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News Job Cuts
LinkedIn laying off nearly 1,000 amid hiring slowdown

U.S. unemployment rate in May was 13.3 per cent


July 23, 2020
By The Associated Press

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NEW YORK — LinkedIn is laying off nearly 1,000 employees, approximately six per cent of its workforce globally, with unemployment in the U.S. above 13 per cent and national economies from Europe and Asia, to the Americas, shrinking due to the pandemic.

The outbreak has disrupted commerce globally, closing thousands of businesses while forcing others to furlough large numbers of employees as they await a recovery. Hiring has slowed dramatically.

The number of people applying for unemployment aid has remained stubbornly high in the past several weeks, a sign that many businesses are still shedding jobs and clouding the outlook for jobs.

The overall U.S. unemployment rate in May was 13.3 per cent, a decline from 14.7 per cent in April, according to the Labor Department.

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In a note to employees at the professional networking site, CEO Ryan Roslansky said that the job cuts will hit global sales and hiring sections of the company. He said no further layoffs are planned.

LinkedIn employees in the U.S. will receive at least 10 weeks of severance pay and a year of continuing health coverage through COBRA. Those being laid off will continue in their roles through Aug. 21.

The company, which is owned my Microsoft, is based in Sunnyvale, Calif.