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CEO Elop commits to a Finnish future, but says major job cuts will hit the domestic workforce

Nokia to Cut Jobs, Stay in Finland

Ray Le Maistre
LR Mobile News Analysis
Ray Le Maistre, Editor-in-chief
2/11/2011
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Nokia Corp. (NYSE: NOK) CEO Stephen Elop has countered concerns that he's planning to relocate the handset giant as part of the Finnish firm's new strategy, but has warned that the vendor's home country will not be immune from significant jobs cuts that are coming down the line.

During a media question-and-answer session in London Friday morning, Elop said that "first and foremost, Nokia is a Finnish company."

So, no, for those who may have misheard, he did not say that Nokia is a finished company…

"Finland is our home and will remain our home," he continued.

But he added that the company needs to drastically reduce its operating expenses, and that there are "a range of ways" to deal with the current inefficiencies in the company's operating model.

He said one of those ways would be job cuts. Nokia is planning substantial redundancies in its global workforce, and jobs will be cut worldwide, including in Finland. The exact details are still being worked out, so Elop and his new management team have yet to provide any details.

At the end of 2010, Nokia employed 132,427 staff, of which 63,927 were Nokia Networks employees and 5,452 Navteq Corp. (NYSE: NVT) employees. That leaves 63,048 in the core Nokia devices business (including corporate roles).

Given that Nokia is set to work closely with Microsoft Corp. (Nasdaq: MSFT) on device operating system development, marketing, and services, there will be a lot of people among those 63,048 wondering today if they have a future with their current employer.

— Ray Le Maistre, International Managing Editor, Light Reading

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Pete Baldwin
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Pete Baldwin,
User Rank: Light Beer
12/5/2012 | 5:12:59 PM
re: Nokia to Cut Jobs, Stay in Finland


Rain Maker -- I suspect you're a Yankee, like me... "Redundancies" is the UK/European word for layoffs.

Rain Maker
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Rain Maker,
User Rank: Light Beer
12/5/2012 | 5:12:59 PM
re: Nokia to Cut Jobs, Stay in Finland


You used the word redundancies in your post just now and it is misleading. "He said one of those ways would be job cuts. Nokia is planning substantial redundancies in its global workforce, and jobs will be cut worldwide, including in Finland."


I think you intended to use the word "reductions." Redundancies means duplication of roles and is just the opposite of where NOK is.

Pete Baldwin
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Pete Baldwin,
User Rank: Light Beer
12/5/2012 | 5:12:58 PM
re: Nokia to Cut Jobs, Stay in Finland


OK, I'll bite:


Stevery, that link is not redundant ... but this one is.

Stevery
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Stevery,
User Rank: Light Beer
12/5/2012 | 5:12:58 PM
re: Nokia to Cut Jobs, Stay in Finland


Maybe this link is redundant, but I find it interesting.


 

digits
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digits,
User Rank: Light Beer
12/5/2012 | 5:12:58 PM
re: Nokia to Cut Jobs, Stay in Finland


Thanks for the clarification, Craig.


Yes, I am writing from the UK and wasn't aware that the term 'redundancies' didn't travel.


So, to be clear, there are going to be layoffs worldwide, including in Finland.

Stevery
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Stevery,
User Rank: Light Beer
12/5/2012 | 5:12:57 PM
re: Nokia to Cut Jobs, Stay in Finland


@ craig, lol.


@ RFLR: Thanks, and for anyone else having link problems, click here.

RFLR
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RFLR,
User Rank: Light Beer
12/5/2012 | 5:12:57 PM
re: Nokia to Cut Jobs, Stay in Finland


Btw - there is a native english version of the piece here:


http://www.hs.fi/english/artic...

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