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.

Twitter

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.

Teena Jose

News Desk Reporter with Entrepreneur India

Teena is a post graduate in financial journalism. She has an avid interest in content creation, digital media and fashion.

Related Topics

Business Plans

10 Simple Tips to Write a Successful Business Plan

In the new book "Write Your Own Business Plan," business expert Eric Butow takes the anxiety and confusion out of planning and offers an easy-to-follow roadmap to success.

Business News

Dads Who Do This Simple Activity With Their Kids for 10 Minutes a Day Are More Likely to Raise High Achievers

The straightforward approach can give children an advantage over their peers.

Operations & Logistics

3 Ways Logistics Leaders Can Edge the Competition by Embracing Industry Problems

Success often comes to those who stay focused on the problems they're trying to solve, rather than getting fixated on their solution.

Branding

Don't Be a Boring Brand – How to Create Brand Distinction That Has Everyone Turning Their Heads

In the minds of most consumers, you're selling commodities — unless you've created a brand distinction. This article will show you how to craft a brand that's not just known but unforgettable.

Entrepreneurs

3 Things Anupam Mittal Looks At Before Investing In A Company

If you want to commit to entrepreneurship, you have to commit to a very long-term game, he says

Starting a Business

How To Grow Your Startup With Rapid Experimentation

Lessons from a self-funded startup that grew through rapid experimentation.