Samsung Corporation has decided to transfer the heads of all departments to a six-day work week to combat the current crisis.
As reported by The Korea Economic Daily, This is due to the company’s poor financial performance in 2023.
In 2023, Samsung Device Solutions suffered an operating loss of 15 trillion won ($11 billion). Device Solutions is engaged in semiconductors, accounting for about 80% of the company’s revenue.
It was the worst fiscal year in a decade. Only in the first quarter of 2024 did the company turn a profit.
The company also faced a number of new challenges in 2024:
- geopolitical risks amid the war in Ukraine and the Middle East;
- uncertainty over the US elections;
- rising oil prices;
- depreciation of the Korean Won;
- increased competition.
«Given that the performance of our major divisions, including Samsung Electronics Co, did not meet expectations in 2023, we are introducing a six-day work week for executives to make every effort to overcome the crisis,» said the head of the Samsung Group.
At the same time, the heads of some other Samsung divisions switched to a six-day work schedule voluntarily at the beginning of the year.
The heads of Samsung’s other subsidiaries (Samsung Electronics, Samsung SDI, and Samsung SDS) will also work according to this schedule. In addition, their subordinates are expected to do the same.