Konica Minolta will lay off 2,400 people

The Japanese electronics multinational Konica Minolta has announced it will lay off 2,400 employees to “optimize” its global headcount and enhance productivity.

The layoffs will be implemented in the 2024 fiscal year and will affect both regular and non-regular employees worldwide, the company said in a statement.

It said it was part of its sustainable growth strategy aimed at increasing employee productivity. Other measures will include a greater reliance on artificial intelligence (AI).

“As a measure for transforming human capital and improving productivity, investments will be strengthened, including utilization of generative AI, to shift the human assets to highly value-added operations,” Konica Minolta said.

Additionally, it said it will “continue to evaluate and assign skilled talent to the right positions and invest in human asset development education.” The company said it expected a financial gain of 20 billion yen ($131.68 million) as a result of the optimization efforts.

As of March 2023, Konica Minolta employed 39,775 people and had presence in 150 countries. The company specializes in imaging technology and digital workplace solutions.

The move to fire around 6% of its staff represents the general trend of mass layoffs in the tech sector that started in 2023 following the hiring spurt during the pandemic and which is expected to continue throughout 2024.