement, shares rose 1.3% after hours.

(The above story first appeared on LatestLY on Jun 01, 2023 11:16 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).