Samsung might be trimming its workforce to cut costs in face of shrinking profits and an uncertain outlook.
Over the last couple of years, Samsung's profits have been declining each passing quarter except for the most recent one which saw a slight increase. The decline also led the company to warn investors about further drops throughout 2015.
Now, Korea Times has reported that Samsung is planning to cut as much 30% of its total workforce to reduce costs and become leaner. The job cuts are said to mainly affect the company's staff working in manufacturing units in various countries. An unnamed source has revealed that mediocre employees have already been asked to leave the company and senior staff have been asked to opt for the voluntary retirement plan.
The job cuts are not just limited to Samsung's electronics division but also others such as ship-building, heavy industries and electro-mechanics. The top management is also expected to be overhauled in the coming months with announcements coming by December.