Microsoft's LinkedIn would be initiating a second round of layoffs in 2023, impacting 668 employees across its engineering, talent, and finance departments, news agency Reuters reported on October 16. This move comes as the demand for hiring services within the social media network for professionals has decelerated.
These layoffs affect slightly over 3% of LinkedIn's workforce, which consists of approximately 20,000 employees.
The technology industry has witnessed a significant wave of job cuts this year, with tens of thousands of positions being eliminated, primarily due to an uncertain economic landscape.
In the first half of the year, the technology sector has seen a staggering 141,516 job losses, a stark contrast to the approximately 6,000 job cuts during the same period the previous year, as reported by employment firm Challenger, Gray & Christmas.
LinkedIn generates revenue through advertising sales and by charging fees for subscriptions aimed at recruiting and sales professionals who use the platform to identify and engage with suitable job candidates.
Earlier in the year, in May, the social media network had already decided to reduce its workforce by 716 positions within its sales, operations, and support teams. This decision aimed to streamline its operations and eliminate unnecessary layers, facilitating quicker and more efficient decision-making processes.
With inputs from Reuters
First Published: Oct 16, 2023 9:11 PM IST
