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LinkedIn employees are the latest victims of mass job cuts across the tech industry. The company has confirmed it will lay off 668 employees in the second round of layoffs this year.
The tech industry is currently dealing with a mass exodus of staff, mainly due to the economic slowdown and corrections after the COVID-19 pandemic. While there is no clear outlook for layoffs to end, companies are laying off even more workers. To implement a second round of layoffs this year, LinkedIn also announced the departure of over 600 employees from its engineering, product, talent, and finance teams.
Adapting organizational structures and streamlining decision-making are cited as the reasons for layoffs. The company also noted that they continue investing in “strategic priorities” for the future to ensure they still deliver value to the customers. “We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect.” LinkedIn added.
LinkedIn to lay off over 600 employees
The first round of LinkedIn layoffs was in May when the company announced the departure of 716 employees as well as closing its job search app in China. With the recent dismissals, LinkedIn has now laid off 1,384 of its staff across different sectors.
LinkedIn’s layoffs follow the footprint of its parent company, Microsoft. The Redmond tech giant has laid off around 10,000 employees so far, and more is yet to come. Laying off employees coincides with the company’s decision to pay $68.7 billion to acquire Activision Blizzard.
LinkedIn layoffs come as a surprise. Microsoft’s recent earnings report showed that the platform’s revenue has increased by 5% year-over-year. The report also revealed LinkedIn has over 950 million users, and its membership growth had “accelerated for eight quarters in a row.” Microsoft’s next earnings report for July-September will be released on October 24.
LinkedIn is now an essential platform for both recruiters and job seekers. It’s also a great place for networking with professionals across various industries. However, the end of the pandemic led companies to freeze new hiring and even lay off thousands of their staff.