LinkedIn plans to restructure its workforce announcing lay offs on Wednesday. The Microsoft owned company decides to lay-off 5 per cent of its workforce according to an insider. As per the official website, the platform’s global full-time headcount exceeds 17,500, which would place the total number of jobs eliminated at approximately 875.
Impacted employees would receive a calendar invite within an hour of Shapero’s email being sent at 7 a.m. Pacific, according to the memo. LinkedIn will also “scale back investments” in areas such as marketing campaigns, vendor spend, customer events, and underutilised office space, the memo revealed. “As part of our regular business planning, we’ve implemented organisational changes to best position ourselves for future success,” a LinkedIn spokesperson said, interacting with a press reporter.
In the memo, LinkedIn CEO Daniel Shapero stated that the reductions would affect a range of functions, including the Global Business Organisation, marketing, engineering and product. The memo also asserted LinkedIn would scale back spending on marketing campaigns, vendor spend, customer events and underutilised office space as it seeks to operate more profitably.
While there is no clarity about the role reductions, regions like Europe, the Middle East and Africa (EMEA), and Asia-Pacific (APAC) are said to be in the list.
More recently, Microsoft announced it would offer buyouts to long-serving employees. An internal document spelled out the details of the buyout offer, including severance up to 39 weeks of base pay.