Nokia offers separation packages to employees

The good times have been over quite some time for pretty much any handset manufacturer out there. Everywhere you turn, it looks like layoffs are occurring in order to save cost and provide marginal profits. Nokia is the latest to announce cost cutting tactics by globally offering voluntary resignation packages to their employees. They would like to have roughly 1,000 people take the offer. Those thinking about it will have from March 1 to May 31 to accept the separation package. Direct labor and senior executives are excluded though. Additionally, Nokia is encouraging their employees to take unpaid leaves and sabbaticals to supplement their cross savings plans. If this is proven to be successful, Nokia will less likely have to resort to involuntary layoffs down the road. The number one handset maker in the world is following suit that many other companies during this global economic crisis are executing to stay profitable.

source: Wall Street Journal