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LinkedIn laying off nearly 1,000 amid hiring slowdown

LinkedIn laying off nearly 1,000 amid hiring slowdown
Posted at 10:44 AM, Jul 21, 2020
and last updated 2020-07-21 12:44:54-04

NEW YORK (AP) — Professional networking company LinkedIn is laying off nearly 1,000 employees, or approximately 6% of its global workforce, as a slowdown in hiring amid the coronavirus pandemic pressures its business.

In a note to employees, CEO Ryan Roslansky said that the positions that will be eliminated are in its global sales and hiring offices.

Roslansky said it's the only layoffs LinkedIn is planning.

"To continue adapting and accelerating the company as we have been, we need to ensure we are focusing our efforts and resources against our most strategic priorities to set up the company for success today—and well into the future," Roslansky said in the letter. "When we took a hard look at the business, we decided we needed to make some hard calls."

Roslansky said 960 roles across their Global Sales and Talent Acquisition organizations would be eliminated.

Impacted U.S. employees will receive at least 10 weeks of severance pay and a year of continuing health coverage through COBRA.

LinkedIn will also provide immigration support, career transition assistance, and the option to keep company cell phones, laptops, and other recently purchased equipment for departing employees to be able to work from home.

Those being laid off will continue in their roles through Aug. 21.

LinkedIn is owned by Microsoft.