LinkedIn Cut-Off 716 Employees and Shuts Down Job App in China
The famous job-hunting tech company LinkedIn also joined tech layoffs by announcing a round of significant cut down, terminating 716 employees and shutting down its job search service in China.
In a memo to staff members, LinkedIn CEO Ryan Roslansky explained that the job cut-off resulted from a change in strategy brought on by a change in users’ behavior and slower revenue growth.
Despite it, the platform is seeing record-high levels of engagement and significant advancements in opening up economic options for our members and clients.
LinkedIn discontinued its seven-year-old Chinese version in 2021, citing the challenges of doing business there. It released the InCareer employment board app for Chinese customers, which lacked social networking capabilities.
By August 9th, the business will phase out that app too.
In China, LinkedIn is turning its strategy to assist local businesses in hiring and training workers from other countries. It will lower the size of its local corporate, sales, and marketing divisions and its product and engineering teams.
At LinkedIn, there are about 20,000 employees. Thus, the layoffs represent about 3.5 percent of the total workforce.
However, its CEO claimed that LinkedIn would open more than 250 positions in different departments starting the following week, mainly in the operations, new business, and account management divisions.