Microsoft-owned LinkedIn, which has 20,000 employees, has grown revenue each quarter during the last year, but it joins other major tech companies including its parent in laying off workers.
More than half of the layoffs will affect staff at its non-billable corporate functions, the IT company said, sending its shares up more than 4% before the bell.
Pandemic-driven enthusiasm around digitisation & technology drove companies to go on hiring spree, which came to screeching halt towards later part of 2022, as workforce reductions started.
The company said it would pay 16 weeks of base pay plus two additional weeks for every year of service as a part of the severance package and all remaining paid time off.
The number of layoffs in the first half of 2021 went up to 32,000. Most of these job cuts were at Disney’s parks and experiences, which were forced shut due to the pandemic.
Good work is simply not enough to stay employed, especially during a crisis. These are the times when your professional relationships play an important role.
Layoffs are likely to take place next month from the cloud kitchens across 10 tier 1 and tier 2 cities, which operate Swiggy-owned Homely and The Bowl Company.
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