September 13, 2024
In a move that's as predictable as it is pathetic, Samsung Electronics is reportedly axing up to 30% of its global employees in its sales operations. Because, you know, the best way to address a struggling business is to fire a bunch of people and hope the problem magically solves itself.
The South Korean electronics giant is in a world of trouble, folks. Its semiconductor business is getting trounced by TSMC, its HBM division can't keep up with SK hynix, and its smartphone sales are tanking. And let's not forget the recent replacement of its semiconductor boss, which has yielded a whopping zero improvements so far. What a shock.
According to Reuters' sources (because, of course, Samsung wouldn't dare make an official announcement), the job cuts are being made in preparation for another slowdown in global demand for tech products. Because, you know, the economy is just going to keep on slowing down and Samsung needs to "save costs". How original.
But here's the kicker: Samsung is too afraid to lay off workers in South Korea because it's a "politically sensitive issue". Ah, yes, because nothing says "good business practice" like prioritizing politics over actual problem-solving. I mean, who needs to address the root causes of your struggles when you can just fire people in other countries and hope no one notices?
And let's not forget the cherry on top: Samsung's recent launch of its Galaxy S24 family of smartphones, including a refresh of its foldable smartphones, has been met with a resounding shrug from the market. Meanwhile, Apple and Huawei are over here launching actual innovative products and raking in the dough. Huawei's new Mate XT Ultimate Design, for example, has generated a whopping $10.3 billion in sales for a single handset. Yeah, Samsung, you're really crushing it.
As the South Korean workers' union recently went on a multi-day strike demanding higher pay and increased benefits, one can't help but wonder: what's next for Samsung? Will they continue to hemorrhage talent and struggle to keep up with the competition, or will they finally take a long, hard look in the mirror and realize that maybe, just maybe, they need to change their ways? Spoiler alert: probably not."