LinkedIn, the Microsoft-owned career network company, announced new round of layoffs on Monday. Nearly 700 people have been handed over the pink slips as part of company’s new policy. The layoffs will impact finance, product, engineering and talent teams. Around three per cent of the total workforce will be impacted by the layoffs. According to reports, 668 roles have been cut. The October layoffs come months after LinkedIn announced similar decision back in May earlier this year. In May as well, 700 job cuts were announced. This coincided with a massive layoff at parent company Microsoft, where thousands had lost their jobs. Microsoft had bought LinkedIn back in 2016 for $26 billion.
What LinkedIn told the staff
“As we continue to execute on our FY24 plan, we need to also evolve how we work and what we prioritize so we can deliver on the key initiatives we’ve identified that will have an outsized impact in achieving our business goals. This means adapting our organizational structures to improve agility and accountability, establishing unambiguous ownership, and driving improving efficiency & transparency through reduced layering,” the company told the staff in a letter published by Money Control.
The communication to the staff reportedly said that these decisions will lead to a reduction of 563 positions within R&D division. To provide further detail, this includes the elimination of 137 roles in Engineering management and 38 roles in Product development. Additionally, 368 role reductions are being implemented within the engineering team to reallocate resources in alignment with FY24 objectives, the compnay further added. Simultaneously, the company said that it will introduce a limited number of new roles to address essential needs in ‘ambitious project portfolio’.
For those who were handed over the pink slips, a calendar invitation titled “Required Attendance: R&D Role Reductions” was sent, the Money Control report added. This meeting provided a detailed information to those affected by the layoffs.
In an official press statement, LinkedIn described talent changes as a “challenging yet essential” aspect of business management. The company stated, “While we are adjusting our organizational structures and simplifying decision-making processes, we remain committed to investing in strategic priorities for our future and ensuring that we continue to provide value to our members and customers.”
According to a source familiar with the matter, LinkedIn is set to increase its hiring efforts in India, as reported by CNBC.
Source: The Financial Express