Some LinkedIn groups are providing assistance around signing exit paperwork and aiding with connections for new jobs
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As more companies, especially in the tech sector, lay off thousands in New Year, Microsoft-owned LinkedIn has become a go-to platform for those who have been sacked, with some affected users forming groups to provide assistance to others. Some LinkedIn groups are providing assistance around signing exit paperwork and aiding with connections for new jobs.
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"One LinkedIn group of employees affected by the November layoffs at Facebook-parent Meta, for example, now has more than 200 members," reports CNN. Even employers have turned to LinkedIn, explaining their decisions and even seeking advice. LinkedIn is full of job hunts, offers of support for laid off friends and colleagues, and advice for coping with career hurdles as several companies trim their workforce to navigate through an uncertain macro-economic environment.
"A group of Twitter employees created a spreadsheet of laid-off workers from the company alongside recruiters hiring for other firms, and used LinkedIn to help facilitate sign-ups," said the report. According to market research firm Sensor Tower, LinkedIn app was downloaded an estimated 58.4 million times in 2022 globally across Google Play Store and Apple App Stores -- up 10 per cent from 2021.
According to the CNN report, posts on LinkedIn about "open to work" were up 22 per cent in November compared to the same period in the prior year. This has also resulted in profits for LinkedIn. The Microsoft-owned platform posted 17 per cent year-over-year revenue growth in the September quarter.
Microsoft Chairman and CEO Satya Nadella said in the earnings call that LinkedIn was witnessing a "record engagement" among its 875 million members. As thousands of techies continue to lose jobs at Big Tech companies amid recession fears, most of them are finding it difficult to get jobs, as there is a freeze on new hirings at nearly every top firm, amid global macroeconomic conditions and recession fears.
Amazon, Salesforce, Meta, Twitter, Uber and other tech companies have laid off employees as well as put a total freeze on new hiring. Fortune reported on Sunday that global financial services company Goldman Sachs is set to lay off about 4,000 employees starting this week. "Goldman Sachs is expected to lay off thousands of employees this week, just months after unveiling a major reorganisation," said the report.
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