Microsoft’s professional networking platform, LinkedIn, is set to undergo a second round of layoffs in 2023, affecting 668 employees in the engineering, talent, and finance departments, according to Reuters’ report on October 16. This move is a response to a slowdown in demand for hiring services on the platform.
The job cuts represent slightly over 3% of LinkedIn’s workforce, which totals around 20,000 employees. This downsizing is occurring against the backdrop of a broader trend in the technology industry, which has experienced a notable surge in job reductions this year. The uncertain economic environment has led to tens of thousands of positions being eliminated.
During the first half of the year, the technology sector witnessed substantial 141,516 job losses, a sharp contrast to the approximately 6,000 job cuts reported in the same period the previous year, as revealed by employment firm Challenger, Gray & Christmas.
LinkedIn, which generates revenue through advertising sales and subscription fees targeting recruiters and sales professionals, had already taken steps to streamline its operations earlier in the year. In May, the company announced a reduction of 716 positions within its sales, operations, and support teams. The objective was to eliminate unnecessary layers and enhance operational efficiency, fostering quicker decision-making processes.
The tech industry’s response to economic uncertainties has led to strategic restructuring across various companies, with LinkedIn being no exception. As the landscape evolves, organizations are adapting their structures to remain agile and competitive in the face of challenges, reflecting the broader trend of dynamic adjustments in the technology job market.
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