LinkedIn Lays Off 668 Employees Due to Slow Hiring Activity

JAKARTA - LinkedIn, which is owned by Microsoft, announced on Monday 16 October that it would lay off 668 employees across its engineering, talent and finance teams in the second round of job cuts this year for the social media network for professionals. This termination was carried out because demand for employee recruitment services slowed.

These cuts affect more than 3% of the 20,000 employees working at LinkedIn, and add to a long list of job cuts in the technology sector so far this year, amid an uncertain economic outlook.

As reported by employment firm Challenger, Gray & Christmas, the technology sector laid off 141,516 employees in the first half of this year, compared with about 6,000 employees in the previous year.

LinkedIn earns revenue through advertising sales and by charging subscription fees to recruiting and sales professionals who use the network to find suitable job candidates.

In May, the social media network laid off 716 employees across its sales, operations and support teams to simplify its operations and remove layers to make decisions faster.