LinkedIn cuts 716 jobs
LinkedIn plans to cut 716 jobs and phase out its own recruiting app in China. In a letter, LinkedIn CEO Ryan Rothlankey said the decision to shut down a Chinese independent app called InCareer was due to “intense competition and a difficult macroeconomic climate.” LinkedIn, which is owned by Microsoft and has 20,000 employees, plans to hire about 250 new people in part of its business on May 15, while making some job cuts. And planning a new business and accounting department. LinkedIn has lagged behind tech companies of all sizes, from Google and Amazon to startups touting job cuts. LinkedIn cuts 716 jobs
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Parent company Microsoft announced in January that it had cut 10,000 jobs, or almost five, from its global workforce. InCareer launched in December 2021, months after LinkedIn announced it would be shutting down its main service in China. At the time, he believed LinkedIn China’s decision to shut down was due to “a tougher operating environment and relaxed compliance requirements.” “InCareer was supposed to help Chinese professionals connect, find jobs and apply, but according to its website, it is a force in the country of more than 120 million drug addicts. LinkedIn cuts 716 jobs
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The company beats out competitors like his Maimai, an expert networking hub with features like anonymously participating in posts, and disseminating and soliciting information about businesses. It has become a popular place for employees.
LinkedIn will be phasing out InCareer by August 9 to allow companies operating in China to offer overseas recruitment, inquiries, and training. We plan to change our China strategy. This means that gift, marketing and learning companies will continue to exist in China. LinkedIn cuts 716 jobs
Dismissed workers covered by U.S. benefits will receive severance pay, ongoing medical care, and placement services, while workers outside the U.S. will receive benefits consistent with their original employment laws and practices. . receive social assistance; As a result, LinkedIn is retiring the Business Productivity Platoon. There are also plans to scale back operations and hire more merchandisers to “further meet evolving and growing needs.” LinkedIn cuts 716 jobs
“Fiscal year 2024 will continue to be challenging.”
Roslansky said. We will continue to pursue the realism necessary to keep the business going,” he wrote. he reported an increase. In a previous report, Microsoft had expected third-quarter revenue growth to slow to a mid-single-digit percentage due to slow hiring and heavy spending. LinkedIn cuts 716 jobs