LinkedIn lays off 960 employees, due to COVID-19 pandemic
What's the story
Microsoft-owned professional network LinkedIn has announced that it will be laying off about 960 employees, or 6% of its workforce, around the world.
The move, the company said, is being taken due to the impact of the novel coronavirus (COVID-19) crisis, which has already affected thousands of jobs at start-ups like OYO Rooms, Uber, Ola, Swiggy, and Zomato.
Here's more about it.
Announcement
Demand for LinkedIn's recruitment products reduced: CEO Ryan Roslansky
In a recent note to LinkedIn employees, CEO Ryan Roslansky announced the job cut, noting that COVID-19 has severely hit the demand of the company's recruitment products.
"LinkedIn is not immune to the effects of the global pandemic," Roslansky said. "Our Talent Solutions business continues to be impacted as fewer companies, including ours, need to hire at the same volume they did previously."
Impact
Sales and talent acquisition divisions affected
Roslansky claimed that the role reduction exercise will be carried out only across LinkedIn's Global Sales and Talent Acquisition divisions.
He emphasized that this challenging decision will help them focus efforts, resources on the "most strategic priorities" and set up the company to continue to adapt and accelerate "for success today—and well into the future."
Notably, the affected employees are yet to be informed.
Benefits
Affected employees will get minimum 10 weeks of severance pay
All the employees who will be laid off will be given at least 10 weeks of severance pay by LinkedIn, along with year-long health insurance and the option to keep company-provided laptops, phones, and other equipment.
Beyond that, the company will also provide them access to several career advancement tools to help them with the job search process.
Quote
Laid-off staff will be called for new roles
"As we invest in our most strategic areas for growth, we will be hiring for newly-created roles across the company, and we will work with employees impacted by today's announcement to explore these opportunities," Roslansky assured the affected staff.
Assurance
"These are the only layoffs we are planning"
The CEO stated in the note that all affected employees will be called for an online meeting and informed about the next steps this week.
"If you don't receive a meeting invite, you are not directly impacted by this change," he said while clarifying that "these are the only layoffs we are planning" as of now.