LinkedIn has announced it will lay off around six percent of its workforce, in part due to a coronavirus-related worldwide hiring slowdown. The Microsoft-owned company is cutting about 960 jobs from its global sales and talent acquisition teams.
“[LinkedIn] is not immune to the effects of the global pandemic,” CEO Ryan Roslansky wrote in an email to employees. “COVID-19 is having a sustained impact on the demand for hiring, both in our [LinkedIn Talent Solutions] business and in our company.” He said “there are roles that are no longer needed as we adjust to the reduced demand in our internal hiring and for our talent products globally” and that these are the only planned layoffs.
There are some other factors involved in the decision. LinkedIn is merging two media divisions — LinkedIn Marketing Solutions and the Talent Solutions business — to avoid “duplicating costly platforms, systems and tools internally.”
The employees who are leaving can keep their LinkedIn-provided devices and will receive at least ten weeks of severance pay. LinkedIn will provide 12 months of continuing health insurance for those in the US and six months for people elsewhere. It’s also running a six-month program to help people find new jobs and offering support for those on company-sponsored visas. The company may find a place for some of the employees in new roles.
Update 7/21 3 PM ET: Clarified the divisions that LinkedIn is combining.