On April 19th, as some companies are implementing a four-day workweek, South Korea's Samsung Group has mandated all executives to work six days a week.
According to The Korea Economic Daily, executives across all departments of Samsung Group will be on a six-day workweek, with some departments set to start this plan as early as this week.
This decision comes amidst challenging times for Samsung, with factors such as rising oil prices, high borrowing costs, and significant depreciation of the Korean won affecting its business.
Samsung's situation is described as being in "emergency mode."
A Samsung official stated in an interview, "Considering the underperformance of major sectors like Samsung Electronics in 2023, and to instill a sense of crisis among executives to fully address the current challenges, we have decided to implement a six-day workweek."
Samsung has not yet responded to requests for comment.
Reportedly, the new work schedule will take immediate effect in most of Samsung's technical departments, with the financial services sector expected to follow suit shortly. It's also noted that since the beginning of this year, some executives in other company departments have voluntarily started working six days a week.
Samsung Electronics executives have the option to choose between Saturday or Sunday for their extra workday, while regular employees will maintain a five-day workweek.
Despite Samsung's hopes for a rebound from the slump in 2023, there have been some recent highlights. According to a report from market research firm IDC, Samsung regained the top spot in global smartphone shipments in the first quarter of this year, after briefly losing to Apple in the fourth quarter of 2023.
Samsung has not yet released its financial report for the first quarter of 2024. In its fourth-quarter report for 2023, Samsung cautiously expressed optimism about the rebound in demand for smartphones in 2024. Recent reports suggest that Samsung may benefit from the rise in semiconductor prices.
South Korea is known for its intense work culture. According to data from the Organization for Economic Co-operation and Development (OECD), South Korean workers averaged 1,901 hours of work in 2022, ranking fifth among 38 member countries. Last year, South Korea attempted to implement a 69-hour workweek but had to abandon it due to opposition from young employees and labor unions.
SK hynix is a competitor of Samsung. Its parent company, South Korea's SK Group, announced earlier this year that it would reintroduce CEO Saturday meetings.
