LinkedIn lays off employees

LinkedIn has revealed that it will be laying off employees across its engineering, talent and finance teams in the second round of job cuts this year for the social media network for professionals as demand for hiring services slows.

The cuts will be affecting more than 3% of the 20 000-strong staff, and they will be adding to the tens of thousands of job losses this year in the technology sector amid an uncertain economic outlook.

According to the employment firm Challenger, Gray & Christmas, the sector has laid off 141 516 employees in the first half of the year compared with about 6 000 a year ago.

LinkedIn makes money through ad sales and by charging for subscriptions to recruiting and sales professionals who use the network to find suitable job candidates.

Back in May, the social media had decided to cut 716 jobs across sales, operations and support teams to streamline its operations and remove layers to help make quicker decisions.