LinkedIn to cut 960 jobs amid sales slump
Professional social network LinkedIn said Tuesday it was cutting 960 jobs, or six percent of its workforce, as the global pandemic has hit demand for its paid recruitment services.
The COVID-19 outbreak “is having a sustained impact on the demand for hiring,” said Ryan Roslansky, chief executive of the Microsoft-owned platform.
As a result, “there are roles that are no longer needed as we adjust to the reduced demand in our internal hiring and for our talent products globally.”
The move comes amid surging joblessness during the pandemic-induced economic slump, even though many technology firms have weathered the crisis and even boosted employment.
LinkedIn said it added new features to help job seekers and businesses during the pandemic and made recruitment tools free for those fighting the pandemic.
It also pledged to help 25 million people worldwide acquire new skills.
But LinkedIn’s Talent Solutions business, aimed at helping companies recruit, “continues to be impacted as fewer companies, including ours, need to hire at the same volume they did previously.”
LinkedIn will offer a minimum of 10 weeks severance pay and other benefits fot employees being laid off, and assistance in finding new jobs.