Jobs Cut: Layoff announcement….! This company announced the layoff of 10000 people, the company told the reason

Jobs Cut: Panasonic has forecast a 15 percent drop in profit and an eight percent drop in sales this year. Now the company has outlined a management reform program to improve.

Jobs Cut: Japanese electronics giant Panasonic, which supplies batteries to Tesla, has made a big announcement amid Indo-Pak tension. The company announced layoffs of 10,000 employees worldwide on Friday. This is four percent of the approximately 230,000 employees working in the company. The company has taken this decision keeping profit in mind.

The company is preparing to review

Panasonic said that all group companies will be reviewed, especially sales and indirect departments. Apart from this, the organization and number of staff will also be re-evaluated. The company aims to cut jobs of 5000 employees in Japan and 5000 employees from other countries. However, during this time the company will follow the labor related rules and regulations applicable in every country.

Outline of management reform program prepared

The company, which manufactures all electronic appliances from cookers to TVs and fridges, is a well-known name in every household today. This Osaka-based company is the main supplier of batteries for Elon Musk’s electric vehicle manufacturer Tesla. The company is also associated with housing, energy and auto sectors. Panasonic has prepared an outline of a management reform program in February to solve many structural issues in the company.

The company is worried about the decline in profit and sales

On Friday, the company said, through this reform program, the company aims to increase its profit by at least 150 billion yen (1 billion dollars). In its full-year income report released on Friday, Panasonic has estimated a 15 percent decline in profit and an eight percent decline in sales this year.

Panasonic Holdings CEO Yuki Kusumi said in an interview with Japan’s Nikkei newspaper in April that “layoffs are necessary to achieve better performance than other companies.”

The post Jobs Cut: Layoff announcement….! This company announced the layoff of 10000 people, the company told the reason first appeared on informalnewz.

News