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China's ZTE Rumoured to Be Laying Off Staff
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China's ZTE is reported to have carried out three rounds of redundancies since this February, with plans to cut some 12,000 staff this year.
The bulk of the redundancies are outside China, Marbridge Consulting said, citing a source within the company. ZTE has approximately 10,000 Chinese employees based overseas.
The move to cut staff comes as the firm warned off that it expects to see an 80% drop in its first-half profits due to currency fluctuations and a slow down in sales in its domestic market.
Some of the changes though are due to hiring more local staff in overseas offices. An internal email stated that localization was a key issue for the company, as local staff could assume more responsibilities and reduce the need for deploying Chinese staff overseas.
Marbridge's source added that cash flow has significantly tightened this year, partly because ZTE is running losses in some countries due to its low price tactics, and delays in securing contracts from purchasers.
On the web: Marbridge Consulting
Tags: [zte]
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