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Nokia, the Finnish telecom company, announced on Tuesday, March 16, that it is planning to slash its workforce. For this, at least 10,000 jobs would be affected, and the layoffs will happen in the next two years.
The cause of the impending layoffs
Reuters reported that Nokia made this decision as part of its restructuring plan. The company would like to direct more funds to its research capabilities. This means it is reducing the number of employees to cut costs and invest the money for the company’s restructuring instead.
When Pekka Lundmark was appointed to be the company’s chief executive officer last year, he has been slowly making changes in an effort to make the company better and turn it into something that will give its rival, Ericsson, good competition.
To achieve the company’s goal, Lundmark unveiled strategies that include a move for Nokia to have four business groups. Each one was instructed to do everything to take the lead in the 5G race.
“Decisions that may have a potential impact on our employees are never taken lightly,” the Nokia chief said in a statement. “My priority is to ensure that everyone impacted is supported through this process.”
Nokia’s investment plans for 5G
As per Barrons, with Nokia’s decision to lay off 10,000 employees from today until 2023, it will be able to gain €600 million in savings. Moreover, this fund from the cost-cutting program will be transferred for investment to boost the firm’s 5G technology.
Nokia further stated that the savings from the job cuts would allow them to grow the company as it expands its research and development for long-term results. Apart from 5G, it will be focusing on digital infrastructure and cloud technologies to keep up with other tech firms.
Meanwhile, Nokia is also aiming to win contracts in China. It has been gaining customers again, but its rival Ericsson is gaining more, and it is said to be due to the fact that it won a 5G radio contacts in China. This is one reason why the company wants to get into and improve its 5G technology.
