It seems like all we hear on the news today is concerning job cuts across the tech sector. Today is no different as Royal Philips, the Dutch health technology conglomerate has announced that the company intends to cut 6,000 jobs by 2025.
Philips stated that in response to slowing demand and weak growth, the company has identified ways in which it can condense operations to become more agile and competitive in today’s market. Part of the new strategy will result in 6,000 layoffs throughout the company. To make matters worse, the newly stated intended 6,000 layoffs are in addition to the 4,000 layoffs that the company announced would come by October of this year.
The company currently holds nearly 83,000 positions across the entire corporation and with the intended 10,000 layoffs this will equate to more than a 12% reduction in the company’s workforce.
Source: Wall Street Journal