LAGOS, Nigeria (VOICE OF NAIJA)-Microsoft-owned LinkedIn, a social media platform geared toward business professionals, announced that it would eliminate 716 positions due to waning demand and close down its China-specific job application.
Although LinkedIn, which has 20,000 employees, has seen quarterly revenue growth over the past year, it has joined other large technology businesses, including its parent, in cutting staff due to a dimming prognosis for the global economy.
According to Layoffs.fyi, which has been monitoring the effects, more than 270,000 tech jobs have been eliminated globally in the last six months.
Additionally, Advertising revenue and membership fees from hiring managers and salespeople who utilize the network to identify clients are two ways that LinkedIn generates revenue.
LinkedIn CEO Ryan Roslansky explained in a letter to staff that the decision to eliminate positions from the company’s sales, operations, and support teams was made to streamline business processes and to reduce layers that could slow down decision-making.
“With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors,” Roslansky wrote.
A LinkedIn spokesperson said the vendors were “external partners” who would take on new and existing work.
Roslansky also said in the letter that the changes would result in creating 250 new jobs. The spokesperson said that employees affected by the cuts would be eligible to apply for those roles.
