LinkedIn Executes Second Workforce Trim: Microsoft’s LinkedIn (MSFT.O) has stated that 668 engineering, talent, and finance employees will be let go in a second round of layoffs. The layoffs affect more than 3% of the 20,000-person staff. This happens at a time when the tech industry is having a hard time with an uncertain economic future and losing tens of thousands of workers.
The story puts a lot of weight on adapting and making good decisions during this time of corporate change. LinkedIn said in a blog post on Monday that it would be spending money on future strategic priorities while ensuring that its big community of users and clients would continue to get value over time.
Challenger, Gray & Christmas, an employment company, says that the tech industry’s complicated job market is starting to take shape. In the first half of the year, 141,516 employees were let go, which is a sharp rise from the 6,000 who were let go the previous year. LinkedIn makes money from registration fees and ad sales to sales and hiring professionals who are looking for the best way to find new employees.
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LinkedIn’s Q4 of the 2023 fiscal year shows a complicated path when looking at the numbers: a 5% year-on-year increase in income, a big drop from the previous quarter’s solid 10% increase. Microsoft, which runs LinkedIn, says that fewer people are hiring and less money is being spent on ads, which are two big problems for the business social network.
Even though the network has grown to an amazing 950 million members, choices are still made based on practicality and cost. Because of a previous round of layoffs, 716 jobs were lost in May. Most of these were in the sales, operations, and support teams. LinkedIn says the change is meant to make things run more smoothly by cutting down on layers and encouraging quick decisions in the digital industry, which is constantly changing.
Our Reader’s Queries
Who got laid off at LinkedIn?
On October 16, LinkedIn revealed that it will be letting go of 668 employees in the United States. The layoffs will affect various departments, including engineering, product, talent, and finance. Unfortunately, this is not an isolated incident, as many tech companies have also had to make similar cuts throughout 2023.
How many employees does LinkedIn have?
With a global presence spanning over 30 cities, LinkedIn boasts a workforce of over 19,400 full-time employees.
Why are there so many layoffs in 2023?
The economy has been hit hard by the increase in interest rates, resulting in a decline in demand. As a result, businesses are hiring fewer workers for the holiday season, which could be a sign of a weakening labor market. The number of job openings in October was the lowest it has been since March of this year. To add to the gloom, there are several companies that have cut jobs in 2023. Here’s a closer look at them.
Are layoffs coming 2024?
The outlook for 2024 appears bleak, according to a recent survey conducted by ResumeBuilder. A staggering 38% of business leaders anticipate layoffs at their companies, while approximately 50% expect a hiring freeze. These statistics paint a worrisome picture for the future of the job market.