Nokia Slashes 15% of Staff, or 14,000 Jobs, Amid Streamlining

Nokia layoffs are officially underway, with up to 14,000 jobs cut as part of the company’s restructuring plan. In a news release on Oct. 19, the Finnish telecom giant confirmed its decision to reduce its 86,000-strong workforce to between 72,000 and 77,000 employees as it moves to reset its cost base.

“The most difficult business decisions to make are the ones that impact our people. We have immensely talented employees at Nokia and we will support everyone that is affected by this process,” President and CEO Pekka Lundmark said in the release.

“Resetting the cost-base is a necessary step to adjust to market uncertainty and to secure our long-term profitability and competitiveness. We remain confident about opportunities ahead of us.”

Nokia expects the job cuts to reduce staffing expenses by 10-15 per cent — saving the business at least US$421.4 million in 2024 alone.

Streamlining operating model

In addition to the layoffs, Nokia is streamlining its operating model and creating dedicated sales teams.

“Dedicated sales teams with a strong product and customer connection will enable business groups to better seize growth opportunities with our existing and new customers and diversify into enterprise, webscale and government sectors,” the company said in the release.

“[These teams] will collaborate across Nokia to ensure customers continue to benefit from the breadth of all [that] Nokia offers.”

Nokia added that it’s also moving to a “leaner” corporate centre, which will provide “strategic oversight and guidelines” on a variety of matters, including financial performance, portfolio development, and compliance.

Impact on Canadian staff

It remains unclear how many Canadian workers will be affected by the latest round of layoffs at Nokia.

According to the company’s website, it employs more than 2,300 people across the country.

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