Subj : Samsung is making its top executives work six days a week
To   : All
From : TechnologyDaily
Date : Fri Apr 19 2024 18:45:05

Samsung is making its top executives work six days a week

Date:
Fri, 19 Apr 2024 17:30:00 +0000

Description:
Execs at Samsung are being asked to work above and beyond as the company 
battles with competition and finances.

FULL STORY
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Samsung has shifted to emergency mode and is now asking executives to work 
six days per week. 

The news, revealed in a report by The Korea Economic Daily , comes as the 
company battles ongoing business challenges. The company-wide policy affects 
executives and top managers across Samsung's various divisions. 

Recent disappointing financial results in 2023 saw Samsung record revenue of 
around $51 billion in last years final quarter, down 3.8% year-on-year and 
down 2.2% compared with initial analyst predictions. Samsung enters emergency 
mode 

Even worse was the companys operating profit, which dropped a staggering 
34.6% year-on-year to near $2 billion, bringing the companys entire balance 
sheet for the year into the negatives around 14.88 trillion Korean won worth 
of deficit, or $10.8 billion. 

A company executive told the Korean publication: 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 it. 

The policy shift is likely part of the South Korean companys effort to tackle 
increased competition in the chip market, where it faces stiff rivalry from 
the likes of SK Hynix. Other major chipmakers, like Intel and AMD, have also 
emphasized AI-capable components in recent months. 

Thats despite Samsung's overtaking Apple in the latest quarterly smartphone 
shipment figures , giving it a 20.8% global market share. 

Executives from the companys various businesses, such as Samsung Electronics, 
Samsung SDI, and Samsung SD, will all be asked to work an extra day each 
week, but those below executive level will continue with five-day routines. 

On the whole, Samsung has been pretty resilient, only laying off 30 workers 
in March 2023. Many of its rivals have laid off thousands, but things could 
be about to change for the company if the current outlook is as troubling as 
it seems. More from TechRadar Pro Intel  the age of the AI PC is here, and 
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business smartphones



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Link to news story:
https://www.techradar.com/pro/samsung-is-making-its-top-executives-work-six-da
ys-a-week


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