If you think that only F&B and retail businesses are suffering while tech companies are safe from the impact of Covid-19, think again.
Tech companies are suffering equally during the Covid-19 pandemic.
Grab has had to lay off 360 staff.
Goody Feed employees have to pay the company just to stay employed.
And now, LinkedIn is reportedly cutting 960 jobs across its team globally.
LinkedIn Cutting 960 Jobs Due To Covid-19
On 21 Jul 2020, it was reported that due to Covid-19, LinkedIn will be cutting 960 jobs (about 6% of its global workforce).
With the pandemic, more companies are freezing their hiring, which resulted in less demand for LinkedIn’s recruitment products.
Less demand means less revenue, which leads to cost-cutting measures (as you can probably tell by now).
The cut, the California-based company said, will be done across the group’s sales and hiring divisions globally.
Singapore is one of the countries affected by the cut although the company did not reveal how many jobs are being cut or even the number of people hired in the Singapore office.
But now we know if this is indeed true.
80% Of Sales Team In S’pore Allegedly Cut, Even Those Who Performed Well
A man, whose profile wrote that he had been working at LinkedIn for the past four years as an Account Executive under the Sales Solutions team, shared that 80% of his team was fired from LinkedIn.
For your info, an Account Executive is a Sales Rep and not someone who works on bookkeeping. It’s called “Account Executive” because they serve the accounts…which are clients.
That’s despite the team’s “amazing” performance through the Covid-19 period where they managed to welcome “loads of awesome new customers to our platform in ASIA”.
A Generous Severance Package
For U.S. staff, laid-off employees will get at least 10 weeks of severance pay as well as health insurance for a year.
It was added that some of the laid-off employees will be selected for newly-created job roles.
Chief executive Ryan Roslansky also said that staff will be able to keep their company-issued cell phones, laptops, and recently purchased equipment so that they can work from home while going through a career transition.
It wasn’t made clear if the severance pay package and keeping of devices will apply to staff in the Singapore office.
LinkedIn has also said that these are the only layoffs that they are planning.
So if you’re working in LinkedIn and you didn’t receive any news, you’re safe. For the time being.
For those who have lost their jobs, you might want to check out this article to find out what types of help are available for those who just lost their jobs, as well as this article to see what’s next for you.
Over in TikTok, there’s a drama involving property agents that’s caused by us. Here’s what happened:
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