Linkedin to cut 960 jobs in pandemic restructuring
Linkedin is to cut around 960 jobs, or six per cent of its workforce, as it struggles to maintain demand for its products during the pandemic.
The Microsoft-owned professional social network helps workers find new roles and recruiters source fresh talent.
The impact of the coronavirus pandemic on global employment has left Linkedin with falling demand for its recruitment tools, pushing the network towards a restructuring process.
The job cuts will span across Linkedin’s sales and hiring divisions globally.
Chief executive Ryan Roslansky said the company would provide those being laid off with at least 10 weeks of severance pay, as well as health insurance for a year for employees based in the US.
It will also hire for newly-created roles from redundant staff.
“I want you to know these are the only layoffs we are planning,” Roslansky said in a post on Linkedin.
Affected staff have not yet been told if they will be laid off, but are expected to be notified with invitations to meetings with executives in the next few hours.
Staff in Ireland, the UK and Australia are expected to be the first to find out if they will be remaining in their post.
Staff will be allowed to keep company-issued mobile phones, laptops, and equipment in order to help them work from home while finding a new role, Roslansky said.
“If you don’t receive a meeting invite, you are not directly impacted by this change,” Roslansky said.
Microsoft bought Linkedin for more than $26bn in June last year. It has offices in more than 30 cities around the world and employs 16,000 people.