LinkedIn is planning layoffs that would affect about 668 staff in across its engineering, product, talent, and finance divisions amid plans to keep the staff count flat through the second quarter of 2023.
Recall that this is LinkedIn’s second round of layoffs this year. This is even though the company earned more than $15 billion in the fourth-quarter earnings report for 2023. This reduction will however affect about 3% of LinkedIn’s total workforce and comes after the company’s first major layoff earlier this year.
The Great Layoff
LinkedIn is far from being the only company to undergo layoffs this year. In the past few months, Facebook’s parent company, “META” did cut jobs. So did companies like Lyft and Uber Technologies. In this year 2023, countless companies such as Glassdoor, Walmart, Amazon, Citigroup, Twitter, Yahoo, and Meta, just to mention a few, have all eliminated large percentages of their staff.
Where is the saved Money Going?
Others suggested that due to the fears of looming recession and higher inflation, especially in the United States, companies are beginning to rethink hiring more staff. This led to a decrease in hiring activities and LinkedIn is beginning to experience a reduction in demand on employers’ side.