Hindustan Unilever crops top rung as parent plans to cut 20,000 jobs worldwide
04 Feb 2008
Mumbai: FMCG major Hindustan Unilever is cutting about 50 managerial jobs, following its parent Unilever's plan to slash its global workforce by 20,000 over the next four years.
"The changing business requirements has resulted in certain managerial positions becoming surplus...In the case of about 50 managerial positions, the transition is being managed through suitable outplacement and compensation," Hindustan Unilever said in a statement.
The company, which has over 1,100 managers in India, said some of the 'surplus' managers have been "gainfully redeployed through the ongoing process of job progression, job rotation and redeployment in suitable positions available through natural attrition."
Hindustan Unilever, however, reiterated it was also recruiting talent in new emerging areas in line with the emerging market opportunities and attendant business priorities.
"The underlying objective was to ensure that right talent was handling the right jobs which in turn ensure challenging and enriching jobs that allow for long-term growth opportunities to the employees," the statement noted.
Hindustan Unilever reported a steep drop of 21.64 per cent in net profit for the quarter ended September 2007. During the quarter, the company experienced a fall in profit to Rs408 crore from Rs520.7 crore in the same quarter, last year.
Sales for the quarter rose 9.74 per cent to Rs3,364.6 crore compared with the corresponding quarter, a year ago.
Hindustan Unilever board will meet on February 13 to consider the audited annual accounts for the year ended December 31, 2007 and to recommend final dividend, if any, on equity shares for the financial year 2007.
