Huawei, the world’s renown and leading Chinese technology brand, is currently experiencing the most difficult period of its business operations in Pakistan. To combat the current economic crisis, the company has devised a two-stage strategic strategy. As a first move, the corporation intends to cut almost 700 jobs by April of this year. Step one is already underway within the corporation, and more than 300 workers have been removed off the board in the previous month. After attaining the personnel reduction target, the company will evaluate its operational costs and seeks to reduce them by 65% by cutting operating and travel expenses.
Although unnecessary travel limitations are currently in place for mid-level employees, an inside source indicated that the firm aims to extend this restriction up to the company’s second layer management. Following the restriction, travel will be permitted only with the CEO’s prior approval.
Owing to the economic downturn, Huawei is not the only company in Pakistan that has taken measures to cut down its expense. Airlift, Vavacars, Uber, Carfirst, and SWVL also either shut down or limited its operations in the recent past. Both Careem and Daraz recently announced significant reductions in their human resources. The financial crisis has not been kind to fintechs, as Telenor Microfinance Bank is likewise struggling and seeking a merger as quickly as feasible. Nevertheless, no potential buyers were found yet.