Tokyo, April 8: Japan's multinational technology company, Konica Minolta, has reportedly announced implementing mass layoffs in 2024 by cutting 2,400 jobs during the fiscal year amid the structural reform, Konica Minolta layoffs will be effective for the staff worldwide. This year, Konica Minolta has joined with other tech companies that laid off hundreds of employees including Amazon, Microsoft, Google, eBay, Meta and more. 

According to a report by Reuters, the Konica Minolta layoffs were first announced on April 4 (Thursday). The report mentioned the announcement was about letting go of 2,400 employees worldwide due to the "structural reform" during the fiscal year. The company was expected to book around $131.87 million or 20 billion yen as a one-time expense for the financial year ending in March 2024. EXL Layoffs 2024: US-Based IT Company Lays Off 800 Employees From India and United States To Address Growing Demand for Generative AI.

According to another report by CyberNews, Konica Minolta layoffs will affect both the regular and non-regular employees working globally. The layoffs were reportedly part of a sustainable growth strategy. The report further added that the layoff action aimed to increase employee productivity. It also highlighted that the other measures would include greater reliance on AI. The company reported that the "investment will be strengthened, including the utilisation of generative AI." The company also emphasised transforming human capital and shifting assets to highly value-added operations.

According to the report, Konica Minolta would continue to evaluate and assign skilled workers to the right positions and invest in "human asset development education." The report mentioned that Konica Minolta had 39,775 employees as of March 2023 and had a presence in 150 countries worldwide. Intel Layoffs: Intel Lays Off It Employees in Sales and Marketing Group.

According to the report, the company's decision to lay off 6% of its staff was in line with the general tech layoffs trend, which began in 2023. The trend followed the hiring spurt during the Covid-19 pandemic and was expected to continue until 2024. This year, many other sectors might witness layoffs due to the rise of AI, slow economic growth, or restructuring plans.

(The above story first appeared on LatestLY on Apr 08, 2024 05:58 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).