Samsung Electronics Announces Global Job Cuts Amid Industry Challenges

The world’s leading manufacturer of smartphones, televisions, and memory chips is facing significant challenges.

According to Reuters, Samsung Electronics plans to lay off around 30% of workers in some sections of its global workforce by the end of 2024. The exact number of redundancies is not yet known, and it’s unclear which countries and business units will be most affected.

Samsung has announced plans to reduce the number of sales and marketing employees by approximately 15% and administrative employees by up to 30%. This move is part of the company’s efforts to improve performance and adapt to the changing industry landscape.

The redundancy plan is expected to affect employment in America, Europe, Asia, and Africa. While the company has not disclosed the exact number of redundancies, it has confirmed that the plan is part of its efforts to improve performance and adapt to the changing industry landscape.

Samsung had a total of 267,800 employees at the end of 2023, with more than half of those employees located in overseas branches. The company’s production and development department employs approximately 25,100 people, while 27,800 people work in other areas.

The planned redundancies come as the company faces significant challenges, including a slowdown in the chip business and stiff competition in the premium smartphone segment. Samsung’s profits have fallen to their lowest level in 15 years, and the company is still behind its competitor, TSMC, in the chip-making industry.

According to sources, the plan to dismiss employees is part of Samsung’s efforts to prepare for the continued slowdown in global demand for technology products. The company is trying to increase profits by cutting costs and improving performance.