Several divisions of ZTE have laid off 10–20 percent of their employees.

Newslatestworld.com – According to recent reports, the Chinese smartphone manufacturer ZTE is laying off many workforce members. The wireless research division, the terminal department (which is responsible for operations in manufacturing businesses), and a few other departments were among those that were impacted by this issue.

China Star Market and other international media sources in China are aware of the information regarding this cut. Some workers whose jobs were eliminated due to the layoffs acknowledged in their report that they had been informed about the reductions in staff quite some time ago.

Those individuals who are also aware of this issue claim that ZTE has been making announcements regarding cutbacks since the middle of January, specifically on January 18, 2023. At the end of February, the affected workers will stop the resignation process by actually leaving their jobs.

On the other hand, the number of impacted workers was not further mentioned. According to employee reports, ZTE eliminates at least 10–20 percent of the workforce from its wireless research business. Regarding the remainder of the workforce, it is unknown what proportion of ZTE’s overall workforce was terminated.

The number of employees in the wireless research division has been reduced by between 10 and 20 percent across multiple departments. In addition to that, the terminal division is concentrating on streamlining,” the ZTE employee explained.

Another worker negatively impacted by the layoffs stated, “the amount of employee cuts in my division is already more than 10 percent, and cuts (likely) will continue in the future.”

Not only entry-level workers but also senior personnel who have worked there for more than ten years are impacted by this. This is because it was discovered that software development technicians who had worked for more than ten years were included on the roster of employees who were let go.

The business felt it needed to cut because it had hired an excessive number of new workers in 2022 yesterday. As a solution to this issue, ZTE contemplated that firing employees was an acceptable course of action, according to a spokesperson for the company.

According to the spokesperson, there have been some employee terminations, but other than that, the company has not made any glaringly obvious changes. “The terminations made are a regular employee adjustment and reshuffle,” the spokesperson said.

In point of fact, reports from within the business suggest that ZTE maintained a relatively stable condition over the previous year. The company’s operating revenue for the first three months of 2022 comes to 92,559 billion yuan, equivalent to approximately 205.3 trillion rupiah when converted using an exchange rate of rp 2,206.

Because of this number, the business achieved a year-over-year growth rate of 10.42 percent (YoY). Meanwhile, the year-over-year growth in the net profit was 16.52 percent, bringing it to 6.82 billion yuan (Rp 15 trillion).

ZTE has experienced significant growth recently, and in addition, the business has plans to reduce the number of shareholdings held by the supervisory board. According to Xie Daxiong, the chairman of ZTE’s supervisory board, the company plans to decrease the number of class A shares by no more than 93,000.

source : gadgetsnow