Layoffs Strike Again
So much for escaping the "financial bunker" mindset. After a short period of relative peace, we appear to be in the thick of things again, with layoffs taking place at both LinkedIn and Veoh, and less tech-related problems also occurring.
According to Reuters, LinkedIn’s workforce was reduced in size by about ten percent. There’s no word as to what departments were affected, but such a large number seems to signify a tightening-up in multiple areas.
The situation looks even more grim at Veoh, where 20 percent of the company’s employees were laid off. CEO Steve Mitgang explained to Liz Gannes, "We have to make sure we have enough capital to weather the [economic] storm and ensure that we are operating with an efficient footprint."
Which brings us to the last layoff story we have today – the one involving online shoe retailer Zappos. Aside from allowing for an easy segue, Zappos belongs in this article because its employees are using Twitter to chronicle the process. (And Twitter, they should know, is hiring.)
A check on the markets reveals the final two issues: the Dow and the Nasdaq are down about 5.35 percent and 4.45 percent, respectively.