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Talent

LinkedIn mass layoffs: The jobs platform cuts another 668 employees in its third layoff this year

October 17, 2023

Talent

LinkedIn mass layoffs: The jobs platform cuts another 668 employees in its third layoff this year

October 17, 2023

Photo by Gabriel Varaljay on Unsplash

LinkedIn is trimming its workforce once again.

The company, on Monday, announced plans to cut 668 jobs across its engineering, product, talent, and finance teams. This is the second mass layoff at the company this year, following a decision in May to cut 716 jobs, and the third this year. An undisclosed number of workers on its talent acquisition team were let go in February, as reported then by The Information.

“Talent changes are a difficult, but necessary and regular part of managing our business,” the company said in a statement. “While we are 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 our full support to all impacted employees during this transition and ensuring that they are treated with care and respect.”

The belt-tightening comes despite a 5% year-over-year increase in revenues in the most-recent quarter. LinkedIn revenue topped $15 billion for the first time this fiscal year and has seen membership growth for eight consecutive quarters, Microsoft announced in July.

An internal email announcing the layoffs, published on Insider, said the decision to reduce staff was made with the long-term needs of the business in mind.

Click for full article

The company announced it will lay off 3.5% of its workforce, reportedly to prioritize ‘key initiatives’ for 2024
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