#JobMarket : In A Scary Sign Of The Times, LinkedIn Plans To Lay Off 960 People.
In a sign of the times, with a little bit of irony, LinkedIn—the go-to social media site for white-collar professionals—announced that it is laying off 960 workers.
In an open memo from LinkedIn CEO Ryan Roslansky to his employees, published on the platform, he wrote, “LinkedIn is not immune to the effects of the global pandemic. Our Talent Solutions business continues to be impacted as fewer companies, including ours, need to hire at the same volume they did previously.”
Roslansky said in the note that LinkedIn, similar to many other companies, is trying to adapt to this new and different environment and needs to “make some hard calls.” In a desire to offer transparency to his workforce, Roslansky offered, “After weeks of discussion and deliberation, the executive team and I have made the extremely difficult decision to reduce approximately 960 roles, or about 6% of our employee base, across our Global Sales and Talent Acquisition organizations.”
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Chris Russell, the managing director of RecTech Media and 20-plus year expert on recruiting technology and job boards said, “The layoffs at LinkedIn are not surprising given the fact that thousands of recruiters have lost their jobs due to Covid-19.” Russell points out that a substantial portion of the social media platform’s revenue is derived from recruiters purchasing pricey subscriptions and job postings. With fewer recruiters, he said, “They have less people to sell into right now.”
Russell noticed that the downsizings in the job board space “have been happening for months since it was kickstarted with the ZipRecruiter layoffs in late March.” ZipRecruiter, whose advertisements dominated radio shows and podcasts for a while, laid off almost 500 employees, according to the Wall Street Journal—representing over 30% of its workforce. At the time, Ian Siegel, the CEO of the job board said, “Our customer base looks like the U.S. economy by size, geography and industry.” Siegel added, “The U.S. economy is hurting and we regretfully have to do what is necessary to make sure we are there for the great American comeback story to come.”
Forbes.com – July 21, 2020 – Careers I write actionable interview, career and salary advice.
