LinkedIn Layoff 2023: In the cutthroat realm of Silicon Valley, layoffs are, unfortunately, a dime a dozen. But when a behemoth like LinkedIn slashes nearly 700 positions, it doesn’t just make headlines – it sends a shock through the industry.
The LinkedIn Layoff of 2023 isn’t merely a statistical blip; it’s a harrowing narrative interwoven with dwindling revenue, strategic upheavals, and a volatile economic backdrop. This in-depth, investigative exposé aims to dissect the multi-dimensional aspects of this corporate calamity.
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Probable Reasons for the LinkedIn Layoff
“For eight consecutive quarters, LinkedIn has been mired in a quagmire of sluggish revenue growth, limping along with a paltry 5% increase in the second quarter. This isn’t an isolated hiccup; it’s symptomatic of a pervasive malaise afflicting the tech sector.” — Source: CNBC, October 16, 2023
Always remember this as an indicator. If your company doesn’t meet the projected numbers, whatever they promised in previous quarters, you are prone to lose your job. Mass layoffs generally bump up share prices and we have seen it happen multiple times. Profits don’t determine job security. The company’s board expectations along with investor expectations need to be met. I used to think the same. Job security is a false shell term for people in the middle and bottom.
An internal memo, provided by LinkedIn executives Mohak Shroff and Tomer Cohen, offers a revealing glimpse into the company’s labyrinthine future roadmap. The layoffs are a calculated maneuver, designed to inject agility and accountability into the organizational framework. It is a corporate way of saying: “If you mess up or we mess up you are on the firing line”.
How to detect signs of layoffs?
Apart from a point mentioned above here is a very good post I read a few days back and saved it. Always remember you are replaceable.
It mentions the following points just in case it gets deleted by the author:
You get a new boss – the person who hired you is no longer in the organization, and the new boss didn’t hand-select you.
Your company announces a hiring freeze. Even if they say it’s temporary, it’s not.
Your company announces they will not be conducting layoffs. Update your resume immediately!
You’re asked about your workload or to assess your skills.
You start seeing HR attend meetings just to “observe.”
Your work projects get shelved, and they shift you to busy work.
Your boss stops caring about your 1×1 meetings.
Your company starts talking about being nimble and changing direction.
Your metrics are lower than others in your group
Your team isn’t considered critical or supports revenue generation.
Along with this the point I mentioned about the financials. It maybe an internal email you glance for a few seconds but maybe a good read ensures you are vigilant and more prepared for it.
We currently live in a society where activities like these were frowned upon but Covid 19 desensitized everyone. Mass layoffs ain’t normal thing that got normalized way too much.
What are the key takes from this?
Well first and for most take is its not just the 700 positions that have been vacated. its more than that. All those 700 people had a family lets be modest and calculate based on one family having 3 people. Going by this assumptions its 2100 people’s livelihood slashed down. Even though I am sure the compensation and all would be generous but please don’t fall for it.
Even if you get compensated for a year or more getting a new job is the most difficult part of the process. With even a single month’s gap is frowned upon in the industry and considered a big deal.
Unionization in the tech landscape is the only way to ensure worker rights are properly met and all these tech layoffs trend to stop.
Why unions in tech ?
Well why not ? Ever heard of the Teamsters and Jimmy Hoffa ? This man was responsible for establishing the Teamster union one of the most powerful trucking union in USA and was the most influential man in beside the President in USA.
Of course to maintain his position he had to deal with the devil which caused his fall but if you read his history you would know that he single handedly ensured the creation of the middle class and the union is still going strong and fighting for truckers rights.
And it looks like things like this are happening. Recently it was announced the creation of a Tech Union in Poland post layoffs at CD Projekt Red. Its a small step but a step in the right direction. Un protected people do need financial backing to contest a big corporation.
Conclusion
What can I say I feel bad for the people who lost their jobs. I have felt it myself it is an awful feeling and situation to be in. My only suggestion to the readers would be to not be comfortable with the job you have as the companies are now comfortable with you not being there. It is what it is.
Keep giving interviews or at least be in the process of networking and looking into job boards. Apply for jobs even if you don’t match all the skills. Do not self reject. Keep a close eye on layoffs.fyi a layoff aggregator page.
