Sony cuts 8000 jobs!

9 12 2008

In what seems like another Japanese company in trouble, citing falling revenues and stronger yen, Sony Corporation plans to cut 8000 jobs. This results in them reducing their investment by 30 % in the electronics business by the fiscal end of 2010.

Sony has about 160,00 employees as of now and aims to save upwards of 100 billion yen (roughly $ 1.1 billion) by such measures which also include shutting down manufacturing plants.

This news comes after the surprise pullout of Honda from F1 citing the same reasons which was unexpected given the reaction of the FIA.

Wipro in India is also cutting costs by recruting engineers for it’s BPO division instead of the engineering division. Although the company says it will ensure that these jobs will count as valid work experience for an engineering role in the future, the situation remain bleak for the company. In a related story on IBN the BPO companies are themselves looking for a bailout from the government. According to NASSCOM the Indian BPO sector employs roughly 700,000 people. Due to the current recession, cuts of about 250,000 jobs starting 2009 is expected. Thats a whopping 35% reduction in number of employees.

Some experts suggest this recession might last for 10 years!

All I can say is that stick on to your job, cause it just got more valuable.

Do let me know how the recession is affecting you..wherever you are.

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2 responses

13 12 2008
Anisha

not that im working yet cause im still in college… but placements have started, and stopping for my college- where companies are coming and taking one or two people, those who are recuirted are on waiting list and those promising to come are pulling out

you know its time to be worried when japan gets badly hit.. how crazy is that?

some companies have managed this properly.. if i not mistaken, some companies in brazil are promising not to downsize by cutting the working days to 4 a week…

hoping these madness calms down eventually

19 12 2008
Nikhil

I am tagging you on this blogrolling thingie. I am new to the concept, but am at it. If you are new and have doubts, call me.

The tag: Two questions from the past, present and future. Answer them and then tag your friends from the blog-o-sphere. Leave a comment on their blog letting them know they have been tagged and you are all set.

Check my homepage for the tag questions. It is the latest post titled ‘was, is and will’. The title is up for you to change.

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