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LinkedIn is set to reduce its workforce by 716 employees on the back of wavering consumer demand and slower revenue growth. Additionally, the company plans to shut down its China-focused job application platform, InCareer.
LinkedIn aims to have its product and engineering teams lead the company’s tech road map, while its business productivity team will be phased out, with some personnel integrated into other relevant teams.
It will also expand the use of vendors, reduce management roles, and broaden responsibilities for quicker decision-making. LinkedIn said it will hire for 250 new positions in specific segments of operations, new business, and account management teams starting May 15.
Meanwhile, the move to phase out InCareer is aimed at refocusing the company’s China strategy. Instead, LinkedIn will concentrate on providing support to companies operating in China, particularly in hiring, marketing, and training abroad.
See also: Meet the 100 top-funded startups and tech companies in China
Affected employees in the US will receive benefits including severance pay, ongoing health coverage, and career transition services. For employees outside the US, benefits will align with local employment laws and practices.
“As we plan for FY24, we’re expecting the macro environment to remain challenging,” CEO Ryan Roslansky wrote in a letter to employees.
Editing by Miguel Cordon and Jaclyn Tiu
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