Nets announces staff cuts: Negotiations are starting now

1. Feb 2024

2 min

Large-scale staff cuts are underway at Nets, which employs about 1,200 people in Denmark.

This is confirmed by Frank A. Olsen, Senior Union Representative at Nets.

While the number of redundancies has still to be determined, the staff cuts are thought to be extensive according to Frank A. Olsen.

Negotiations have opened

The result of the negotiations, which may extend for the remainder of the month, will determine how many jobs are affected.

Frank A. Olsen is committed to minimising the number of lay-offs to the greatest extent possible.

“We will, of course, enter the negotiations constructively with a view to minimising the number of terminations as much as possible, and with a view to securing the best severance terms for the employees who will sadly be leaving the organisation,” he says.

(Artiklen fortsætter efter boksen)

Why Nets intends to cut staff

According to the management at Nets, the redundancies are the result of fierce competition and lower growth prospects.

Nets needs to make allowances for this, for example by cutting staff, says Nets in an update to Finansforbundet.

“We are part of an industry characterised by fierce competition, and since we expect lower growth in the surrounding society, we need to adjust and optimise our business to ensure we have the strongest possible position to continue the supply of competitive services to our customers.”
As the employees’ representative, Frank A. Olsen does not quite follow how Nets plans to maintain growth, increase earnings and uphold customer service with a projected reduction in staff.

“It is also sad that the process will inevitably create great uncertainty for our colleagues, who are only just finding their feet after the major restructuring that followed the merger with Nexi,” he says.

“We hope that the process, albeit painful, will take place in a dignified manner and with least detrimental impact.”

- Frank A. Olsen, Senior Union Representative at Nets.

Ready to support members

The precise adaptations will now be determined in the upcoming negotiations between the management at Nets and the representatives of Finansforbundet.

Frank A. Olsen makes it clear that the union representatives assisted by Finansforbundet stand ready to support the members in this process, adding that they have a sensible collaboration with the local management and HR at Nets.

“We hope that the process, albeit painful, will take place in a dignified manner and with least detrimental impact. Both for the employees who will be leaving us, but also for those who will be left behind with an increased workload and the absence of their good colleagues,” says Frank A. Olsen.

Rules concerning termination of employment

How and when should you give in your notice? What are your rights if your terms and conditions of employment are drastically changed? And what should you know about notice periods and severance agreements? Learn about your rights and options in relation to termination of employment.