LinkedIn assures its commitment to ensure that affected employees are treated with the utmost care and respect.
Microsoft-owned LinkedIn has announced its decision to relieve another 668 employees of the company from their duties. The announcement, which was shared via memo Monday, follows earlier layoffs in which the professional social network announced cuts of 716 jobs in May.
According to sources familiar with the company’s decision, the latest layoffs will have the biggest impact on LinkedIn’s engineering unit. However, the cuts also extend to other departments including research and development (R&D), products and human resources departments.
So far in 2023, LinkedIn has laid off at least 1,384 employees, a situation that mirrors the broader reality in the tech sector. As data Employment tracker Layoffs.fyi shows that more than 242,000 people have been laid off in the technology sector this year.
LinkedIn says layoffs are ‘strategic’
It may be worth noting that the cut comes after a significant announcement from Microsoft in July where it said that LinkedIn’s revenue growth has stagnated for too long. At the time, Microsoft announced that the business-based social network had seen eight consecutive quarters of declining year-over-year revenue growth. This is despite the fact that its membership has been continuously increasing during the same period.
However, the latest job cuts could be tied to as early as October Announcement Where LinkedIn revealed that it will introduce new AI-powered tools in its business.
Part of the memo, which was written and obtained by LinkedIn executives Mohak Shroff and Tomer Cohen cnbc Reads:
“As we continue to execute on our FY24 plan, we also need to evolve how we work and what we prioritize so that we can deliver on the key initiatives we have identified that need our “This will have a cascading effect in achieving business goals.”
The memo further highlighted the business’s intention to optimize its organizational structure and reduce layering. It hopes to achieve this by continuing to invest in strategic priorities for the future. Although it didn’t specify what those strategic priorities were, a refocus on hiring more AI talent is likely to be a major part of the mix.
However, for the affected employees, LinkedIn assures its commitment to ensure that they have a soft landing, and promises to treat them with the utmost care and respect.
Mayowa is a crypto enthusiast/writer whose conversational character is quite evident in his writing style. He strongly believes in the potential of digital assets and takes every opportunity to reiterate it. He is also a reader, a researcher, an astute speaker and a budding entrepreneur. However, away from crypto, Mayowa’s imaginary distractions include discussing football or world politics.
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