• About
  • Advertise
  • Careers
  • Contact Us
Friday, June 27, 2025
  • Login
No Result
View All Result
NEWSLETTER
Tech | Business | Economy
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
  • News
  • Tech
    • DisruptiveTECH
    • ConsumerTech
    • How To
    • TechTAINMENT
  • Business
    • Telecoms
    • Mobility
    • Environment
    • Travel
    • StartUPs
      • Chidiverse
    • TE Insights
    • Security
  • Partners
  • Economy
    • Finance
    • Fintech
    • Digital Assets
    • Personal Finance
    • Insurance
  • Features
    • IndustryINFLUENCERS
    • Guest Writer
    • EventDIARY
    • Editorial
    • Appointment
  • TECHECONOMY TV
  • Apply
  • TBS
  • BusinesSENSE For SMEs
  • Chidiverse
No Result
View All Result
Tech | Business | Economy
No Result
View All Result
Home Business

Samsung to Slash Up to 30% of Global Workforce as Economic Challenges Mount

by Joan Aimuengheuwa
September 11, 2024
in Business
0
Samsung to Slash Up to 30% of Global Workforce as Economic Challenges Mount
Samsung

Samsung

UBA
Advertisements

Samsung Electronics is reportedly planning staff reductions across its global operations, with divisions in various regions expected to experience cuts by the end of the year. 

According to sources familiar with the matter, the South Korean tech giant has issued directives to its subsidiaries worldwide, instructing them to reduce their sales and marketing workforce by around 15%, while administrative roles could face cuts of up to 30%.

These reductions will impact employees in regions spanning the Americas, Europe, Asia, and Africa, although precise details regarding the total number of affected workers or specific countries is not yet known. 

Despite the scope of the job cuts, Samsung has stated that the adjustments are part of routine efforts to improve operational efficiency and are not targeting its production staff. The company clarified that no specific targets have been set for the layoffs.

As of the end of 2023, Samsung employed 267,800 individuals globally, with over 147,000 of them working overseas, according to its latest sustainability report. The majority of these employees are involved in manufacturing and development, while a significant portion — approximately 25,100 — work in sales and marketing.

In recent weeks, reports have revealed the impact on Samsung’s India operations, where the company has already begun offering severance packages to some mid-level staff. 

The total number of employees expected to leave the India division may reach 1,000, although the exact figure remains uncertain. Additionally, sources have disclosed that 30% of employees in Samsung’s sales operation in China may also face job losses.

Samsung’s decision to reduce its workforce comes amid challenges faced by its key business segments. The company’s semiconductor division has struggled to recover from a downturn in the industry, which pushed profits to a 15-year low last year. 

In response, Samsung recently replaced the head of its semiconductor unit in an effort to address the “chip crisis” and improve its competitive standing against rivals like SK Hynix in the race to supply high-end memory chips.

Meanwhile, Samsung’s position in the premium smartphone market remains under pressure, with competitors such as Apple and Huawei posing stiff competition. In the contract chip manufacturing space, Samsung has consistently lagged behind Taiwan Semiconductor Manufacturing Company (TSMC).

Adding to the company’s difficulties, labour unrest in India has affected production, with a recent strike over wages disrupting operations in a market that generates around $12 billion in annual revenue for the company.

Industry insiders reveal that Samsung’s job cuts are partly in response to an anticipated slowdown in global demand for technology products, with the company aiming to reduce costs and shore up its financial performance. 

While the job cuts are being rolled out across various regions, it remains uncertain whether Samsung will implement similar measures in its home country of South Korea, where workforce reductions can be politically sensitive due to the company’s central role in the economy.

This trend of downsizing among global technology companies has over the past year seen several major firms, including Microsoft, Cisco, and Amazon Web Services (AWS), laying off staff as part of cost-cutting measures due to challenging economic issues. 

Loading

Advertisements
MTN ADS

Author

  • Joan Aimuengheuwa
    Joan Aimuengheuwa

    Joan thrives at helping individuals and businesses scale via storytelling...

    View all posts
0Shares
Tags: samsungSamsung 30% staff layoffSamsung ElectronicsSamsung Job cutsSamsung Layoff
Joan Aimuengheuwa

Joan Aimuengheuwa

Joan thrives at helping individuals and businesses scale via storytelling...

Next Post
US inflation

Just in: US inflation Falls to 2.5% in August

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Recommended

eNaira Platform Temporarily Unavailable, CBN Confirms

3 years ago
Africa Data Centres

Africa Data Centres Deploys DCIM Software across its Facilities

2 years ago

Popular News

    Connect with us

    • About
    • Advertise
    • Careers
    • Contact Us

    © 2025 TECHECONOMY.

    No Result
    View All Result
    • News
    • Tech
      • DisruptiveTECH
      • ConsumerTech
      • How To
      • TechTAINMENT
    • Business
      • Telecoms
      • Mobility
      • Environment
      • Travel
      • StartUPs
        • Chidiverse
      • TE Insights
      • Security
    • Partners
    • Economy
      • Finance
      • Fintech
      • Digital Assets
      • Personal Finance
      • Insurance
    • Features
      • IndustryINFLUENCERS
      • Guest Writer
      • EventDIARY
      • Editorial
      • Appointment
    • TECHECONOMY TV
    • Apply
    • TBS
    • BusinesSENSE For SMEs

    © 2025 TECHECONOMY.

    Welcome Back!

    Login to your account below

    Forgotten Password?

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    Translate »
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.