Partner Communications Ltd. (Nasdaq: PTNR; TASE: PTNR) has begun hearings for employees ahead of layoffs, in order to complete the process by the end of the year.
The mobile provider plans to begin 2010 with the layoffs behind it, because the announcement of layoffs caused anxiety among employees, and affected the company.
Partner has strongly denied that hundreds of employees will lose their jobs, as employees were telling each other in private conversations. Sources inform ''Globes'' that the updated figure calls for 120-150 layoffs, although this might not be the final number. Given that Partner has 6,500 employees, 150 layoffs is probably not the final figure, although management promises that the layoffs would not exceed150, and that the layoffs are only adjustments.
The layoffs follow the drop in company performance and Partner's coming under new management. McKinsey & Co. is advising the company, examining all divisions and departments at the company compared with its peers in other countries. The comparison is especially cruel because companies are not always straightforward, because of different structures and strategies.
Published by Globes [online], Israel business news - www.globes-online.com - on November 25, 2009
© Copyright of Globes Publisher Itonut (1983) Ltd. 2009