Microsoft LinkedIn lays off 668 employees in engineering, talent, and finance restructuring.

Microsoft's LinkedIn has announced a significant reduction in its workforce, with 668 employees being laid off from its engineering, talent, and finance teams. This round of job cuts marks the second time this year that LinkedIn has had to downsize its workforce. The affected employees represent more than 3% of LinkedIn's total staff, which currently stands at over 20,000 individuals. In a statement, the company assured that it will provide full support to those impacted during this transition period.

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Reasons for the Workforce Reduction

LinkedIn's Response

"Talent changes are a difficult, but necessary and regular part of managing our business," stated LinkedIn in response to the layoffs. The company acknowledged that while it is restructuring its organizational structures and decision-making processes, it remains committed to investing in strategic priorities for the future and delivering value to its members and customers. LinkedIn continues to experience growth and recently reported annual revenue exceeding £15 billion for the first time in the fiscal year ending in June.

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Impact on the Tech Industry

In the first half of this year, the tech industry has witnessed a significant rise in layoffs, with a staggering 141,516 employees being let go, compared to approximately 6,000 individuals from the same period last year, as reported by employment firm Challenger, Gray & Christmas. The tech industry's biggest players, including Google, Amazon, Yahoo, Meta, and Zoom, have all been affected by job cuts in 2023.

LinkedIn operates as a professional social networking site on the internet, generating revenue through advertising and charging fees to recruiters and sales professionals who use the platform to identify potential candidates. In a previous round of layoffs conducted in May, LinkedIn eliminated 716 positions from its sales, operations, and support teams. The goal of these job cuts is to optimize operations and speed up decision-making by reducing bureaucracy.

Final Words

Microsoft's LinkedIn has recently announced a workforce reduction of 668 employees across its engineering, talent, and finance departments. This marks the second round of layoffs within the same year. Factors contributing to these layoffs include a decline in advertising spending and a slowdown in hiring activities. LinkedIn emphasized that talent changes are necessary for effective business management and reaffirmed its commitment to investing in future strategic priorities. This downsizing trend is reflective of the broader tech industry, which has experienced a significant surge in job cuts during this year.