LinkedIn has announced plans to layoff 960 employees due to covid-19 pandemic which affected sales of its recruitment products and services. The layoff will affect approximately 6% of the company’s workforce globally.
In a statement sent to employees on LinkedIn website, CEO Ryan Roslansky said ,
COVID-19 is having a sustained impact on the demand for hiring in our company and there are roles that are no longer needed as we adjust to the reduced demand in our internal hiring and for our talent products globally. However, LinkedIn is not immune to the effects of the global pandemic.
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 percent of our employee base, across our Global Sales and Talent Acquisition organizations. I’m sharing this news today so that everyone has the complete picture of these changes and why we are making them, and I want you to know these are the only layoffs we are planning.
LinkedIn to Support affected employees
- In the U.S., 12 months of continuing health insurance through COBRA to give employees and their families peace of mind during uncertain times will be paid. Also 6 months of healthcare continuation or the cash equivalent in group premiums where applicable based on local plans and regulations
- All departing employees will have the opportunity to keep LinkedIn cell phones, laptops, and recently purchased equipment to help work from home, so they have the practical tools they need to help with career transitions.
- To provide a minimum of ten weeks of severance pay, bonuses for those eligible, and August stock vesting for departing employees.
- Help in coaching, workshops, and LinkedIn Learning courses on interview prep, compensation fundamentals, job search strategies, and integrating into a new role to help them successful find a new job.
- The team will reach out to provide personalized support to those on company-sponsored visas, and pay for consultations with external immigration legal advisors.
- Employees who work in North America, Brazil, and parts of APAC will be made aware in the the next 24 hours.
- Dubai will be notified in the next 24 hours.
- Employees in Ireland, the UK, and Australia have begun notified.
- Employees who work in France, Sweden, and Spain will be notified by August
- Italy will be notified in September.
LinkedIn, an American business and employment-oriented online service,has offices in more than 30 cities around the world and employs 16,000 people. In December 2016, Microsoft acquired LinkedIn for $26.2 billion.