Swedish multinational networking and telecommunications company, Ericsson, announced its plan to lay off 1,400 employees in Sweden. The announcement came as a shock to many, and it has raised concerns about the state of the company and the economy as a whole.
The layoffs will primarily affect employees in the company’s research and development (R&D) and supply chain operations in Sweden. The company stated that the move is part of its ongoing efforts to streamline its operations and increase efficiency in its operations.
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The announcement has been met with criticism from employee representatives and unions, who argue that the layoffs will have a significant impact on the affected workers and their families. They also raised concerns about the loss of expertise and experience that the company will face as a result of the layoffs.
Ericsson has assured that it will provide support to the affected employees, including severance packages, career coaching, and job training programs. The company has also stated that it will continue to invest in R&D and innovation in Sweden, but it will do so with a smaller workforce.
Previously, the corporation had announced a goal of reducing expenses by 9 billion crowns ($880 million) before the end of 2023. This was attributed to a decrease in demand, particularly in North America, in several countries.
Two individuals familiar with the matter have stated that there are likely to be further announcements of job losses in other countries in the coming days. Ericsson had previously undergone significant layoffs in 2017, which involved thousands of employees, as part of a strategic shift towards research to revamp the company.
The corporation engaged in months of negotiations with the Swedish labor organization to discuss how to manage cost reduction. According to a spokeswoman, the company plans to implement the staff reductions through a voluntary program. She also stated that an agreement has been reached with Swedish unions regarding how to handle the layoffs.
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