Microsoft's LinkedIn Slashes 716 Jobs Under Its China Strategy

Microsoft Corp MSFT owned business and employment-focused social media platform LinkedIn had to let go of 716 employees as a part of changes to its Global Business Organization (GBO) and China strategy.
LinkedIn is sunsetting its Business Productivity team. It also looks to reduce management roles and use more vendors to "serve emerging and growth markets more effectively.
LinkedIn also looks to open up over 250 new roles in specific segments of its operations, new business, and account management teams starting on May 15.
LinkedIn prepares to phase out InCareer, its local jobs app in China, by August 9, 2023, as it battled fierce competition and a challenging macroeconomic climate, CEO Ryan Roslanky said.
LinkedIn launched InCareer in December 2021, a couple of months after LinkedIn shut down its leading service in China to help professionals within the China network find and apply for jobs.
InCareer faced tough competition from Maimai, China's dominant professional networking site with over 120 million users, which allows users to share posts anonymously. It is a popular destination for workers seeking to vent or find information about their companies, TechCrunch reports.
LinkedIn proposes to help companies operating in China hire, market, and train abroad, which implies that it will continue to have Talent, Marketing, and Learning businesses in China.
The affected employees covered by U.S. benefits will get severance pay, continuing health coverage, and career transition services. The employees outside the U.S. will get benefits that align with local labor laws and practices.
In January, Microsoft confirmed reducing its headcount by roughly 10,000 employees, equating to 4% - 5% of the total headcount.
Price Action: MSFT shares traded lower by 0.60% at $306.79 in the premarket on the last check Tuesday.
Photo via Wikimedia Commons

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