Daily Management Review

Nokia To Save Costs By Cutting Down ‘353 Jobs’ In Finland


03/29/2018


Network equipment market is weak and this is pushing the Company of Nokia to cut down on labour cost.



On Thursday, 29 March 2018, Nokia announced its decision that this year it would slash down “353 jobs” in Finland, “its home market”. The said step is the result of a “weak global network market”, while this move also falls under “its global cost-savings plan”.
 
Initially, the company had planned to reduce as many as “425 jobs”, however, present figures show a reduction. While Reuters informed:
“Under the finalised plan, 283 of the positions will be cut from the company’s mainstay networks business and 70 from its Technologies unit, which includes Nokia’s licensing operations and digital health business”.
 
Nokia wants to make an annual saving of “1.2 billion euros” on a global scale after it acquired “Alcatel-Lucent” in 2016, while the weak market for “network equipment” served as an encouragement for the company to “step up measures”. Current employment of Nokia in Finland is “6,300 people”, while on a global scale it is “around 102,800”.
 
 
References:
reuters.com







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