Samsung Requires Executives to Work Six Days
The IT giant’s most recent quarter saw a 73% decrease in net profit, which was partially explained by rising oil prices, higher borrowing costs, and more complex geopolitical issues.
Samsung has implemented a six-day workweek for its executives due to its worst financial performance in more than ten years. The Korea Economic Daily states that the transition from the traditional five-day workweek to a six-day one aims to instill a greater feeling of urgency in the workforce.
The company-wide implementation of a six-day workweek will be applied to executives in every department. The article states that this new rule might go into effect as soon as this week. Executives will have the option to designate a Saturday or Sunday as an extra working day.
“Considering that performance of our major units, including Samsung Electronics Co., fell short of expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make all-out efforts to overcome this crisis,” a Samsung Group executive told the Korean publication.
According to the source, Samsung is currently in “emergency mode.” The IT giant had a 73% drop in net profit in its last quarter, which was partially explained by rising oil prices, higher borrowing costs, and more complex geopolitical issues. Additionally, the company’s operating profit fell by 85% in the previous year, which was its most difficult performance since 2009.
The insider claims that Samsung is presently operating in “emergency mode.” The IT behemoth’s last quarter had a 73% decline in net profit, which was somewhat explained by growing oil prices, increased borrowing expenses, and increasingly intricate geopolitical concerns. In addition, the prior year saw an 85% decline in the company’s operating profit—its worst showing since 2009.
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The tech industry is going through a lot of upheaval right now, facing a lot of obstacles and uncertainty. Economic turbulence and geopolitical conflicts have created instability in the sector. Businesses are battling problems like supply chain interruptions and the pandemic’s aftermath. There are announcements of significant layoffs in the industry every other day.
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