The effects of the coronavirus pandemic are sure to be felt throughout this year, with job losses not anywhere near its end. LinkedIn has announced it will retrench about six percent of its workforce, mostly due to a worldwide hiring freeze as business adjust to the new normal. This will total 690 employees, which will come from their global sales and talent acquisition teams.
LinkedIn CEO Ryan Roslansky wrote in an email to employees that: “LinkedIn is not immune to the effects of the global pandemic. COVID-19 is having a sustained impact on the demand for hiring, both in our LinkedIn Talent Solutions business and in our company.” He adds that “there are roles that are no longer needed as we adjust to the reduced demand in our internal hiring and for our talent products globally” and that these are the only planned layoffs.
There are also some internal business changes, with company merging two media divisions — LinkedIn Marketing Solutions and the Talent Solutions business — to avoid “duplicating costly platforms, systems and tools internally.”
The company has told the employees it regretfully has to let go that they can keep the devices that they received from LinkedIn. Furthermore, they will be getting at least 10 weeks’ worth of severance. It will also continue to cover the employees’ health benefits for 12 months in the US and for 6 months in other countries. It will also have a six-month program to assist the effected individuals in their “career transition” to help them find another job. The courses will include interview prep, compensation fundamentals, job search strategies, and integrating into a new role.
“To our teammates who are leaving: I deeply thank you for the positive impact you’ve made. Your time and effort have been critical to helping manifest LinkedIn’s vision. Please know these changes aren’t a reflection on you or your work at LinkedIn, but rather, the result of strategic changes we are making to accelerate the vision of the company. You’ve played an important role in building LinkedIn, and I am truly grateful,” Roslansky said.