Ericsson, a manufacturer of telecom equipment, announced on Monday that it would eliminate approximately 1,400 jobs as part of a larger strategy to cut costs globally. As demand slows in some markets, including North America, the company had previously announced plans to cut costs by $880 million by the end of 2023.
According to two people familiar with the situation, additional layoffs, totaling several thousand in other nations, are likely to be announced in the coming days. In 2017, Ericsson made significant cuts, firing thousands of workers and focusing on research to recover losses.
Concerning how to deal with cost reductions, the Swedish employee union and the company negotiated for months. A spokesperson said that headcount reductions will be managed through a voluntary program, and that agreement has now been reached with Swedish unions.
Technology businesses ended 2022 with bleak prospects following the pandemic boom of a few years earlier. To correct the COVID-19 period’s over-hiring and prepare for a period of slower sector growth, thousands of jobs were eliminated across the sector.
The wave of layoffs has affected not only small and medium-sized businesses but also large tech companies like Amazon, Microsoft, and the parent company of Google, Alphabet. In 2023, 312 tech companies will have let go 97,020 employees.
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