LinkedIn cuts 960 jobs as COVID-19 impacts corporate hiring

Platform News: Microsoft-owned professional networking giant LinkedIn

LinkedIn has announced that it would cut about 960 jobs, or approximately 6% of its global workforce, as the COVID-19 pandemic is having a sustained impact on demand for its recruitment products.

KEY POINTS:

  • LinkedIn says it will cut 960 jobs due to a drop in demand for its job-related services
  • The professional social network said those impacted would be told this week

The Microsoft-owned professional network, LinkedIn helps employers assess a candidate’s suitability for a role and employees use the platform to find new job.

Jobs will be cut across sales and hiring divisions of the group globally. Announcing the plan in a message posted on LinkedIn’s website, CEO Ryan Roslansky said the company would provide at least 10 weeks of severance pay as well as health insurance for a year for US employees, and will hire for newly-created roles from any laid-off staff.

“I want you to know these are the only layoffs we are planning,” Mr Roslansky stated in his message. Staff impacted, who have not yet been told, would be able to keep company-issued¬† laptops, smartphones and recently purchased equipment to help them work from home while making career transitions, he said.

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As lockdowns to contain the COVID-19 pandemic have hit businesses across the world, LinkedIn’s business has been impacted as companies lay off staff, or curtail planned hiring.

California-based LinkedIn said employees affected by its job cuts will be informed this week and they will start receiving invitations in the next few hours to meetings to learn more about next steps.

“If you don’t receive a meeting invite, you are not directly impacted by this change,” Roslansky said.

This marks a tough start as Chief Executive for the highly respected Mr Roslansky, who started in the role at the beginning of last month, but has been at the business for more than a decade in various senior roles.

Initial reporting via our content partners at Thomson Reuters. Reporting by Supantha Mukherjee. Editing by Susan Fenton. Commentary by Rob Phillips.

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