Samsung Corporation has decided to switch all department heads to a six-day work week to tackle the current crisis.
According to The Korea Economic Daily, this is due to the company's low financial performance in 2023.
In 2023, Samsung Device Solutions suffered operating losses of 15 trillion won ($11 billion). The Device Solutions division deals with semiconductors and accounts for about 80% of the company's revenue.
It was the worst financial year in a decade. The company only returned to profitability in the first quarter of 2024.
In 2024, the company also faced a number of new challenges:
- geopolitical risks due to the war in Ukraine and the Middle East;
- uncertainty surrounding the US elections;
- rise in oil prices;
- devaluation of the Korean won;
- increased competition.
"Given that the performance of our key divisions, including Samsung Electronics Co, did not meet expectations in 2023, we are introducing a six-day work week for managers to make every effort to overcome the crisis," said the head of Samsung Group.
At the same time, managers of some other Samsung divisions voluntarily switched to a six-day work schedule earlier this year.
Managers of other Samsung subsidiaries (Samsung Electronics, Samsung SDI, and Samsung SDS) will also be working on this schedule. Moreover, similar actions are expected from their subordinates.
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