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Microsoft-owned LinkedIn has let go of 716 employees from its global workforce as part of a broader cost-cutting measure amid the challenging global market conditions.

According to a blog post the company posted on Tuesday, LinkedIn will restructure its global business organisation team by shutting down the business productivity team and integrating other teams for higher efficiency.

Further, it would provide US benefit-eligible employees with severance pay, continuing health coverage, and career transition services.

LinkedIn added that while some roles will become redundant, more than 250 new roles will open up in operations, new business, and account management teams, starting May 15.

Meanwhile, despite experiencing success last year, LinkedIn would also phase out InCareer—the local jobs app in China—by August 9, following fierce competition from local players and a tough economic climate. This move would see the discontinuation of product and engineering teams in China and the downsizing of corporate, sales, and marketing functions.

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The jobs search platform—with nearly 20,000 employees—joins Meta, Amazon, and Google in trimming its workforce to preserve capital. Earlier in January, its parent company Microsoft cut 10,000 jobs or 5% of its employee base.

LinkedIn expects the macroeconomic environment to be challenging in FY24. It wrote in the blog post, “We will continue to manage our expenses as we invest in strategic growth areas, knowing that the foundations we are putting in place now—for innovation, agility, and scale—are setting us up for the years ahead.”

In the March-ended quarter of FY23, LinkedIn’s revenue increased by 8% driven by growth in talent solutions. It also witnessed record engagement with over 930 million members using the professional social network to connect, learn, sell, and get hired.