Nokia will lay off 14,000 jobs people. The giant has problems with 5G products
We don’t have good news for employees. International corporations are slowing down a lot. Hardly a week goes by without news of further job cuts circulating around the world. Thousands of job cuts are the result of weak demand for new products or the need to reduce costs in companies.
“Microsoft is laying off employees” – a few days ago, this information appeared on social media. The news spread like wildfire among technology companies. The giant announced that it was firing people responsible for the operation of Microsoft’s LinkedIn social networking site. Almost seven hundred people will lose their jobs. This is another wave of layoffs in this company. In January, the company announced that it intended to reduce employment by 10,000. people.
Labor market. Giants announce job cuts
In October, the engineering giant also announced job cuts. This time, 2.5 thousand people are afraid of losing their jobs. Rolls-Royce employees. As local media point out, this will be the next stage of layoffs since the coronavirus pandemic, when 9,000 people left Rolls-Roys. people. Now every eighth employee in factories in Great Britain may lose their job.
There is also more and more talk about job cuts at Nokia. The Finnish telecommunications group intends to lay off almost 14,000 jobs. employees. In this way, the company wants to reduce costs. According to Reuters, the problem for the company was significantly weaker demand for new generation 5G equipment. The job cuts will allow the company to save from EUR 800 million to EUR 1.2 billion over the next three years.
Employee layoffs. Nokia doesn’t want to wait for better times
“The market situation is really difficult, as evidenced by the fact that in our most important market, the North American market, our net sales decreased by 40% in the third quarter.” – said CEO Pekka Lundmark in an interview with Reuters.
In his opinion, better times should soon come for the latest generation products. “We continue to believe in the market for the medium to long term, but we will not sit, wait and pray that the market will recover any time soon. We just don’t know when things will get better.” – added. Nokia currently employs 86,000. employees. In the near future, the giant plans to reduce employment to 72,000-77,000. people.
