LinkedIn’s Time To Shine

Layoffs, Layoffs, Layoffs

During the pandemic, many white collar workers were insulated from layoffs and furloughs since they could pack up their office and work remotely.

Unfortunately, the layoffs have since caught up. Over 150,000 tech workers lost their jobs in 2022. For the tech industry, last year was one of the worst years in terms of job security since 2001, amid the bursting dot-com bubble.

Luckily, as they return to the job hunt, these workers have one major advantage that they didn’t have in 2001: LinkedIn (MSFT).

Leaning On LinkedIn

As layoffs surged, so has LinkedIn’s popularity. In 2022, the social media app for professionals was downloaded approximately 58.4 million times, a 10% increase from 2021.

Notably, LinkedIn also provides a platform for former employees from other social media companies to congregate. For example, one LinkedIn group of ex-Meta Platforms (META) employees has gained over 200 members. Similarly, ex-Twitter employees, in the wake of Elon Musk’s acquisition and the subsequent mass layoffs, have organized on LinkedIn to help each other find new jobs.

This increased activity spells profit for LinkedIn’s parent company, Microsoft. LinkedIn reported 17% year-over-year revenue growth for the three months ended in September, along with record engagement.

Versatility

LinkedIn is more than just a job posting site. Job seekers flock to it because there are a number of ways for them to leverage the platform to find more work.

Job seekers can apply directly to jobs that have been posted on the site’s job marketplace or connect with recruiters and hiring managers directly to let them know they are interested in an open role. They can also share a post stating that they’re open to new work opportunities. And, as seen with ex-Meta and Twitter employees, users can even network with each other to find guidance on how to best navigate the job search.

So, if you’ve recently been laid off, or are simply on the lookout for another job, it might be time to update your LinkedIn profile and link into your own professional network.

Looking for more stories like this? Check out On the Money — SoFi’s one-stop-shop for news, trends, and tips!

Check it out

Please understand that this information provided is general in nature and shouldn’t be construed as a recommendation or solicitation of any products offered by SoFi’s affiliates and subsidiaries. In addition, this information is by no means meant to provide investment or financial advice, nor is it intended to serve as the basis for any investment decision or recommendation to buy or sell any asset. Keep in mind that investing involves risk, and past performance of an asset never guarantees future results or returns. It’s important for investors to consider their specific financial needs, goals, and risk profile before making an investment decision.
The information and analysis provided through hyperlinks to third party websites, while believed to be accurate, cannot be guaranteed by SoFi. These links are provided for informational purposes and should not be viewed as an endorsement. No brands or products mentioned are affiliated with SoFi, nor do they endorse or sponsor this content.
Communication of SoFi Wealth LLC an SEC Registered Investment Advisor
SoFi isn’t recommending and is not affiliated with the brands or companies displayed. Brands displayed neither endorse or sponsor this article. Third party trademarks and service marks referenced are property of their respective owners.
SOSS23011002