While marketers in many countries are worried about a recession, there is also optimism regarding the business climate and marketing budgets.
LinkedIn becomes latest social platform to announce job losses
By our News Team | 2023
Blood-letting among social media companies continues, although LinkedIn’s cuts are tiny compared to Twitter and Meta.
LinkedIn has become the latest social media platform to cut jobs, announcing this week that just over 700 positions will go.
This continues the trend of tough economic times being experienced by social media platforms – although LinkedIn’s redundancies are tiny compared to those announced by Twitter and by Meta. The latter owns Facebook, Instagram and WhatsApp.
Photo by Bastian Riccardi from Pexels
A drop in advertising has been cited as a key challenge by both Twitter and Meta. However, LinkedIn’s Chief Executive, Ryan Roslansky, has been less specific and has simply mentioned fluctuating market demand.
“With the market and customer demand fluctuating more, and to serve emerging and growth markets more effectively, we are expanding the use of vendors,” he said. “We are also removing layers, reducing management roles and broadening responsibilities to make decisions more quickly.”
Many of the jobs will go in China
Many of the jobs that will go are in China, where the company is closing down its local InCareer jobs app due to “fierce competition and a challenging macroeconomic climate.” The app only allowed job posts – without comments or articles – and was launched in China when LinkedIn decided to close its traditional platform due to pressure from the Chinese government, which discourages Western social media companies.
Some of the 700-plus job cuts will, however, be offset by around 250 new positions being created in other areas of the business – namely operations, new business and account management.
LinkedIn employs around 20,000 people worldwide and has more than 850-million members spanning a vast array of professions, interests, functions and career paths.
It claims to be the world’s largest online professional network and is inherently B2B-centric. LinkedIn described itself in a January 2023 online post as “nearly ubiquitous as a content marketing channel for B2B marketers”.
According to a study by research company Nielsen, brands are perceived to be “more professional” (92%), “more intelligent” (74%), “higher quality” (59%), and “more respectable” (59%) when their ad is seen on the LinkedIn platform.
LinkedIn is owned by Microsoft.
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