Amidst the massive layoffs that are being experienced in all sectors of the economy, the latest company to partake in these massive cutbacks is LinkedIn. The reigning professional networking system that acts as a form of social media for job searchers and job posters has announced on February 14 that it will be laying off several of its employees. This is taking place as a direct result of the tech industry's recent layoffs as a result of their unprecedented rapid growth through the Covid-19 pandemic.
The news did not necessarily come as a surprise, as LinkedIn News had announced at the beginning of the year several companies that were expecting layoffs to come in 2023, among which was Microsoft, the conglomerate that owns LinkedIn.
In a blogpost on the Official Microsoft Blog made on January 18th, Microsoft CEO Satya Nadella announced that three main changes will be made in order to work toward long term opportunities for the company. The first one consists of reducing the group's workforce by 10,000 jobs, or 5% of their total number of employees, in a number of divisions by the end of Quarter 3 of the 2023 Fiscal Year. Next, they are engaging a capital of $1.2 billion during Q2 for “related to severance costs, changes to our hardware portfolio, and the cost of lease consolidation as we create higher density across our workspaces”, in order to remain consequential with the changing times. Lastly, they state their commitment to supporting the employees in this difficult period for them by providing compensations such as continued healthcare for six months and career transition services, to name a few.
Formerly, it had been reported by CEO Ryan Roslansky, that LinkedIn would not be laying off any employees this year but did establish that there would be a freeze in the hiring process. Currently, however, LinkedIn has been laying off a number of employees over the month of February from their talent acquisition team due to a lack of resources.
In a turn of events, this comes as a high number of LinkedIn users are concentrating on the platform to express their experiences in being laid off. Could it be that ex LinkedIn employees hop on this trend and express their discontent with being dismissed from their positions?
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