Thread regarding Nokia Corp. layoffs

"I wonder if the company can forgo giving bonus (and salary increases) to employees, and instead do share buybacks" My advice, don't give the "leaderership" any ideas!!! :-)

When I worked at Nokia the Canadian, US, and Asia based employees worked far more hours than the rest. The US and Canadian were bloated with useless middle management layer that could have easily been cut after they took over Alcatel-Lucent, instead they left that bloat around for far too long, many good people left and those who didn't eventually were discarded by the bloat to justify their own failures. Hopefully this right sizing move have removed much of the dead weight and they can move towards profitability now.

bonus will be small this year. also merit raises tiny, if at all. hopefully they right the ship, and soon! before Putin attacks deeper into West.

Even if you're not with the company on Jan 1st'24 (or April'24), you still get the yearly bonus check (mailed to you) depending on how the company did overall during 2023 (during all four quarters) and how your business group did during 2023 (for all four quarters).
I wonder if the company can forgo giving bonus (and salary increases) to employees, and instead do share buybacks, save it as cash (to buy other companies - like they have recently), or give out RSUs or stock options instead (perhaps to a small group of employees that they really want to keep but would be worthless if the share price declines). This could drive employees to leave on their own saving the company on severance payout.

There should be a large wave of layoffs first half of 2024. No doubt. Or maybe a few medium sized layoffs. Hard to say. Would they do it before the April bonus payout? Or are the April bonus pools now shrunk to beer money size ?

@Qdjc+1pr8IzYq
Slide 34 "Executing quickly on the cost reduction program"
Slide 35 "Taking fast action to deliver EUR 800 – 1 200m"

That means 375 should be laid off every month for the next 24 months. They are probably hoping that many will leave on their own (attrition). Just a few will retire.

Savings by Business Group (Basically, this translates to the amount of employee cuts between 2024 to 2026)
• Mobile Networks ~60% * 9K to 14K = 5400 to 8400
• Cloud and Networks Services ~30% * 9K to 14K = 2700 to 4200
• Network Infrastructure ~10% * 9K to 14K = 900 to 1400
Note: 9K to 14K is the amount the company announced
The 60%, 30%, 10% comes from "Nokia Progress Update December 2023" page 35
All the information is public and online. You just need to know how to find it by paying attention to what is being presented to investors.
https://www.nokia.com/sites/default/files/2023-12/nokia-progress-update-12-december-2023.pdf

First week of Feb or sooner. Don’t wait to get your resume updated and circulating!

At this point, even without unions, Nokia business is going downhill and USA employees are getting hit the hardest. They have already drastically reduced USA employees. And now with the loss of AT&T, they are going to cut not only the amount they have already decided to cut in USA, but the additional amounts that are spill over from European Union Work Councils. Meaning, if they are planning to cut 450 in Germany and after negotiations with German union the final number of cuts is 300, then the remaining 150 cuts end up in USA. They have to reduce the budget and USA gets the spill over cuts as well. I wouldn't be surprised if they cut more then 50% of the remaining 8000 USA full-time salary earning employees.

There are very few companies with unions that are thriving. If you want to ki-l Nokia, establishing more unions within would do it.

If Nokia USA employees were offered to unionize, would you join? Click on the "UP ARROW" if you would join a union and "DOWN ARROW" if you would not join a union. We already know for the next three years there will be none to very small salary and bonus increase. We also know that Nokia USA employees get hit the hardest whenever there are layoffs. We also know Nokia USA employees get paid the lowest amount of salaries compared to the competition. We also know Nokia USA employees are being taken advantage of by Nokia Finland since they full take advantage of USA laws regarding no over time pay for working weekends or outside of normal working hours. The more I think about it, unionizing makes more sense to me everyday as Nokia Finland Management continue to lose one big customer after another as they have with Verizon and AT&T. So far, they have managed to lose two main wireless customers. Before you know it, they could start losing Optical, Fixed Network, Cloud, IP, Tech, Bell Labs, Enterprise customers as well.

First week of Feb 2024 in USA.

Feels like bottom feeder journalism at work seeing posts like this every year.