(TheConservativeTimes.org) – LinkedIn, Microsoft’s professional social networking service, said on Monday that 668 engineering, finance, and talent workers will be let go due to poor revenue growth.
LinkedIn monetizes via paid advertisements and paid memberships for HR and sales professionals who use the platform to locate qualified applicants for open positions.
The layoffs, which impact over 3 percent of the workforce of 20,000, are the latest in the vast employment cuts in the IT industry this year due to the uncertain economic environment.
LinkedIn stated in a blog post that although it is adjusting its organizational structures and simplifying its decision-making, it is also continuing to put resources into strategic goals for the future and continue to offer value for clients.
According to a report, the IT industry has laid off over 141,000 workers so far this year, up from around 6,000 in the same period last year.
After a peculiar internal list of roughly 500 employees was found to be viewable by anybody at LinkedIn, several staff members began to fear for their jobs. Workers who saw their names on the list were verified to be terminated a few hours later.
LinkedIn officials said in a Monday morning email to staff that they were caught off guard by the news. The email also informed workers that they would find out which of them had been let go within the hour. According to a LinkedIn employee, those who received layoff notices were to attend a conference where they would be given guidance on how to formally leave the firm.
A brochure for the LinkedIn building advertises that the upper floors of LinkedIn’s glass-encased San Francisco tower on South of Market Street are available for subleasing. The brochure for 222 Second Street states that from now until the end of the year 2027, there are five floors, or 63,000 square feet, available for lease. The magnificent vistas, kitchens, and spas are highlighted.
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