Also known as the Facebook for suits, social media platform LinkedIn will retrench some 716 employees.
LinkedIn chief executive Ryan Roslansky announced the layoffs and also said that it would scrap its job-hunting app in China.
“In an evolving market, we must continuously have the conviction to adapt our strategy in order to make our vision a reality,” Roslansky said.
Linkedin in Trouble?
Roslansky added that the company would however be creating 250 new roles and integrating some of the teams in order to be able to make decisions fast.
He said that the product and engineering teams would be responsible for the technology roadmap of the company while the business productivity team would be phased out and partly integrated into other parts of the business.
“As we turn 20, we are entering a new decade for LinkedIn, one that will perhaps be the most consequential we’ve experienced to date.
“AI is just beginning to accelerate changes in the global economy and labour market, and LinkedIn is more essential than ever to help our members and customers navigate the changes to access economic opportunity.”
“With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors. We are also removing layers, reducing management roles and broadening responsibilities to make decisions more quickly.”
Closing China Branches
The company has also closed most of its services in China as it was becoming increasingly difficult to comply with the country’s regulations. According to a Reuters report LinkedIn will however retain a presence in China. LinkedIn has in the past drawn brickbats for cooperating with Chinese censorship including agreeing to blacklist journalists who criticize the country.
LinkedIn has about 20,000 employees globally.
Roslansky said US-based employees would be entitled to severance pay, continuing health coverage and career transition services; for those outside the US it would depend on their countries’ requirements.
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