Nokia Fires 300 IT Employees, Transfers 820 to HCL and TCS

Nokia is still reeling under bad times. In recent developments, 300 IT employees of the renowned phone manufacturer will lose their jobs. Nokia is helping 820 of the other employees to transfer to other IT companies like TATA Consultancy Services and HCL Technologies.

Previously, the company had sold its headquarters and took it back on lease. In Finland, the company laid off around 1000 factory workers as well as slashed yet another 4000 jobs. However, Nokia had promised to offer 4000 new job opportunities in the company's factory in Vietnam.

Nokia plans to compensate the newly-laid off employees by offering financial support as well as enrolling them in Bridge support program. This will enable them to find new job opportunities in their respective fields.

Nokia stated that this batch of lay-offs will be the last which has been implemented as part of a focused strategy exercised by the company from June, 2012.

Nokia;s status has been steadily going downhill especially in the past six months. Microsoft chose HTC's 8X as Hero Windows Phone and not Lumia 920 from Nokia. The major credit rating companies had tagged the Junk status on Nokia. The results as observed by the three agencies in the third quarter of 2012 show that Nokia had suffered an operating loss amounting to $US754 million on the company's net sales of $US9.49 billion.

The company had also been immersed in controversy after the revelation that a video alleged to be shot from Lumia 920 was actually shot by DSLR camera. It remains to be seen what measures Nokia will take to remain afloat in the market.