There is no doubt the tech industry is facing turbulent times, and is laying off people across the board. Meta and Twitter are some of the most notable names that have announced layoffs. Amazon has also started trimming its workforce substantially. LinkedIn, another tech juggernaut based in the US, has revealed its plans to deal with the slowdown in the tech industry.
A report by CNBC TV18 claims that LinkedIn is not planning any kind of layoffs for now. However, Ryan Roslansky, CEO of LinkedIn, said that there will be a hiring freeze across various verticals of the company.
Ryan Roslansky said, “We haven’t announced … any kind of layoffs. We have put ourselves inside a hiring freeze right now for various parts of the company. But again, like every other leader, we’re just continuing to navigate the global strategy that we need to keep the company going to create this platform.”
Microsoft-owned LinkedIn also sees a silver lining in this entire process of layoffs. Roslansky is of the opinion that employees are turning to their platform to look for new and better opportunities and even upskill themselves for better prospects.
Roslansky also revealed some statistics about LinkedIn’s growth in India. He said, “When we take a look at India, it’s outpacing, the revenue in India is growing at 50 per cent year over year in north of 84 per cent. We’re closing in on nearly having 100 million members in India.”
End of Tech Boom?
Twitter and Meta have confirmed mass layoffs across different markets and business verticals. Twitter has fired over half of its workforce, and Meta has removed around 13 percent of employees, which amounts to 11,000 employees. Meta and Twitter employees are getting severance pay but the move comes just before the onset of the holiday season in the US. This goes on to show the desperation of tech companies to rein in costs and enhance profit margins. Other big players like Apple and Google have also decided to slow down their hiring across various verticals.
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