LinkedIn to cut nearly 1,000 jobs amid Covid-19 challenges
San Francisco, July 21 (IANS) Microsoft-owned professional networking platform LinkedIn has decided to reduce approximately 960 roles, or about six per cent of its employee base, amid slowdown in hiring.
The job cuts will impact the company's global sales and talent acquisition sections, LinkedIn CEO Ryan Roslansky said late on Monday in a note to employees.
“Our Talent Solutions business continues to be impacted as fewer companies, including ours, need to hire at the same volume they did previously,” Roslansky said.
“While this decision will help us ensure that our company and platform are resilient and emerge stronger to reach our vision, there is simply no harder decision to make as a CEO,” he said.
LinkedIn, however, said that it will continue to invest in its “most strategic” areas for growth and it will be hiring for newly-created roles across the company.
The company said that it will discuss with the employees impacted by the job cuts to explore potential placement opportunities in those newly created roles.
“We are committed to a thoughtful and compassionate transition process and are helping with comprehensive financial, healthcare and career support,” Roslansky said.
LinkedIn will provide a minimum of ten weeks of severance pay and this may increase based on tenure and country-specific practices, and is in addition to a paid notification period that varies by country.
Other benefits that will be provided to the impacted employees include career transition assistance, health insurance for several months and migration support.