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| Customers examining notebooks at a Sony store in Tokyo. Many Japanese electronics companies have cut or are going to cut their payrolls because their businesses are in the red. (China Daily Photo) |
China and South Korea forge ahead, taking on staff as rivals lay employees off
While Chinese IT companies are taking talented people from their overseas rivals, their Japanese counterparts are laying off workers.
Because the Japanese consumer electronics industry is suffering from a declining economy, many Japanese technology companies are cutting head counts to try to save their businesses. Many well-known names including Panasonic Corp, Sharp Corp, NEC Corp and Olympus Corp are reported to have extensive layoff plans.
Japanese companies used to be famous for having "entire life" employment. Many Japanese people from older generations only worked for one company for their whole life. However, because of the squeezed economy, this tradition has fallen by the wayside.
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