- Electronics company executives must work Saturday or Sunday
- Workers below the executive level will only need to work five regular days
Samsung executives across all units will have to work six days a week, with the electronics giant citing uncertainties after its key businesses performed worse than expected in 2023.
But on Monday, Samsung exceeded earnings expectations, and not just by a little. The company’s operating profits increased 933 percent in the first quarter ended in March.
By comparison, Samsung’s operating profits fell almost 35 percent in the final quarter of 2023, but given the notable improvement in just a few months, DailyMail.com has contacted Samsung to confirm whether it is still making its senior staff joins in. work six days a week.
According to the plan, which went into effect two weeks ago in certain units of the company, Executives will have to work on Saturday or Sunday. after the usual five-day work week, the Korea Economic Daily reported.
Kyung Kyehyun, CEO of Samsung Electronics’ Device Solutions division, appears in the center between an IBM executive (left) and an Intel executive (right).
Han Jong-hee, CEO of Samsung Electronics, speaks at Samsung’s press conference at the Consumer Electronics Show on January 8, 2024 in Las Vegas, Nevada.
Pictured: A Samsung mobile phone flagship store in Shanghai, China.
“Considering that the performance of our major units, including Samsung Electronics, did not meet expectations in 2023, we are introducing the six-day work week for executives to inject a sense of crisis and make every effort to overcome it” , Samsung stated. a group executive told the South Korean newspaper.
In 2023, Samsung Electronics posted an operating loss of $11 billion in its core semiconductor business. The division that oversees the semiconductor business accounts for about 80 percent of Samsung’s profits, shedding some light on why the company has moved in the direction of putting all hands on deck.
Samsung also stated that geopolitical risks linked to the Russia-Ukraine war and tension in the Middle East add to the need to adapt its business strategies.
Samsung’s construction, shipbuilding and engineering units have already voluntarily agreed to work six days a week in early 2023.
Employees below the executive level will continue to work five days a week, which has been the standard at the company since 2003, the Korea Economic Daily reported.
According to the report, it is unclear who among the company’s leaders actually made the decision to convert to a six-day work week.
Senator Bernie Sanders made headlines last month for introducing legislation that would standardize a four-day, or 32-hour, work week in the United States.
The Samsung logo is seen at the Samsung company office on February 5, 2024 in Seoul, South Korea.
This move by Samsung comes as dozens of countries around the world, including Ireland, Spain and the United Kingdom, have We tried a four-day work week. Most of them reported an improvement in productivity, morale and team culture.
Senator Bernie Sanders made headlines last month for introducing legislation that would standardize a four-day, or 32-hour, work week in the United States.
However, no country has fully adopted a four-day work week, although a six-day work week is normal in some companies in Japan, Singapore, Hong Kong and India.
Greece is a European country that is adopting a six-day work week for employees in certain sectors.
