As part of the economic implications of the COVID-19 pandemic on the job market, LinkedIn has announced that it is cutting 960 jobs. The number represents about 6% of the professional networking website’s global workforce.
LinkedIn CEO, Ryan Roslansky, made the announcement in a note posted publicly on the platform. Roslansky wrote that the company “is not immune to the effects of the global pandemic”.
He also added that the company has been hurt “as fewer companies, including ours, need to hire at the same volume they did previously”.
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Roslansky added that the cuts would affect LinkedIn’s global sales and talent acquisition units. However, the CEO says his company is not planning any other layoffs. “I want you to know these are the only layoffs we are planning,” he said.
According to the CEO, the company will offer laid off staff a minimum of 10 weeks of severance pay. Its US employees will also receive health insurance for 2021. Some employees could, however, be reassigned to some of its newly created roles.
“This is painful to go through as an organization, but a company with a vision as bold as ours will have to make difficult decisions,” Roslansky said.
At least 3.7 million jobs have been lost in the US alone as a result of the pandemic. This clashes with LinkedIn and its model of helping people search for jobs, connect with other professionals, and build their resumes as most companies have slowed down hiring in the period.
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