Microsoft-owned Linkedin as decided to fire 960 employees across their various divisions, as job market has crashed globally, and there are very few takers of their premium packages.
Which jobs have been culled?
Check more information right here.
Linkedin Fires 960 Employees: Confirmed
Linkedin has confirmed that they are firing 960 employees globally, as part of their cost-cutting initiatives.
The California-based professional’s social media platform informed that the jobs will be mainly cut from the sales and marketing departments, as they are witnessing very less business due to the slowdown arising from coronavirus.
Chief Executive Ryan Roslansky confirmed this, as he informed that all the employees who are being asked to leave will be provided with 10-weeks of the severance package. Besides, US-based employees will also get health insurance.
Ryan said, “I want you to know these are the only layoffs we are planning,”
Employees Can Keep Their Laptops
Besides, all the employees who are getting fired will be able to retain their laptops, mobiles and recently purchased equipments, which will help them to find new jobs, and smoothly carry on this transition.
Not all employees have been informed about the layoffs.
As per the statements issued, the employees who are geting fired will receive an invite for meeting, and then the next steps will be discussed over there.
In case any employee doesnt receive the meeting invite, then he/she is not getting fired, CEO Ryan confirmed this.
960 employees getting fired is roughly 6% of Linkedin’s entire global workforce. They have more than 16,000 employed across 30 cities worldwide.
What Is The Reason For This Layoff?
Slowdown in the recruitment sector is the main reason.
Linkedin earns money by selling their paid plans to companies and recruiters, who are able to get more access to the potential candidates, and then directly hire them.
Job seekers on the other hand can opt for premium plans and get more links and more information about the recruiters and companies.
However, since there are less jobs now, less recruiters and job-seekers are opting for their paid plans.
CEO Ryan said, “Our Talent Solutions business continues to be impacted as fewer companies, including ours, need to hire at the same volume they did previously.”
We will keep you updated, as more details come in.
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