Reference Image
On Monday, LinkedIn, the social media platform owned by Microsoft, announced that it would be cutting 716 jobs and discontinuing its local jobs application in China. Despite experiencing revenue growth over the past year, the company has joined other major technology firms, including its parent company, in reducing its workforce due to a weakening global economy, according to Reuters.
Also Read: Apple’s Dollar Bond Sale Raises $5.25 Billion Amid Strong Investor Demand
CEO Ryan Roslansky conveyed the news to all employees via a company-wide email, stating that changes to the company’s Global Business Organization (GBO) and China strategy would result in job cuts for 716 employees as LinkedIn navigates through the ever-changing business landscape.
According to Roslansky, the reduction of roles in LinkedIn’s sales, operations, and support teams is intended to simplify the company’s operations and eliminate bureaucratic obstacles to facilitate faster decision-making. Additionally, he noted that this move would create 250 new roles, which would be available to employees who were laid off from sales, operations, and support teams.
Moreover, LinkedIn has decided to discontinue its local jobs app in China, InCareer, by August 9, 2023. Furthermore, in an email to employees, Roslansky explained that despite InCareer’s initial success due to the company’s strong China-based team, it faced significant competition and challenges posed by unfavorable macroeconomic conditions.
Also Read: Apple Avoids Mass Layoffs, Says It Will Be Their ‘Last Resort’
A spokesperson for LinkedIn stated that the company will maintain a presence in China to support businesses operating in the region with employee recruitment and training initiatives outside of China.
Regarding the employees impacted by the layoffs, those based in the US will receive several benefits, such as severance pay, continuing health insurance, and career transition services. Meanwhile, the benefits provided to employees outside the US will be in line with the employment regulations and local customs of the respective countries, according to Roslansky.
India’s household wealth surged 14.5% in 2024, driven by middle-class growth and diverse investments.
Indian Army signs ₹30,000 crore deal with BEL for DRDO’s Anant Shastra, boosting air defence.
PM Modi honours Maharishi Valmiki and highlights the Ramayan’s enduring values in Mann Ki Baat,…
PM Modi pays tribute to Bhupen Hazarika, Zubeen Garg, and SL Bhyrappa in ‘Mann Ki…
India is accelerating its green hydrogen ambitions under the National Green Hydrogen Mission, with S&P…
India’s 2nd National Mediation Conference in Bhubaneswar underscores mediation’s growing role under the Mediation Act…