Networking site LinkedIn is cutting around 960 jobs, or 6% of its workforce, as it moves to align business with the new world COVID-19. In a message posted on the website of the Microsoft Corp.-owned company, Chief Executive Ryan Roslanksy said LinkedIn is not immune to the effects of the pandemic. “When we looked closely at the business, we decided we needed to make some difficult calls,” wrote the CEO. The cuts will take place in the company’s global sales and talent acquisition divisions. “COVID-19 is having a sustained impact on hiring demand, both in our LTS business and in our company,” wrote the executive. “At GSO and GTO, there are roles that are no longer needed as we adjust to lower demand in our internal recruiting and for our global talent products.” The company will pay employees who leave at least ten weeks of layoff, and will make a payment in lieu of the 2020 tax breaks for those who are eligible. You will pay for a full year of health insurance through COBRA and offer professional transition assistance. Workers will be allowed to keep their technology and equipment to help them work from home. It will also offer immigration support, where needed and seek to place an affected worker in new roles. Microsoft shares were up 1.1% pre-market and have gained 34% in the year to date, while the S&P 500 SPX,
It has gained 0.7%.
.
