Swedish multinational networking and telecommunications company, Ericsson to sack 8,500 employees. This is one of the largest layoffs in the industry.
Chief Executive Borje Ekholm said in the memo, “The way headcount reductions will be managed will differ depending on local country practice…”
“In several countries, the headcount reductions have already been communicated this week,” Borje Ekholm’s memo added.
Recently, Ericsson had planned to cut about 1,400 jobs in Sweden. Adding to this, the company also said that it will be cutting more jobs that will be affecting several thousand people in other countries in the coming days.
The company had earlier announced plans to cut costs by 9 billion crowns ($880 million) by the end of 2023 as demand slows in some markets, including North America.
The layoffs announced by Ericsson come at a time when major companies across the world have trimmed their workforce, citing the economic slowdown of the post-COVID-19 era.
As per the recent updates of trueup.io, so far in 2023, there have been 529 layoffs at tech companies with 152,570 people impacted (2,724 people per day). In 2022, there were 1,535 layoffs at tech companies 241,176 people were impacted.
Tech companies have either frozen the hiring process or laid off many employees. The major companies that laid off employees include Infosys, Amazon, Google, Microsoft, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.
Disney will lay off 7,000 employees to make the business more profitable. Recently, Zoom also announced to sack of 1300 employees or roughly 15 percent of the company’s workforce. Additionally, the Zoom CEO’s salary is to be reduced by 98%.
Earlier in November, Amazon announced that will be layoff 10,000 employees. However, the company further added 8,000 employees, and the total layoffs were announced as 18,000 employees. On the other hand, Google sacked roughly 12,000 staff and Salesforce laid off 7,000 employees.