Samsung moves to six-day workweek to 'instill a sense of crisis' in employees, but only for executives
It has been revealed that executives across all divisions of the South Korean multinational conglomerate
Samsung shifts to emergency mode with 6-day work week for executives - KED Global
https://www.kedglobal.com/corporate-strategy/newsView/ked202404180009
Samsung shifts to six-day workweeks to 'inject a sense of crisis' - The Verge
https://www.theverge.com/2024/4/18/24133854/samsung-six-day-executive-workweeks-crisis-management
Samsung tells its executives to work a 6-day week | Fortune
https://fortune.com/2024/04/19/samsung-executives-work-six-day-week-crisis-worst-financial-year/
The Samsung Group is a conglomerate that owns Samsung Electronics , known for smartphones and semiconductors, and Samsung Life Insurance, South Korea's largest insurance company, and is the largest conglomerate in Asia.
On April 18, 2024, the Korean economic newspaper Korea Economic Daily reported, citing a Samsung Group official, that 'executives at Samsung Electronics, including those in the manufacturing and sales departments, will shift to a six-day work week, working Saturdays or Sundays in addition to the usual five-day work week.'
Samsung Electronics is not the only company whose executives will be shifting to a six-day work week. Samsung Display , Samsung Electro- Mechanics , Samsung SDS and others will also be shifting to a six-day work week soon, and financial services companies under the group, such as Samsung Life Insurance, will soon join the six-day work week. Executives at Samsung C&T, Samsung Heavy Industries and Samsung E&A have already voluntarily been working six days a week since the beginning of 2024. Non-executive Samsung Group employees will continue to work five days a week.
'Considering that the performance of major divisions, including Samsung Electronics, fell short of expectations in 2023, we are introducing a six-day workweek to instill a sense of crisis in our executives and ensure they work hard to overcome the situation,' a Samsung Group executive told Korea Economic Daily.
In 2023, factors such as the depreciation of the won and rising crude oil prices caused some of the Samsung Group's core businesses to perform below expectations. Samsung Electronics in particular had a difficult year , but sales and operating profits improved in the fourth quarter from the third quarter thanks to memory chip prices recovering from rock bottom and strong sales of high-end smartphones.
Fortune, a business magazine, pointed out that Samsung Group's introduction of a six-day work week runs counter to the trend toward a four-day work week in other countries around the world. In the UK, where a four-day work week experiment was conducted in 2022, the magazine said that benefits such as a reduction in sick leave, maintenance or improvement of productivity, and a significant reduction in resignations were confirmed .
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