Daily Management Review

Dow and SAP follow others in staff cuts


According to The Wall Street Journal, Dow and SAP have added their names to the list of businesses that have announced staff layoffs in the previous two weeks.

Tony Webster
Tony Webster
American chemical manufacturer Dow will lay off 2,000 workers across its global facilities, and German software company SAP may eliminate up to 3,000 positions.

Dow stated that it planned to reduce expenses by $1 billion this year as a result of the world economy's slowdown and the consequent decline in demand for the company's goods. The company also intends to "shut some assets and lower expenses in line with the macroeconomic environment."

The majority of SAP's global job losses will come from locations outside of Germany. The business is also looking for a buyer for Qualtrics International, a maker of business software. According to SAP executives, starting in 2024, savings from layoffs and restructuring might reach €350 million annually.

The American technology company IBM announced job layoffs of 3,900, or 1.5% of its staff, a day before Dow and SAP. Several other big corporations announced comparable actions over the previous two weeks.

source: wsj.com