The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Construction Construction Of Buildings And Infrastructure Engineering Construction Of Buildings 41.20 - Construction of residential and non-residential buildings
150 jobs Number of planned job losses
Announcement Date
10 February 2023
Employment effect (start)
24 March 2023
Foreseen end date
Description
The largest Finnish development and construction company YIT, part of YIT Group, is starting cooperation negotiations that can lead to a reduction of 150 jobs in Finland.
With the launch of a transformation program, the company aims to achieve annual cost savings of at least EUR 40 million by the end of 2024.
The cooperation negotiations in Finland concern salaried and senior salaried employees, as well as directors. According to the company, salaried employees working in production jobs at construction are not threatened by these negotiations.
YIT employs 7,000 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland.
Update 4/4/2023: The change negotiations were completed in March and resulted in a reduction of approximately 130 jobs. According to the company, reductions will be achieved through redundancies, expiring fixed-term employment relationships, and retirements as well as outsourcing of IT functions, and voluntary resignations.
Digitisation and automation technologies, including artificial intelligence (AI), can affect working conditions in a variety of ways and their use in the workplace raises a host of new ethical concerns.
The retail banking sector is fertile ground for studying the impacts of digitalisation on work and employment. Financial services are increasingly provided online, without the intermediary of customer-facing institutions.
European labour markets have recovered strongly from COVID-19. By the end of 2021, little more than 18 months after the start of the pandemic, employment rates in the EU were almost at pre-crisis levels.
