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A common trend within the past year is the laying off of employees.  Even though many companies are trying to cut costs by being more efficient, some still have to resort to lay offs.  Today, Nokia announced that they are planning to cut 1,000 jobs globally as a means to save some money. 

Nokia has undergone a new restructuring process, which requires 1,000 job cuts in order to make their plan effective.  Nokia is trying to be as fair as possible with this by letting their employees volunteer to quit.  Hopefully, people who don’t need a job at Nokia take the time to quit, while those who really need their Nokia job to provide for their family doesn’t lose their job.  Starting March 1, the applications for the Voluntary Resignation Package will be available, and will run until 1,000 employees have submitted an application.  The deadline is May 31, 2009. 

I imagine that if Nokia does not receive 1,000 applications by May 31, they will start laying off workers, although they did not say what happens then.  A month ago, Nokia announced that profits were down 69% due to failing handsets.  With their new restructuring plan, they hope to gain profits and provide some financial stability.  Yearly, they hope to save around $890 million.

Read [IndustryWeek]