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Work 6 days a week: Samsung hits ‘panic button’ after disappointing financial results

Samsung Group responds to disappointing financial results by implementing a six-day workweek for executives across all divisions, aiming to inject urgency and drive efforts to overcome financial setbacks.

By: HT TECH
Updated on: Apr 20 2024, 13:21 IST
Under the new schedule, Samsung Electronics executives now have the flexibility to work either on Saturday or Sunday, in addition to their regular. (unsplash)

Samsung Group, the renowned South Korean technology conglomerate, has recently introduced a six-day workweek for its executives across all divisions in response to economic challenges and disappointing financial results.

Addressing Economic Challenges:

In a bid to tackle the hurdles posed by rising oil prices, high borrowing costs, and a sharp depreciation of the South Korean won, Samsung Group has opted to implement a six-day workweek for its executives. This move, as reported by The Korea Economic Daily, is aimed at instilling a sense of urgency among executives to overcome the company's current challenges.

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New Work Schedule Details:

Under the new schedule, Samsung Electronics executives now have the flexibility to work either on Saturday or Sunday, in addition to their regular workweek. However, employees below the executive level will continue with the conventional five-day workweek structure.

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Industry Response and Comparison:

Samsung's decision to adopt a six-day workweek is not unique in the South Korean corporate landscape. SK Group, a conglomerate that includes Samsung competitor SK Hynix, has also announced similar measures, such as reintroducing regular Saturday meetings for its chief executives.

Work Culture in South Korea:

South Korea is known for its demanding work culture, with employees averaging 1,901 hours of work in 2022. While there was consideration for a 69-hour workweek in 2023, it faced resistance from young workers and labor unions, ultimately leading to its abandonment.

As Samsung Group takes proactive steps to address its economic challenges, the implementation of a six-day workweek for executives underscores the company's commitment to navigating through turbulent times. With the global smartphone market seeing a resurgence in Samsung's shipments, the conglomerate remains steadfast in its efforts to maintain its competitive edge amidst economic uncertainties.

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First Published Date: 20 Apr, 08:49 IST

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