News: MNCs announce 71,000 job cuts globally

Employee Relations

MNCs announce 71,000 job cuts globally

A whopping 71,000 job cuts have been announced worldwide by more than a dozen multinationals, including HP and Nokia, so far this year as they attempt to save costs amid uncertain economic environment. The cuts have been announced by companies from various sectors, during the first six months of 2012, and those from the technology services space are the worst hit.  

A whopping 71,000 job cuts have been announced worldwide by more than a dozen multinationals, including HP and Nokia, so far this year as they attempt to save costs amid uncertain economic environment. The cuts have been announced by companies from various sectors, during the first six months of 2012, and those from the technology services space are the worst hit.  

Tech major Hewlett- Packard (HP), mobile handset maker Nokia, consumer electronic giant Sony Corp, internet company Yahoo, food and beverage maker PepsiCo, financial services entity Royal Bank of Scotland and airline firm Lufthansa are amongst the firms that have resorted to layoffs. Camera maker Olympus, Swedish ball bearing giant SKF AB, drug manufacturer Novartis AG, the Anglo-Dutch firm Unilever, computer mouse maker Logitech International, LM Wind Power and mobile network operator Verizon Wireless have also announced substantial job cuts.

Source: The Economic Times

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Topics: Employee Relations, #Updates

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