(Bloomberg) -- Indeed Inc., the online job-search company, is canceling the monthly mental health days it introduced during the pandemic, joining a growing group of firms paring back benefits they rushed to provide during the Covid-19 crisis.
Indeed initiated “YOU Days” in June 2020, giving all employees the same day off each month at a time when exhausted staff were taking fewer vacation days because of travel restrictions. Three years later, employees are once again booking time off at a similar rate to before the pandemic. “As a result, we have agreed that the global need for YOU Days has passed,” a company spokesperson said in an emailed statement.
Companies introduced “an unprecedented number of perks over the last three years,” according to Tony Guadagni, research director at consulting firm Gartner’s human resources practice. “Many organizations are examining projected 2024 budgets and being forced to make difficult decisions about what benefits and perks to keep, and which will need to be phased out,” he said in an email.
Indeed’s move follows a decision earlier this year to cut 2,200 jobs, or about 15% of its total workforce.
The Austin, Texas-based business isn’t alone in reevaluating its offerings. Elon Musk last year scratched monthly, company-wide “days of rest” at his social media platform, X. And many companies that rushed to provide additional hazard pay and paid sick leave to frontline workers ended those offerings in 2020 after a few months. Starbucks Corp. ended its expanded Covid-19 sick pay for baristas last year.
Indeed, owned by Tokyo-based internet and staffing company Recruit Holdings Co., will continue to provide unlimited paid time off for employees and offers them the option of working fully remote if they choose, according to its spokesperson. It also recently extended its parental leave benefit to 26 weeks from 16 weeks, the company said.
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