New Delhi, March 26: Ericsson, the telecommunications giant has is expected to cut a considerable number of its staff. This is likely to lead to up to 1,200 job cuts in Sweden for Ericsson because the company faces economic uncertainties of mobile networks market in 2024. The move may be one of the things that the company could be doing as part of its company restructuring aimed at making it more competitive in the telecommunications industry. This is just a reflection of what is happening with many other companies within the tech sector, which are coping with challenging uncertainty by tweaking their operations.
As per a report of Times of India, Ericsson is preparing for a tough year ahead in the mobile networks market. The company anticipates further declines in demand, resulting in cautious behavior from its customers. In response, Ericsson has decided to cut 1,200 jobs, focusing these reductions within Sweden. This decision is aligned with the company’s global initiatives to improve cost positions, which include headcount reductions. Apple Layoffs 2024: As Tech Giant Cancels Its In-House MicroLED Display Project for Apple Watches, Dozens of Roles Might Be Eliminated, Says Report.
The layoffs at Ericsson are just one aspect of the company’s comprehensive plan to enhance operational efficiency. In addition to reducing its workforce, Ericsson is implementing various cost-saving measures. These include minimising the use of streamlining processes, consultants and reducing facilities. The company is committed to executing its strategy to achieve higher growth and reach long-term margin targets. This involves leadership in mobile networks and a focused expansion into the enterprise sector. Telegram Banned in Spain: High Court Orders Temporary Suspension of Telegram’s Services in the Country.
Ericsson has initiated negotiations with unions to discuss the implementation of these job cuts. However, specific details regarding the affected departments and regions have not been disclosed. The company has emphasised that while it continues to invest in critical areas to maintain its technology leadership, initiatives to increase operational efficiency will be ongoing throughout 2024.
(The above story first appeared on LatestLY on Mar 26, 2024 09:43 AM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).
