- Samsung Group is introducing a six-day workweek for executives, in line with a current report.
- The emergency measure is available in response to numerous financial headwinds and underwhelming ends in 2023.
- One shiny spot? Samsung not too long ago reclaimed the highest spot in international smartphone shipments from Apple.
Whereas some firms are embracing four-day workweeks, Samsung Group is reportedly shifting in the wrong way — at the least for executives.
Samsung Group is implementing a six-day workweek for executives throughout all of its divisions, with some beginning as early as this week, in line with a brand new report from The Korea Financial Each day.
The abrupt transfer by the South Korean enterprise big comes as the corporate weathers enterprise headwinds, together with rising oil costs, excessive borrowing prices, and the sharp depreciation of the South Korean gained, in line with the report.
The report described the corporate’s scenario as “emergency mode.”
“Contemplating that efficiency of our main models, together with Samsung Electronics Co., fell wanting expectations in 2023, we’re introducing the six-day work week for executives to inject a way of disaster and make all-out efforts to beat this disaster,” a Samsung Group government advised the Each day.
Samsung didn’t instantly return a request for remark earlier than publication despatched exterior of native enterprise hours.
The brand new schedule is efficient instantly at most of Samsung’s expertise divisions, with its monetary providers arms of the enterprise anticipated to comply with within the close to future, in line with the report. Some executives at different divisions have already been working six-day weeks voluntarily because the begin of the 12 months, the Each day stated.
Samsung Electronics executives may have the choice of coming in both Saturday or Sunday, in line with the report. Workers beneath the manager stage will proceed to work for 5 days every week.
Whereas the corporate seems to be to rebound from 2023’s outcomes, there was a current shiny spot. IDC reported that Samsung reclaimed the highest spot for international smartphone shipments within the first quarter — a title it briefly misplaced to Apple within the final quarter of 2023.
Samsung has not but launched its first-quarter earnings outcomes for 2024, which it’s going to on April 30. In its most up-to-date earnings outcomes, the corporate stated it was cautiously optimistic of a rebound in smartphone demand in 2024. The corporate is anticipated to profit from rising semiconductor costs, Reuters not too long ago reported.
South Korea is thought for its intense work tradition; the common employee spent 1,901 hours at their job in 2022, in line with knowledge from the , rating fifth-highest among the many financial group’s 38 member states. Final 12 months, the nation pushed a plan for a 69-hour workweek, which was solely deserted after opposition from younger employees and labor unions.
SK Group, a South Korean conglomerate that owns Samsung competitor SK Hynix, stated earlier this 12 months it could reintroduce common Saturday conferences for its chief executives.
