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LinkedIn To Cut 960 Jobs Due To COVID-19 Pandemic Impact - Quick Facts

(RTTNews) - LinkedIn, the job networking site owned by Microsoft Inc. (MSFT), said it plans to cut about 960 jobs, or about 6 percent of its workforce, due to the impact of the COVID-19 pandemic. The job cuts will be across LinkedIn's Global Sales and Talent Acquisition divisions.

In a note sent to LinkedIn employees, CEO Ryan Roslansky noted that LinkedIn is not immune to the effects of the coronavirus pandemic.

"Our Talent Solutions business continues to be impacted as fewer companies, including ours, need to hire at the same volume they did previously," Roslansky said.

The CEO noted that a set of roles in GSO are no longer needed as the company evolves the way it works with its talent media customers and small businesses. He added that COVID-19 was having a sustained impact on the demand for hiring, both in the company's LTS business and in LinkedIn.

To support the affected employees, LinkedIn will provide a minimum of ten weeks of severance pay. The company said that a payment in lieu of fiscal 2020 bonuses will be paid out at full target for those who are bonus-eligible, and departing employees will be eligible for the company's August stock vesting.

LinkedIn said that in the U.S., it will pay for 12 months of continuing health insurance through COBRA. Across the globe, it is offering six months of healthcare continuation or the cash equivalent in group premiums where applicable based on local plans and regulations.

LinkedIn also said it has created a special six-month offering called Momentum, to help employees successfully find their next role. This includes 1:1 coaching, workshops, and LinkedIn Learning courses on interview prep, compensation fundamentals, job search strategies, and integrating into a new role.

Further, the company will provide personalized support to those on company-sponsored visas, and also pay for one-on-one consultations with external immigration legal advisors.

LinkedIn added it will be hiring for newly-created roles across the company, and will work with employees impacted by today's announcement to explore these opportunities.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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