Samsung Electronics once enjoyed a robust market in India but that has changed drastically in the last few years, thanks to Chinese phone makers. In order to cut cost, the South Korean tech giant is reportedly planning to lay off 1000 of its employees. The tech giant will also be cutting the prices of its smartphones and televisions.
The tech giant has reportedly sacked about 150 employees at its telecom networks division with more to go as it set an October deadline to wrap up the process of manpower rationalisation. The lay off will hit workers in all departments including sales, marketing, R&D and manufacturing, finance, human resources and corporate relations. The company has already mandated business heads to report all under-performers as well as those who fail to deliver targeted results in their team.
Samsung has an estimated 20,000 workforce in India and Samsung’s headquarters has reportedly sanctioned the move. The company now wants to focus on generating profit growth instead of revenue from India.
BusinessToday.In quotes a spokesperson for Samsung India to have hinted that Samsung is committed to India and will continue to invest significantly across its businesses in the country.
“In the past one(sic) year, we have generated 2,000 new jobs at Samsung. Samsung India’s business continues to grow and expand, hence we will hire more talent across businesses through(out) the year. As we contribute to job creation, we continuously realign resources as per business priorities to make our business more robust and efficient for long term success,” the spokesperson said.
“As regards business, with new products across categories, we have been able to consolidate our market share further, and 2019 will be a record year for the company,” he added.
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