Apparently, Samsung could be about to join the already long list of tech companies cutting their workforces in 2024, including <a href="https://www.archyde.com/eire-first-what-triggered-the-delay-within-the-institution-of-an-intel-plant-in-israel/" title="Eire first: what triggered the delay within the institution of an Intel plant in Israel”>Apple, Intel, and Microsoft. According to a recent report by Reuters which refers to anonymous sources, the South Korean giant, in fact, intends to fire all over the world until the 15% of its employees in the segment sales and marketing and up to the 30% of the employees part of the administrative staff.
Samsung: Layoffs expected by end of 2024
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Job cuts should be made by the end of this year. At this time, there are no details available on the exact number of Samsung employees that will be affected by these layoffs.
Samsung’s Indian unit is reportedly already offering severance packages to some mid-level employees, aiming to cut 1,000 of its approximately 25,000 employees.
The company sent a statement regarding the information, saying that “workforce adjustments” in its operations were “routine.” It also added that there were no specific company-wide goals for these “adjustments,” and that they would not affect any members of Samsung’s manufacturing team.
The Reuters report also says that at the end of 2023, Samsung had 267,800 employees, 147,000 of whom were based overseas. Sales and marketing staff numbered 25,100, and another 27,800 employees worked in sectors other than manufacturing and production.
Samsung also appears to be bracing for a slowdown in global demand for technology products, linked to the global economy. Another source believes the company is trying to keep profits as high as possible by cutting costs.
**Samsung to Implement Global Job Cuts: What You Need to Know**
Samsung to Implement Global Job Cuts: What You Need to Know
The technology industry has been experiencing a wave of layoffs in 2024, with major companies like Apple, Intel, and Microsoft already announcing significant job cuts. Now, it appears that Samsung Electronics, the South Korean giant, is set to join the list with plans to reduce its workforce globally [[1]] [[2]].
Global Job Cuts: Scope and Timeline
According to reports from Reuters, Samsung intends to cut up to 30% of its administrative staff and around 15% of its sales and marketing staff by the end of this year [[1]]. The layoffs are expected to affect employees worldwide, with no specific details available on the exact number of employees who will be impacted.
Indian Unit Already Offering Severance Packages
Samsung’s Indian unit has reportedly begun offering severance packages to some mid-level employees, aiming to cut around 1,000 of its approximately 25,000 employees [[3]]. This move is seen as part of the company’s efforts to streamline its operations and adapt to changing market conditions.
Company Statement: “Routine Workforce Adjustments”
In response to the reports, Samsung issued a statement downplaying the significance of the layoffs, describing them as “routine workforce adjustments” that are part of the company’s normal operations [[1]]. The statement added that there were no specific company-wide goals for these adjustments and that they would not affect any members of Samsung’s manufacturing team.
Background: Samsung’s Workforce Numbers
At the end of 2023, Samsung had a total of 267,800 employees, with 147,000 of them based in South Korea [[1]]. The company has not provided any information on how the layoffs will be distributed across different regions and departments.
Implications and Outlook
The job cuts are likely to have significant implications for Samsung’s employees, as well as the company’s overall operations and strategy. While the company has sought to downplay the significance of the layoffs, it remains to be seen how these “routine workforce adjustments” will impact Samsung’s performance in the coming months.
Stay tuned for further updates on this developing story as more information becomes available.
References:
Samsung to Implement Global Job Cuts: What You Need to Know
Samsung, the South Korean tech giant, is reportedly planning to lay off thousands of employees globally, joining the list of tech companies cutting their workforces in 2024, including Apple, Intel, and Microsoft. According to recent reports from Reuters and other sources, Samsung intends to reduce its workforce by up to 15% in its sales and marketing departments and up to 30% in its administrative staff. [1[1]
The job cuts are expected to be made by the end of this year, although the exact number of employees to be affected is not yet known. Samsung’s Indian unit has already started offering severance packages to some mid-level employees, aiming to cut 1,000 of its approximately 25,000 employees. [2[2]
In a statement, Samsung described the “workforce adjustments” as “routine,” adding that there were no specific company-wide goals for these “adjustments” and that they would not affect any members of Samsung’s manufacturing team. The company had 267,800 employees at the end of 2023, with 147,000 based overseas. Sales and marketing staff numbered 25,100, and another 27,800 employees worked in sectors other than manufacturing and production. [3[3]
The layoffs are seen as a response to a slowdown in global demand for technology products, linked to the global economy. This move is likely to have significant implications for Samsung’s global operations and its employees.
Key Takeaways
Samsung plans to lay off thousands of employees globally, with up to 15% reductions in sales and marketing departments and up to 30% reductions in administrative staff.
Job cuts are expected to be made by the end of 2024, with Samsung’s Indian unit already offering severance packages to some employees.
The company had 267,800 employees at the end of 2023, with 147,000 based overseas.
The layoffs are seen as a response to a slowdown in global demand for technology products, linked to the global economy.
What’s Next for Samsung?
As Samsung moves forward with its global job cuts, it remains to be seen how this will impact the company’s operations and performance. With the tech industry facing significant challenges in 2024, Samsung’s decision to reduce its workforce is likely to be closely watched by investors and industry observers.
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For more information on the latest tech news and trends, be sure to check back with us regularly. We’ll keep you informed about the latest developments in the tech industry, including any updates on Samsung’s global job cuts.
