LinkedIn, a popular social network for Microsoft-owned professionals and a new job search platform, has once again laid off employees. The company announced 716 layoffs on Monday. The company will also stop applying for China-based jobs.
LinkedIn, a company of 20,000 employees, reported revenue growth in the quarter last year. Still, the company has joined the team of layoffs, like many of the biggest tech giants, due to the global economic crisis. LinkedIn mainly earns through advertising. In addition, the company also earns from subscriptions to recruitment and sales professionals.
Labor markets around the world are now unstable due to the economic slowdown. Most of the time, large companies are announcing layoffs. Some companies have already laid off a large number of employees. By the end of 2022, big tech companies including Google, Meta, Twitter were laid off, and the world’s first large number of employees were laid off at the same time. That flow continues. Apart from technology companies, employees are being laid off from various sectors including finance, media, automotive.
According to layoffs.fyi, a website that monitors layoffs in the tech sector, 270,000 tech sector workers have been laid off worldwide in the past six months. And in May alone, 5,000 employees were laid off.
LinkedIn CEO Ryan Roslansky said in a letter to employees that employees will be laid off from the company’s sales, operations and support teams. The decision to make the change was made quickly to streamline the company’s operations. Roslansky also said in the letter that the change would result in the hiring of 250 new positions.
A LinkedIn spokesperson said that employees who will be laid off this time can also apply for new jobs at the company.
LinkedIn says it is also removing the company’s job app ‘InCarriers’ from China due to the challenging environment. The app will be closed by August 9. However, even if the app is closed, the company will work differently in China. The company’s spokesman said it could help companies working in China to recruit and train workers outside the country.
In February, LinkedIn laid off employees from the recruitment department. In January, Windows maker Microsoft announced it was laying off 10,000 employees, about 5 percent of the company’s total workforce. Within a month of the announcement, Microsoft-owned LinkedIn laid off employees.
Multinational company Amazon recently laid off 27,000 employees. This is the largest layoff in the company’s history. Facebook, WhatsApp and Instagram’s parent company Meta has laid off 21,000 employees and Google’s parent company Alphabet Inc has laid off 12,000 employees.