In order for generating cost reductions, Nokia plans to shed approximately 350 employees in Finland in 2019. The telecommunication company is of the opinion that it can only stay competitive by generating cost reductions of 700 million euros by 2020, therefore, the announcement.
“Continuing monitoring of costs is crucial in our industry and the planned adjustment measures are needed to secure the long-term competitiveness of Nokia,” commented Tommi Uitto, the country director for Finland at Nokia. He further added, “These kind of decisions are never easy and we will do our best to support our staff during the transformation process,”.
Interestingly, many people argued that the slower adoption of 5G is the villain and eventually led 350 people to lose their job. However, the company rubbished rumors and made it clear that there was nothing such as the slow adoption of 5G taken into consideration before coming into the conclusion.
At present, there are roughly 6000 people working for Nokia in Finland at three offices. The company has a total of 100,000 employees around the world.