Boeing (BA:NYE), an American aerospace firm, has declared that its finance and human resources departments will reduce its headcount in 2023. The corporation claimed that around 2,000 jobs will be lost through a combination of attrition and layoffs, with the majority of reductions anticipated in the finance and human resources divisions. Despite the employment reductions, Boeing intends to “substantially expand” its workforce this year, with an emphasis on adding 10,000 engineers and manufacturers.
A third of the job layoffs may be outsourced to Tata Consulting Services in Bengaluru, India, according to sources. In the meantime, the remaining roles will be abolished as the organization simplifies its operations and eliminates its bureaucracy.
As of December 31, 2022, Boeing employed a total of 156 thousand individuals. Although layoffs are predicted, the majority of analysts maintain a “Buy” rating and a price objective of USD 201.45 for Boeing stock over the next 12 months. Despite this, Boeing stock price has decreased by -1.36% in the previous week and -2.96% in the past month.
Boeing expects that its personnel reductions will result in job losses, but the business remains hopeful about its future growth and aims to hire thousands of new employees this year.
Company Profile:
The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners, military aircraft, satellites, missile defense, human space flight and launch systems, and services worldwide.
The company operates through four segments: Commercial Airplanes; Defense, Space & Security; Global Services; and Boeing Capital. The company was incorporated in 1916 and is based in Arlington, Virginia.
