LinkedIn is cutting about 960 jobs — roughly 6% of its global workforce — as the coronavirus pandemic takes a toll on the job market.
The professional networking website “is not immune to the effects of the global pandemic,” CEO Ryan Roslansky wrote in a note to staff posted publicly on the platform. He added that the company has been hurt “as fewer companies, including ours, need to hire at the same volume they did previously.”
“I want you to know these are the only layoffs we are planning,” Roslansky wrote, adding that the cuts would affects LinkedIn’s global sales and talent acquisition units.
In the United States alone at least 3.7 million jobs have disappeared as a result of the pandemic. Many major tech companies have avoided the brunt of the fallout, as worldwide work-from-home requirements create more demand for their products. But LinkedIn’s business model revolves around helping people search for jobs, connect with other professionals and build their resumes — all features that have lost value as companies cut workers and freeze hiring.
Roslansky, who was named CEO in June after previously holding a senior vice president role, said that laid off staff would be offered a minimum of 10 weeks of severance pay. US employees will receive health insurance for the next year. He also said the company could potentially place some employees in newly created roles.
“This is painful to go through as an organization, but a company with a vision as bold as ours will have to make difficult decisions,” Roslansky said.