Samsung To Hire 40,000 in $205 Billion Three-Year Spree

Samsung Group has unveiled a 240 trillion won ($205 billion) expansion that will entail hiring 40,000 people over three years, a sprawling investment blueprint intended to build the South Korean conglomerate's lead in next-generation technologies. From a report: Samsung Electronics and affiliates like Samsung Biologics aim to lead research and spending in areas from telecommunications and robotics to corporate acquisitions. The country's largest conglomerate is setting aside 180 trillion won for its home country alone and now aims to hire another 10,000 people over the period, on top of 30,000 new jobs already planned, the group said in a statement.

The envisioned spending includes expenditures outlined previously, such as Samsung Electronics' long-term goal of investing $151 billion through 2030 to delve deeper into advanced chipmaking. But the announcement comes days after Samsung scion Jay Y. Lee walked out of jail. The conglomerate's de facto leader, who was serving a sentence on graft charges, won release on parole just months ahead of South Korea's presidential election.

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[jellomizer]

Well to note iPhones and Apple products have a lot of Samsung parts built into their devices as well.

South Korean is split into two factions

[jellomizer]

Samsung and LG.

These two companies are major drivers or the South Korean Economy, sure you have some auto makers and some other companies, but those are mostly Mom and Pop companies compared to Samsung and LG.

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[Papaspud]

Hyundai says hi, it is the second largest company in SK, right behind Samsung.

Re: South Korean is split into two factions

[backslashdot]

What about Hynix? Their quarterly revenue is $9 billion.

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[RobinH]

I've been to South Korea, and there aren't really "Mom and Pop" type companies there. As it was explained to me, nobody would want to buy from a small company, everyone wants to buy from the largest one. The large companies also have huge tie-ins with government, so they're almost like government granted duopolies. Over here in our culture, we prefer to buy from boutique and specialist enterprises if we want something of high quality, and we associate large companies with mediocre mass produced quality,

$151 billion of this is for advanced chipmaking

[anonymous scaredycat]

$205 billion/40000 is $5.1 million per person or over 3 years $1.7 million per person per year. Which is far too high so I suspect most of this spending will be on 'corporate acquisitions' but they may have plans to spend a lot on manufacturing facilities etc
Ah, just noticed following from article

The envisioned spending includes expenditures outlined previously, such as Samsung Electronics’ long-term goal of investing $151 billion through 2030 to delve deeper into advanced chipmaking.

I doubt they would have any office space shortage with many employees working from home(does anyone know if Samsung has a policy on this?) so I would not think offices would require much increase in expenditure, quite the opposite(despite the seemingly endless slashdot articles about workers returning to offices).

And in 5 years

[Opportunist]

We'll get to hear how they have to lay off 40,000 workers unless they get enough kickbacks and tax cuts.

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[Opportunist]

Huh? Giving government control over corporate assets? No, c'mon, where have you been in the past century or so? If you want something from government, yes, of course you give up freedoms, but if a corporation wants freebies, all they have to say is basically "bend over or you have 50,000 unemployed at your hands that vote for the other guy next time".

Sounds wasteful

[backslashdot]

Are there 40,000 people in any field who know what they are doing? Too many cooks can spoil the broth.

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[account_deleted]

Comment removed based on user account deletion

Software engineers, hopefully

[OneHundredAndTen]

If they get better software engineers then maybe their software will stop sucking so intensely. They could also do with a fresh approach to product management, so they will stop stuffing their devices with bloatware.