Professional networking site LinkedIn is to reduce its headcount by around 960 due to difficulties posed by the pandemic.
The social media site, which is owned by Microsoft, said it was “not immune” to the effects of Covid-19 and that demand for its business continued to be impacted as fewer companies need to hire at the same volume.
The California-based firm offers a range of employment services but is largely known for being the modern-day version of an online CV.
In a note to employees, LinkedIn chief executive Ryan Roslansky outlined the range of cuts being made across the business.
“After weeks of discussion and deliberation, the executive team and I have made the extremely difficult decision to reduce approximately 960 roles, or about six per cent of our employee base, across our global sales and talent acquisition organisations,” he said.
Mr Roslasky said he wanted everyone to have the “complete picture” of the changes and insisted that the 960 roles were the “only layoffs we are planning”.
“While this decision will help us ensure that our company and platform are resilient and emerge stronger to reach our vision, there is simply no harder decision to make as a CEO,” he said.
“These reductions impact our colleagues personally—talented people who have chosen to spend their time and energy working at LinkedIn.”
LinkedIn said it was providing a “minimum of ten weeks severance pay” as well as a paid notification period. Another payment in lieu of 2020 bonuses will also be paid out to those eligible.
The company has also committed to six months of healthcare continuation or the cash equivalent where applicable. All company tech will also be allowed to be kept by the workers affected by the cuts.
Employees set to be affected will be informed this week when they start receiving invitations to meetings about next steps.
“If you don’t receive a meeting invite, you are not directly impacted by this change,” Mr Roslansky said.
LinkedIn is the latest company to announce a raft of cuts in the wake of the coronavirus. Uber, Lyft, and Airbnb are also among the businesses to committed to reducing their headcounts.