LinkedIn Layoffs Over 600 Employees, Talks Gain Ground About A “Mysterious List” Amid Employee Discontent
Perhaps an unprecedented move by many, LinkedIn, the professional networking platform, recently announced significant layoffs affecting over 600 employees, accounting for approximately 3% of its workforce. What makes this story particularly intriguing is the discovery of a "mysterious list" containing the names of around 500 employees just hours before the official announcement. This revelation caused anxiety and concern among the employees whose names were included on the list.
LinkedIn has announced a reduction in its workforce, amounting to over 688 employees, approximately 3% of its total staff.
The career networking platform which is owned by Microsoft, is implementing these cuts across various departments, including engineering, product development, talent acquisition, and finance.
In a statement, the company acknowledged that such talent adjustments, while challenging, are a necessary and routine part of managing their business.
These layoffs come on the heels of a previous announcement in May when LinkedIn revealed plans to lay off more than 700 employees; Microsoft, the parent company of LinkedIn, has also undergone significant workforce reductions this year, impacting thousands of employees, since its acquisition of LinkedIn for $26 billion in 2016.
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Despite these workforce changes, LinkedIn continues to experience growth, with its annual revenue surpassing $15 billion for the first time in the fiscal year ending in June.
The company primarily generates revenue from advertising on its platform as well as from user subscriptions to premium features.
As of the latest available information, LinkedIn employs approximately 19,500 individuals.
Microsoft, headquartered in Redmond, Washington, reported a global workforce of 221,000 full-time employees as of July, with the majority of them based in the United States.
The acquisition of California video game-maker Activision Blizzard, valued at $69 billion, is expected to further expand Microsoft’s workforce; the acquired company is reported employing 13,000 individuals as of late last year.
The Case Of The “Mysterious List”
LinkedIn employees stumbled upon a “mysterious list” containing the names of approximately 500 colleagues over the weekend, and within hours, the company announced the termination of over 600 employees, according to a report.
The revelation of this list prompted anxiety among those whose names were included, and their fears were confirmed a few hours later when the layoffs were officially announced.
On Sunday night, a LinkedIn employee posted on the Blind platform, suggesting that the company had compiled a “kill list” containing the names of employees to be affected by the impending layoffs.
Subsequently, rumors about the impending job cuts began circulating within the company.
In its blog post addressing the layoffs, LinkedIn expressed that talent adjustments were “difficult, but necessary” for effective business management.
The company clarified that it would be reducing approximately 668 positions across its engineering, product development, talent acquisition, and finance teams.
The blog post further emphasized that, while adapting organizational structures and optimizing decision-making processes, LinkedIn remained committed to investing in strategic priorities for its future and ensuring the continued delivery of value to its members and customers.
The company pledged to provide comprehensive support to all affected employees during this transition and assured that they would be treated with care and respect.
These layoffs at LinkedIn come in addition to the 10,000 job cuts previously announced by Microsoft earlier in the year.
The company has faced challenges with its overall revenue growth in recent months, prompting CEO Satya Nadella to implement cost-cutting measures across the organization and prioritize revenue generation.
The Last Bit,
The recent layoffs at LinkedIn have sent ripples of uncertainty and concern throughout the professional networking platform.
The discovery of the enigmatic list, quickly followed by the announcement of job cuts, has left many employees questioning the company’s transparency and communication.
However, the layoff is yet another added to the growing list of layoffs that have been the norm for the most part of FY23; with the continued slowdown in the global economy and as revenues take a hit, and several geopolitical challenges looming, this may just be the tip of the iceberg for FY24.
Will more layoffs be announced, we are yet to see!
