Workers are expecting an economic downturn with low confidence in improving their financial conditions, according to an October summary of the report. LinkedIn's "Global Talent Trends Report" suggested that hiring is "leveling off after historic highs" worldwide. Microsoft bought LinkedIn in 2016 for about $26.2 billion. "LinkedIn’s revenue increased 10% year-over-year," noted this LinkedIn announcement regarding Microsoft's Q2 results. LinkedIn had fared well in Microsoft's latest fiscal-year 2023 second-quarter earnings report. Additionally, Microsoft-owned GitHub also recently disclosed a 10 percent workforce cut. The details of Microsoft's cuts weren't described, but It's since been known that Microsoft has made cuts in its mixed reality and metaverse teams, including a budding industrial metaverse team. Microsoft last month did describe a planned 10,000 jobs cut to take place through March 2024, citing inflationary pressures for the layoffs. More than 500,000 jobs were added in January, according to U.S. unemployment rate is at 3.4 percent, which is quite low considering the near daily layoffs done by companies. LinkedIn's news article noted that the U.S. "LinkedIn has laid off an undisclosed number of staff on its talent acquisition team, according to a company spokesperson," the LinkedIn news article noted, citing The Information as the source of the information.
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