H&M to cut 1,500 jobs
Matthew Pinto-Chilcott, FCIPD, ACEL BA(Hons), Owner of Consensus HR comments: – H&M to cut 1,500 jobs “The war in Ukraine and inflation is continuing to have a major impact on businesses having to make vast amendments such as Redundancies & Restructures due to major drops in profits resulting in job cuts. Employers and Managers need to ensure that when having to make these changes to the team structure that they follow the law correctly, depending on the amount of people they are proposing to make Redundant. Business Owners / Managers need to ensure they follow the law and work to best practice but make sure it is completed professionally as if incorrectly could result in severe financial penalties for unfair dismissal. “
NEWS ARTICLE – H&M to cut 1,500 jobs :
H&M is to cut 1,500 jobs across its global operations as part of efforts to save 2bn Swedish Kroner ($190m) a year, amid slowing sales and rising costs for clothing retailers. The group announced plans for the job cuts after profits fell 30% in the nine months to the end of August, partly resulting from the winding down of its operations in Russia amid the war in Ukraine. The largest of the job cuts are in tech roles located in Sweden, with both employees and consultants to be affected. The impact on the UK is currently unknown. A spokesperson said: “It is too early in the process to define how it will affect the UK specifically.” H&M CEO Helena Helmersson added: “The cost and efficiency programme that we have initiated involves reviewing our organisation and we are very mindful of the fact that colleagues will be affected by this. We will support our colleagues in finding the best possible solution for their next step.”
The Daily Telegraph
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