Ericsson said on Monday that it plans to cut about 1,400 jobs in Sweden as part of a broader cost-cutting strategy. As demand in some markets, including North America, slows, the company had previously announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023. More job cuts, numbering in the thousands in other countries, are expected to be announced in the coming days, according to two sources close to the situation.
Ericsson made significant cuts in 2017, laying off thousands of employees and focusing on research to help the company recover from losses. For months, the company in Sweden had been negotiating with its employee union about how to handle cost cuts. According to a spokesperson, an agreement has been reached with Swedish unions on how to manage headcount reductions, and the company intends to make the cuts through a voluntary programme.
ABOUT ERICSSON
It creates, delivers, and manages communication services by providing hardware, software, and services to enhance connectivity. We are assisting digitalisation for the next generation of wireless services, from 5G and IoT to virtualisation.
The company employs approximately 100,000 people and operates in over 180 countries. Ericsson has received over 57,000 patents. Ericsson has made significant contributions to the advancement of the telecommunications industry and is a leader in 5G.
It is one of the best companies in the telecom or IT sector to feel valued at work and overall management. There are numerous opportunities to learn and grow in every sense. You intend to retire from this company due to your level of job satisfaction. Ericsson is known for its top-rated company culture, which has a rating of 4.3. Career growth, on the other hand, is rated the lowest at 3.6 and has room for improvement.
After two years of shifting return-to-work dates, we are now witnessing a hybrid working model: a flexible work model that supports a mix of in-office, remote, and on-the-go workers.
Ericsson is laying off 22 executives in India and transferring another 100 to sister units to increase efficiencies. In addition, the Swedish vendor is conducting a major “people competence” mapping exercise in the country to weed out non-performers. It’s an overall productive, employee-friendly organisation with an open communication culture. I enjoyed working here because I was constantly learning new things. You have an excellent work-life balance, great mentors, and friendly colleagues with whom you will always feel harmonious.
