LinkedIn pauses new hires due to coronavirus uncertainty - read the leaked internal memo

• LinkedIn has instituted a company-wide pause on all new hires due to economic uncertainty stemming from the coronavirus outbreak, according to an internal memo sent by VP of Talent Solutions Mark Lobosco on Friday, March 27, and obtained by Business Insider.
• A spokesperson confirmed the authenticity of the memo but said LinkedIn continues to hire in unspecified "key areas." The email, however, reads that all open positions are "on hold until further notice."
• The memo says outgoing CEO Jeff Weiner will announce the new policy to the company's 16,000-plus employees in an all-hands meeting on Wednesday, April 1.
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LinkedIn CEO Jeff Weiner will announce in an all-staff call on Wednesday, April 1, that the job listings giant is pausing new hires as it struggles with fallout from the coronavirus, according to an internal memo obtained by Business Insider.

A company spokesperson confirmed the authenticity of the memo but said LinkedIn leaders would still be able to make unspecified hires to fill urgently needed roles.

The relevant sections of the memo, which was sent by VP of Talent Solutions Mark Lobosco to members of the company's talent department on Friday, March 27, are printed in full below.

The Information reported on Thursday, March 26 that LinkedIn would pause most hiring, citing a source familiar with the matter.

A spokesperson says the company will continue hiring in key areas, but the memo states all open roles are 'on hold until further notice'

In a statement to Business Insider, LinkedIn Vice President of Communications Nicole Leverich said the company continues to hire in unspecified "key areas." In the face of economic uncertainty spurred by the coronavirus outbreak, she said LinkedIn is "revisiting our general hiring to ensure all future hires are aligned with the top priorities of the business."

Lobosco's memo, however, states that only offers that had already been extended to job candidates would be honored, with all other open roles placed on hold until further notice.

LinkedIn, which was acquired by Microsoft in 2016, has over 16,000 full-time employees at 30-plus offices around the world. More than 200 open jobs are still listed on its own portal.

According to the person who provided the memo to Business Insider, the hiring freeze announcement came as part of an email update that leaders of various teams like talent, marketing, sales, and learning sent to their employees at the end of the day on Friday.

LinkedIn is introducing new ad tools as analysts foresee a dip in revenue stemming from the coronavirus outbreak

LinkedIn makes most of its money from ad revenue, and earlier this month the company introduced Conversion Ads, an updated version of its Message Ads product, to boost sales.

But an eMarketer report from Friday, March 27, said that LinkedIn faces a challenge similar to that of traditional publishers. While engagement numbers are up as people turn to the platform for events, resources, and tips on navigating a business world turned upside down by the coronavirus, sponsored job listings and display ads are likely to decrease significantly as business-to-business operations slow to a crawl in the months ahead.

Business Insider and eMarketer share a parent company.

Read the relevant sections of the memo below.

Team,

Thank you for all the dedication to our business as we navigate these uncertain times. I am incredibly appreciative of each of you, along with our cross-functional partners and foundational teams, who are working around the clock to care for each other and our customers. I want to also acknowledge that we are going through an enormous amount of change. The next few weeks will be incredibly busy, but hopefully we will get back to a new normal very soon.

6. Inform on company-wide decision to pause hiring
I also want to update you on a company-wide decision around hiring, which Jeff will share in more detail during Wednesday's Company All Hands. Given that it is currently difficult to forecast the business going into FY21, we have made the decision to pause current hiring until we have a clearer picture of the macro environment and our plan moving forward, thus giving ourselves more flexibility in the coming weeks and months. While we are honoring offers that were already extended to candidates, open roles - including backfill positions - will be on hold until further notice. One exception is any internal moves where the candidate's current job is being deprecated. In those cases, you're encouraged to continue with the hiring process. Please do not share this information externally. If you are interviewing for an internal position or participating in the hiring process for a role within LinkedIn, please speak to your recruiter for additional details.

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