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They make a lot of money from their SaaS product for recruiters. Fewer jobs out there right now means less demand for their product
Chief
“Massive” is an overstatement, it was like 6%
1,000 people nonetheless.
Groups affected are sales and internal recruiters.
Sales: most companies are not hiring. LinkedIn’s core revenue stream is tools utilized by recruiters. This got slashed.
Recruiters: they also froze hiring so no need to have a massive team of recruiters for a foreseeable future.
Fewer Sales?
What’s their main revenue source? LinkedIn premium? Ads? 🤔
Also this might be a time when people are looking to cut unnecessary subscriptions, so their LinkedIn premium might be on that list for many people.
Not to mention that many of those still employed are looking to stay right where they’re at and cling onto their job for dear life.