Image source: Financial Times
LinkedIn: The labor landscape is changing as the economic situation is causing major companies to lay off workers.
More people are losing their jobs, so they are turning to online job listings for help.
Social media has been a beacon of light for laid-off workers, but one platform stands out: LinkedIn.
The platform
LinkedIn is a social networking platform designed for the business community.
It allows users to create profiles showcasing their professional skills, experience, and education and connect with other industry professionals.
LinkedIn also offers job search and recruiting tools and allows companies to create their own profiles and post job openings.
It is a valuable tool for professionals looking to network and build their careers and businesses looking to recruit talented employees and market their brands.
LinkedIn posts are updates that users can share with their connections on the platform.
The posts can include text, images, videos, and other media and can be used to share news, articles, insights, and personal updates with one’s professional network.
Businesses can also use LinkedIn posts to promote their products, services, and company culture and to engage with their followers and customers.
The shift
Laid-off workers have been using the social networking platform to create groups to uplift each other.
The groups provide assistance, coordinate with signing exit paperwork, and help find connections for new jobs.
While LinkedIn feeds typically show posts of encouragement, leadership, and professional goals, more posts about job hunts, support, and advice have joined the mix.
In November, a group of employees was laid off by Meta.
Since then, the group has expanded to more than 200 members.
Meanwhile, the bosses who initiated the layoffs are using the platform to explain their decisions and ask for support or advice.
A market change
The onset of the pandemic led to a wave of layoffs in retail and service jobs, but the recent wave primarily affected the tech and media industries, a core part of LinkedIn’s user base.
Despite the solid overall job market, the social networking platform has become a lifeline for recently laid-off workers.
Downloads and posts
Research firm Sensor Tower revealed that the LinkedIn mobile app was downloaded over 58.4 million times worldwide in 2022.
The downloads covered Google Play and Apple app stores, increasing by 10% from 2021.
In November, the number of “open to work” posts on LinkedIn was up by 22% compared to the same period the year before.
LinkedIn also saw a steady increase in user rate adding connections, evidence that user activity was also up.
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Platform uptick
According to parent company Microsoft’s recent earnings report, LinkedIn had a 17% year-over-year revenue growth in the three months that ended in September.
In October, CEO Satya Nadella told analysts that the platform was seeing “record engagement” among its 875 million members.
Growth was especially evidently accelerating in international markets.
Meanwhile, Jennifer Grygiel, an associate professor and social media expert at Syracuse University, noted that LinkedIn’s momentum was in full swing prior to the layoffs.
“There’s been an uptick in [LinkedIn use] since the pandemic,” she said.
“You had to do social distancing and we were quarantining and people were working remotely so there was a shift in real-life networking possibilities.”
The social media industry
Social media has endured a volatile year beyond the layoffs.
Facebook and Instagram were criticized for attempting to follow TikTok’s model.
Meanwhile, TikTok endured another year of user data concerns falling into the hands of the Chinese government.
Twitter was taken over by Elon Musk late in 2022.
Since then, it has become a post-apocalyptic landscape with hate speech numbers growing.
A necessity in the modern landscape
Amid all the changes, LinkedIn has remained consistent.
With a volatile economic landscape and recessionary fears, the social networking platform has been exactly what people need.
According to Jennifer Grygiel, people working in media or academia are looking for a platform to build and engage in professional communities.
Twitter alternative Mastodon experienced a growth surge but still doesn’t have the same impact that Twitter has.
In the past few years, LinkedIn has courted influencers who post regularly on the site, giving users a reason to check it out.
As a result, the platform has been growing the “learning” section, providing video courses that led to a 17% hours increase on the site in November.
However, the layoffs have given users more reason to flock to LinkedIn.
Communities and connections
A group of Twitter employees created a spreadsheet of laid-off workers with recruiters from other firms, using LinkedIn to facilitate sign-ups.
Meanwhile, another pair of former employees set up a system connecting job hunters with recruiters open to volunteering to provide free resume reviews and interview prep services.
Darnell Gilet, a former technical recruiter from Twitter, helped coordinate the effort.
“We completely understand how the job-hunting process can be scary and overwhelming,” Gilet wrote on LinkedIn.
“While we can’t guarantee where your next opportunity will be or when it will come, we can offer guidance, so you will be ready for that opportunity when it arrives.”
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