As the demand for recruiting services declines, Microsoft’s LinkedIn announced on Monday that it would fire 668 employees from its engineering, talent, and finance teams. This is the second wave of job cutbacks for LinkedIn this year.
The layoffs, which affect more than 3% of the 20,000-person workforce, come amid a bleak economic forecast and the technology sector has already lost tens of thousands of jobs this year.
According to recruitment company Challenger, Grey & Christmas, the sector has let go 141,516 workers in the first half of the year compared to approximately 6,000 a year ago.
LinkedIn generates revenue by selling ads and charging sales and recruiting professionals who use the network to discover qualified job applicants a subscription fee.
The social media platform had made the decision in May to eliminate 716 positions from its sales, operations, and support teams in order to streamline its business processes and get rid of unnecessary bureaucracy.