LinkedIn has emerged as the go-to platform for those laid off during the worst layoff season in history

As more corporations, particularly in the tech industry, lay off thousands in the New Year, Microsoft-owned LinkedIn has become a go-to platform for people laid off,

LinkedIn has emerged as the go-to platform for those laid off during the worst layoff season in history
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As more corporations, particularly in the tech industry, lay off thousands in the New Year, Microsoft-owned LinkedIn has become a go-to platform for people laid off, with some impacted users organizing groups to help others. Some LinkedIn groups offer assistance in signing exit paperwork and making connections for new jobs. "For example, one LinkedIn group of employees devastated by the November layoffs at Facebook-parent Meta already has more than 200 members," CNN writes.

Employers have also gone to LinkedIn to explain their judgments and even seek help. LinkedIn is flooded with job postings, offers of assistance to laid-off friends and colleagues, and advise on overcoming career obstacles as several corporations reduce their workforce to navigate an uncertain macroeconomic environment. "A group of Twitter employees developed a spreadsheet listing the company's laid-off workers alongside recruiters hiring for other organizations, and used LinkedIn to help encourage sign-ups," according to the article.

According to market research firm Sensor Tower, the LinkedIn app was downloaded an estimated 58.4 million times globally in 2022 across Google Play and Apple App Stores, a 10% increase from 2021. According to CNN, posts on LinkedIn regarding "open to work" increased by 22% in November compared to the same period the previous year. LinkedIn has also profited as a result of this. In the September quarter, revenue on the Microsoft-owned platform increased by 17% year on year.

During the earnings call, Microsoft Chairman and CEO Satya Nadella stated that LinkedIn was experiencing "record engagement" among its 875 million members. Since thousands of techies continue to lose jobs at Big Tech firms due to recession fears, the majority of them are finding it impossible to find work, as practically every top firm has a hiring freeze due to global macroeconomic conditions and recession fears.

Amazon, Salesforce, Meta, Twitter, Uber, and other digital giants have laid off workers and set a moratorium on new hires. According to Fortune, multinational financial services firm Goldman Sachs plans to let off approximately 4,000 employees beginning this week. "Goldman Sachs is set to let off thousands of staff this week, barely months after a massive reorganization," according to the article.

(source : IANS)

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