LinkedIn plans to let go about 1,000 of its employees as the global pandemic forces the company to make substantial changes…
Microsoft’s professional networking subsidiary LinkedIn has told its team members that it will lay off around six percent of its workforce. The company explains this is necessary, because of various events centered around the coronavirus pandemic, which is likewise resulting in a hiring slowdown. But, the company is doing more than just suspending new its plans for new hires.
LinkedIn Laying Off Nearly 1,000 Employees as Pandemic Takes its Toll
LinkedIn will cut about 960 jobs from two places: its global sales team and its talent acquisition team. At the same time, the professional networking site is in the process of merging two divisions — LinkedIn Marketing Solutions and the Talent Solutions business — in an effort to avoid unnecessary duplication of resources and costs.
Affected employees will be allowed to keep their company-provided devices and will also receive a minimum of ten weeks of severance pay. Plus, the company will provide displaced employees with twelve months of health insurance in the US and six months for others located elsewhere. Moreover, LinkedIn will run a six-month job hunting and reemployment support program.
CEO Ryan Roslansky wrote in an email to employees:
“[LinkedIn] is not immune to the effects of the global pandemic. COVID-19 is having a sustained impact on the demand for hiring, both in our [LinkedIn Talent Solutions] business and in our company…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.”