Rolls Royce To Cut Thousands Of Jobs: Report As per reports, the luxury car manufacturer has hired consultants led by McKinsey & Co. to advise on the same
By Teena Jose •
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Rolls-Royce Holdings Plc could cut thousands of jobs after the company hired consultants led by McKinsey & Co. to advise on streamlining its operations, according to The Times report, adding that the luxury car manufacturer has hired consultants led by McKinsey & Co. to advise on the same.
The report further stated that the company is considering laying off 3,000 non-manufacturing staff from its global workforce. Meanwhile, Rolls-Royce CEO Tufan Erginbilgic has initiated a transformation program at the manufacturer, including some key management changes. As part of the programme, the company plans to merge the non-manufacturing departments in each of Rolls's civil aerospace, defence and power systems divisions.
"We are working at pace on our transformation across a number of work streams and only one part of one of those work streams is about realizing organizational efficiencies. We have made no decisions whatsoever on any potential impact on employees and any suggestion otherwise is pure speculation," Bloomberg reported citing Rolls-Royce spokesperson.
However, the publication's report adds that the most adverse impact of Rolls Royce layoffs will be on the company's headquarters as most of its back-office administration functions are based in the city.
The report further said Rolls-Royce's headquarters is likely to be hit hardest by the cuts as most of its back-office administration functions are based in the city.
Rolls Royce layoffs are not the only one in the automobile industry. So far, even Ford has reportedly announced layoffs in China and just like this industry, many others are engaging in mass layoffs in the event of a global economic downturn.
