• Marketplace
  • Resources
  • Business Directory
  • Events
  • Advertise
  • Brand Pulse
  • Publish a Press Release
  • Get the Newsletter
  • Contact
  • About Us
The FUTURE OF WORK® since 2003
Allwork.Space
No Result
View All Result
Subscribe
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
  • More
    • Columnists
      • Dr. Gleb Tsipursky – The Office Whisperer
      • Nirit Cohen – WorkFutures
      • Angela Howard – Culture Expert
      • Drew Jones – Design & Innovation
      • Jonathan Price – CRE & Flex Expert
    • Get the Newsletter
    • Events
    • Advertise With Us
    • Publish a Press Release
    • Brand PulseNew
    • Partner Portal
  • Latest News
  • Business
  • Leadership
  • Work-life
  • Career Growth
  • Tech
  • Design
  • Workforce
  • Coworking
  • CRE
  • Podcast
No Result
View All Result
Subscribe
Allwork.Space
No Result
View All Result
Advertisements
Kube Suite - TL
Home News Business

A New CEO Is Laying Off 4,000 Of Philips’ Workforce

This amounts to around 5% of the electronics company’s workforce, bringing its severance and other job cuts costs to around $295 million.

Aayat AlibyAayat Ali
October 24, 2022
in Business
Reading Time: 1 min read
A A
A New CEO Is Laying Off 4,000 Of Philips’ Workforce

More stories for you

Masculinity At Work Why Men Refusing To Ask For Help Is An Actual Crisis For The Future Of Work

Masculinity At Work: Why Men Refusing To Ask For Help Is An Actual Crisis For The Future Of Work

5 hours ago
Work-related pessimism brings cascading problems. Getty Images. Fortune via Reuters Connect

Toxic Triple Threat Of Pessimism, Uncertainty, And Disconnect Is Crushing The Workforce

2 days ago
SoftBank’s Masayoshi Son Pitches $1 Trillion U.S. AI And Robotics Hub In Arizona

SoftBank’s Masayoshi Son Pitches $1 Trillion U.S. AI And Robotics Hub In Arizona

2 days ago
3 Essential Tips To Stay Focused And Avoid Burnout In Your First Month At Work

3 Essential Tips To Stay Focused And Avoid Burnout In Your First Month At Work

2 days ago

Royal Philips NV, commonly known as Philips, has announced that it will slash 4,000 jobs days after it installed new CEO Roy Jakobs. 

This amounts to around 5% of the electronics company’s workforce, bringing its severance and other job cuts costs to around $295 million.   

Advertisements
Disaster Avoidance Experts

Jakobs says by making this move, he hopes to improve patient safety, “our supply chain operations” and alleviate the burden of inflation. 

In 2020, Jakobs joined Philips’ Connected Care business as it dealt with the recall of sleep apnea devices, which were connected to increased cancer risks, during the early days of the pandemic. The fallout came in the form of a 60% drop in shares. 

Advertisements
Nexudus - Tech Stack Lovers

Despite the need for medical devices growing, Philips’ oversight led to a net loss of around $1.3 billion.    

By conducting layoffs, the company appears to be taking a few steps back to mitigate its losses, revisit its quality missteps and address supply chain issues. 

Advertisements
Subscribe to the Future of Work Newsletter
Source: Bloomberg
Tags: BusinessWorkforce
Share6Tweet4Share1
Aayat Ali

Aayat Ali

Aayat is an editor for the Daily Digest based in Lexington, Kentucky. She has worked with local coworking spaces since August of 2017 and enjoys taking her firsthand knowledge to write about the fascinating, constantly evolving world of flexible workspaces.

Other Stories Recommended For You

Masculinity At Work Why Men Refusing To Ask For Help Is An Actual Crisis For The Future Of Work
Work-life

Masculinity At Work: Why Men Refusing To Ask For Help Is An Actual Crisis For The Future Of Work

bySheya Michaelides
5 hours ago

Supporting men’s mental health at work requires cultural and systems change.

Read more
Work-related pessimism brings cascading problems. Getty Images. Fortune via Reuters Connect

Toxic Triple Threat Of Pessimism, Uncertainty, And Disconnect Is Crushing The Workforce

2 days ago
SoftBank’s Masayoshi Son Pitches $1 Trillion U.S. AI And Robotics Hub In Arizona

SoftBank’s Masayoshi Son Pitches $1 Trillion U.S. AI And Robotics Hub In Arizona

2 days ago
3 Essential Tips To Stay Focused And Avoid Burnout In Your First Month At Work

3 Essential Tips To Stay Focused And Avoid Burnout In Your First Month At Work

2 days ago
Advertisements
Workspaces Run Better On UltraSoftBIS
Advertisements
Disaster Avoidance Experts

Unlock your competitive edge in tomorrow's workplace.

Join a community of forward-thinking professionals who get exclusive access to the latest news, trends, and innovations that are shaping the future of work.

©2024 Allwork.Space News Corporation. All Rights Reserved.

Exploring the Future Of Work® since 2003.

Advertise   Newsletters   Privacy Policy   Terms Of Use   About Us   Contact   Submit a Press Release   Brand Pulse   Podcast   Events   

No Result
View All Result
  • Home
  • Latest News
  • Topics
    • Business
    • Leadership
    • Work-life
    • Workforce
    • Career Growth
    • Design
    • Tech
    • Coworking
    • Marketing
    • CRE
  • Podcast
  • Events
  • About Us
  • Solutions
    • Advertise | Media Kit
    • Publish a Press Release
    • Brand Pulse
Subscribe

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
-
00:00
00:00

Queue

Update Required Flash plugin
-
00:00
00:00