https://www.bbc.com/news/business-67153676
17 replies (most recent on top)
layoffs are supposedly on a Thursday. I would think Dec 7th is a day where a bunch are made, in order to update Wallstreet for Dec 12.
When would the laid off employees be notified?
Wah wah wahhhhhhhhhhhhh
Nokia announces plans to axe up to 14,000 jobs, around 450 in Finland
https://yle.fi/a/74-20055950
https://france3-regions.francetvinfo.fr/bretagne/cotes-d-armor/lannion/nokia-annonce-licencier-14-000-postes-la-lassitude-des-salaries-de-lannion-2859860.html
Now a days many managers "should" have around 25 to 50 people under them. Many companies are realizing that low level managers are not necessary. They do not contribute much to the company or projects.
J11 and J12 have connections. They figure out how to save themselves. The problem is there are too many managers only managing less then 10 people. Now a days many managers have around 25 to 50 people under them. Managers prevent employees from being empowered. Meta (Facebook) removed any managers who couldn't code or do the same work as employees under the manager. It's stock price before removing managers was in the 90's and after removing layers of management, it's stock price is now above 300. Nokia should remove all managers with 25 or less employees. Most employees know how to manage themselves. You really don't need so many layers of management these days. Waste of money, time, and preventing employees from being empowered.
what about JG11 and JG12?
In the USA market, the long-term strategy is to replace JG9 and JG10 with JG6 and co-op/interns. There was an analysis done a year ago about the age breakdown by "generational" categorization. Gen X was nearly 45% of the company with Baby Boomers (group 2) being about 10%.The desire was to emphasize Millenial and Gen Z hiring. This meltdown in sales provides the motivation to push that agenda. It was already planned but needed a reason to come forward aggresively. If people are watching, it will be Gen X and Boomers that take the hit in the 14,000 regardless of location. The USA market is the easiest to layoff in most states though. It is expected to have the highest impact there. 50% of more on some teams as opposed to the stated 16% corprate reduction in staffing.
How many layoff in usa market?
Who can run faster out the door? A turtle or the ceo & cfo of this company?
Buybacks! What a waste of money!
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Perhaps this is the worst case scenario in the near future in my opinion: When share price goes below $2.50, the CEO will leave with a big fat paycheck. Then six months later, another CEO will come. More layoffs, more re-orgs, and perhaps even sell off some profitable organizations. Then the remaining will be sold to the "cheapest" bidder who want it not for it's products or employees, but for it's patents.
The answer to all of Nokia's financial problems is just one word : VERIZON
As long as the Ex-CEO of Ericsson remains the current CEO of Verizon, Nokia will continue to have financial problems due to the loss of business from Verizon.
The only reason why it made profits in 2021 and 2022 was because Trump pretty much handed 50% of Huawei's customers in USA and Europe (and now India) to Nokia and the other 50% to Ericsson, and due to covid where many people used the network more then ever working and schooling remotely. And now with high inflation rates, people going back to school and office, and 5G not ramping up quickly as thought, telecom business is suffering.
Will this impact the Ottawa site?
Time to close this S.h.i.t.t.y company for good.
Stunner