Ryan Roslansky, CEO of the business-focused social-networking service, announced the layoffs in a LinkedIn post saying that the cuts come out to 6% of the company’s “employee base.”
The layoffs were concentrated in LinkedIn’s “talent solution” business unit, which is responsible for the company’s hiring and recruiting tools, among other job-related services. Roslansky said that unit continues to “be impacted as fewer companies, including ours, need to hire at the same volume they did previously.”
LinkedIn, which is owned by Microsoft, does not plan on further job cuts for the time being, he wrote.
“This is painful to go through as an organization, but a company with a vision as bold as ours will have to make difficult decisions,” Roslansky said. “And since our vision is more important than it ever has been given all that’s going on in the world, I’m confident we’ll emerge more resilient and stronger than ever.”
As the economy continues to struggle amid the COVID-19 outbreak, numerous companies have announced major corporate restructurings and layoffs.
In May, for instance, ride-hailing service Uber laid off around 3,700 employees while Airbnb eliminated roughly 2,000 workers. American Airlines recently cut about 5,100 jobs as fewer people are traveling now.
The U.S. leisure and hospitality industry has also taken a massive hit with overall jobs in that sector down 41% year over year in May to 9.8 million.