“LinkedIn has laid off an undisclosed number of staff on its talent acquisition team,” reads its updated layoff tracker.
As it stands, there are 2,000 employees working in LinkedIn’s European headquarters in Dublin. This is where the majority of layoffs are expected to happen.
Microsoft, its parent company, revealed last week that 120 jobs would be cut from the Irish workforce to achieve their plan of reducing their employee headcount.
As part of Microsoft’s empire, LinkedIn was included in their January announcement that 10,000 jobs will be cut.
It is one of the latest companies to join the increasingly long list of tech companies making job eliminations as they battle soaring inflation and high interest rates.
What other ways can employers battle inflation?
Julia Turney, Partner and Head of Platform & Benefits, Barnett Waddingham says: “Inflation is slowing, but the cost-of-living battle continues. Following the 41-year-high of 11.1 percent seen in October, a third consecutive decline in inflation since November to 10.1 percent in January suggests we are beginning a slow but steady crawl towards the Bank of England’s 2 percent rate of inflation target. However positive the news, we must remember that costs are still at an all-time high and it will be a long time before the pressure on households is lifted.
“Despite an easing of inflation in recent months, people are still resorting to drastic measures to keep their finances in check. Over a quarter (26%) of people have asked their family or friends for financial support, one in seven (15%) say they plan to speak to a money charity, and almost a third (30%) have increased their use of credit cards. Perhaps most worryingly however are the people sacrificing their long-term investments and pensions to support themselves in the short-term.
“With a large proportion of businesses offering no specific support to keep up with the cost-of-living crisis, it is imperative that firms identify the pressures their employees are facing and proactively provide targeted benefits that could ease their financial burden. Money worries can have an overwhelmingly significant impact upon workers’ mental, physical, and financial wellbeing in the workplace, impacting their overall productivity. In this respect it should be in a business’s best interest to prioritise employee financial wellbeing, not only during periods of economic crisis, but consistently and regularly.”
Amelia Brand is the Editor for HRreview, and host of the HR in Review podcast series. With a Master’s degree in Legal and Political Theory, her particular interests within HR include employment law, DE&I, and wellbeing within the workplace. Prior to working with HRreview, Amelia was Sub-Editor of a magazine, and Editor of the Environmental Justice Project at University College London, writing and overseeing articles into UCL’s weekly newsletter. Her previous academic work has focused on philosophy, politics and law, with a special focus on how artificial intelligence will feature in the future.
