LinkedIn has pledged to making no COVID-related layoffs until at least June 2020, the professional network has confirmed to TechCrunch. While the promise is only until the end of the fiscal year, it follows the lead of Salesforce CEO Marc Benioff’s claim last month to have no significant layoffs for the next 90 days.
Other business leaders such as Bank of America’s CEO Brian Moynihan and Morgan Stanley’s CEO James Gorman have also agreed to pause any potential layoffs until the end of 2020.
Layoffs are trickling down to all industries, starting in the hospitality and travel industry and moving to recruitment startups and scooter companies. Microsoft-owned LinkedIn, which serves as a social media platform for professionals and recruiters alike, is thus poised to be a critical connector for those laid off.
So as job security remains on everyone’s mind, LinkedIn’s promise to not have any layoffs will quell some of that fear within the organization, at least in the near future. LinkedIn has approximately 16,000 full-time employees across 30 cities in the world.
Regardless of how healthy LinkedIn may appear from this news, it’s not immune from making specific cost-saving measures as the economy struggles. The company, reports The Information, has “paused most of its hiring as it figures out business planning.” It had more the 1 million job applicants last year, according to the piece.