Despite growing profits, Volvo will lay off 1,300 people

Despite numerous announcements about the company's improving performance, Volvo's chief executive has announced plans for massive job cuts. The layoffs will mainly involve office workers in Sweden.

"Economic turmoil, rising raw material prices and increasingly fierce competition are likely to remain a challenge for our industry for some time to come," - Volvo managing director Jim Rowan comments on the decision.

This is yet another global giant that has recently taken decisions on job cuts. This shows that the current crisis is affecting everyone, including global power players. The search for savings has already become an absolute necessity.

You can read about the details on PulsHR.co.uk.

The article appeared in PulsHR.co.uk, 05 May 2023. We invite you to read the full version:" Despite growing profits, Volvo to lay off 1,300 people