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LinkedIn, the professional networking site owned by Microsoft, confirmed the termination of 668 employees this week, primarily impacting its engineering division as the tech giant continues its trend of workforce reductions.
CNBC reported that a source who knows the situation said LinkedIn also terminated many workers in its finance and human resources units. The company’s decision to let go of almost 700 staff comes after its year-over-year revenue growth has slowed down for eight consecutive quarters.
New Round of Layoffs
In January, Microsoft announced the reduction of its workforce and said it would cut 10,000 staff. The firm let go of more employees in July as the tech firm’s overall revenue growth has stumbled.
In response, the company’s chief, Satya Nadella, took measures to reduce costs, including job cuts. These latest layoffs are also said to be separate from the one announced in January.
Reorganization of the Company to Achieve Business Goals
LinkedIn said it is slowly executing its plans for the coming year. It is currently prioritizing its key initiatives to achieve its goals for the company’s better future. In any case, the firm also assured terminated workers of its full support.
“Talent changes are a difficult, but necessary and regular part of managing our business. The changes we shared with our team today will result in a reduction of approximately 668 roles across our engineering, product, talent, and finance teams,” LinkedIn wrote in its October Update.
It added, “While we are adapting our organizational structures and streamlining our decision-making, we are continuing to invest in strategic priorities for our future and to ensure we continue to deliver value for our members and customers. We are committed to providing our full support to all impacted employees during this transition and ensuring that they are treated with care and respect.”
Photo by: Greg Bulla/Unsplash
