LinkedIn, which is owned by Microsoft, announced on Monday (October 16) that it will be laying off more than 650 employees in a second wave of layoffs, joining the ranks of other US technology companies that have decreased their personnel in response to the declining demand for new hires.
According to the reporters updates agency, the company will reportedly request the resignation of 668 individuals across its engineering, talent, and finance divisions. This represents more than 3 percent of the company’s total workforce of 20,000 people.
This follows the social media network’s decision in May to eliminate 716 jobs across its sales, operations, and support teams to streamline its processes, remove layers, and facilitate the making of decisions more quickly.
Read also: Cellulant to dismiss 20% of its employees
Tech industry bleeding
LinkedIn makes money by selling ads, charging sales, and hiring professionals who use the network to find suitable job candidates for subscriptions.
Challenger, Grey & Christmas, an employment company, says that the tech industry has fired 141,516 workers so far this year, up from about 6,000 earlier this year.
“Changing our talent is a difficult but normal and necessary part of running our business,” the company said.
“While adapting our organizational structures and streamlining our decision making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers.”
“We are committed to providing full support to all impacted employees during this transition and ensuring they are treated with care and respect.”
LinkedIn joins the growing list of tech firms in layoffs
The company told its employees about the layoffs in an email before making the news public. The email spells out where the cuts would happen.
There were cuts to “137 Engineering management roles” and “38 Product roles.”
It also said 368 jobs would be cut from its tech team “to align resources to our FY24 plan better.”
Business Insider claims that the employees were also told to check their email in an hour to see if they had been fired.
The CEO of LinkedIn, Ryan Roslansky, told CNBC in November 2022 that the company would stop hiring people in some areas of the business.
