LinkedIn, the job search platform, is laying off over 600 employees

Microsoft-owned LinkedIn, a job search-focused social media platform, on Monday announced that it will cut about 668 jobs across the company’s engineering, product, talent and finance teams. The layoff represents about 3 percent of the total workforce and comes for the second time this year. The company has not given the reasons for the layoff, but said it will continue “to invest in strategic priorities.” LinkedIn previously reported it had 19,500 employees across 36 offices globally, but there is no update on how many are left after the job cuts.

“The changes we shared with our team today will result in a reduction of approximately 668 roles across our engineering, product, talent and finance teams,” LinkedIn said in a blog post. The cut comes as the business-oriented social network has experienced slow revenue growth for eight consecutive quarters, CNBC reported. It grew by just 5 percent in the second quarter, despite accelerating membership growth for the past two years, Microsoft said in July.

According to the report, LinkedIn is now ramping up hiring in India. “While we are adapting our organisational 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,” LinkedIn stated.

In May, LinkedIn laid off 716 employees, as the company made changes to its Global Business Organisation (GBO), along with shutting down its InCareer app in China. The company’s CEO Ryan Roslansky said in an email to employees that the move was aimed at streamlining the company’s operations. “As we guide LinkedIn through this rapidly changing landscape, we are making changes to our Global Business Organization (GBO) and our China strategy that will result in a reduction of roles for 716 employees,” he wrote.

Earlier this year, tech companies such as Alphabet (Google parent), Microsoft, Amazon, and Meta trimmed down their workforces to absorb the downturn in the world economy. The layoffs were also a result of overhiring by most of the companies during the pandemic.

— Written with inputs from IANS