In a late-night email to employees yesterday, LinkedIn
has announced that it will be cutting around 960 jobs, which is close to 6% of its overall workforce. The letter from CEO Ryan Roslansky cites that the “extremely difficult decision” is being made because of the global pandemic and because fewer companies are hiring. The layoffs affect the Global Sales and Talent Acquisition organizations.
Roslansky notes that the COVID-19 pandemic has led to reduced demand for the company’s “internal hiring and for [its] talent products globally”. Therefore, some roles across the Sales and Talent Acquisition organizations are no longer needed. He also adds that for sales team, an online servicing model makes more sense over a field sales team and that the company has made investments in this regard.
As for those that are affected by the cuts, the company will be providing a minimum of 10 weeks of severance pay. However, the amount may increase based on tenure, country-specific practices, and other variables. Additionally, the firm will be paying out all due bonuses in full for those eligible. In the U.S., employees affected will receive pay for 12 months of health insurance. Across other regions, the Microsoft-owned company will provide six months of healthcare or cash equivalent for premium payments.
