LinkedIn, the social media network that focuses on connecting business professionals and is owned by Microsoft, is set to cut 716 jobs due to weaker demand and slow revenue growth. The network also announced that it is shutting down its China-focused job application.
Despite seeing record engagement levels, LinkedIn is shifting its strategy to adapt to changes in customer behavior, and job cuts are part of this new strategy. The layoffs represent around 3.5% of the company’s total headcount of 20,000 employees, although LinkedIn will be opening more than 250 positions in other areas, including operations, new business, and account management divisions.
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The company has been able to grow its revenue each quarter over the last year, but due to the weakening global economic outlook, it is joining other major technology companies, including its parent company, in laying off workers. In the past six months alone, more than 270,000 tech jobs have been cut globally, according to Layoffs.fyi, which tracks the fallout.
LinkedIn makes money by selling advertisements and charging recruiters and salespeople who use the network to discover leads subscription fees.
In 2021, LinkedIn shut down its Chinese version of the service after seven years, citing the challenges of operating in the country. It rolled out a job board app, InCareer, for Chinese users. The company, according to Roslansky, has now decided to phase InCareer by August 9th, citing fierce competition and a challenging macroeconomic climate.
LinkedIn will still retain a presence in China to help companies operating there and continue with its Learning, Marketing, and Talent businesses there, reports said. The corporation will trim the size of its local corporate, sales, and marketing departments while maintaining the size of its product and engineering teams.
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In the tech sector, large companies have accounted for the bulk of recent layoffs, including Amazon, Facebook owner Meta Platforms, and Google parent Alphabet. Before LinkedIn’s announcement, 5,000 technology jobs had been eliminated in May alone, according to Layoffs.fyi.
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