Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
The largest Finnish development and construction company YIT, part of YIT Group, is starting cooperation negotiations that can lead to a reduction of 150 jobs in Finland.
With the launch of a transformation program, the company aims to achieve annual cost savings of at least EUR 40 million by the end of 2024.
The cooperation negotiations in Finland concern salaried and senior salaried employees, as well as directors. According to the company, salaried employees working in production jobs at construction are not threatened by these negotiations.
These cost savings are additional to the ones announced in November 2021, when YIT outlined plans to achieve annual cost savings of EUR 15–20 million by 2023, also affecting 200 jobs in Finland.
YIT employs 7,000 professionals in ten countries: Finland, Russia, Sweden, Norway, Estonia, Latvia, Lithuania, the Czech Republic, Slovakia and Poland.
Update 4/4/2023: The change negotiations were completed in March and resulted in a reduction of approximately 130 jobs. According to the company, reductions will be achieved through redundancies, expiring fixed-term employment relationships, and retirements as well as outsourcing of IT functions, and voluntary resignations.
Eurofound (2023), YIT , Internal restructuring in Finland, factsheet number 108418, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/108418.
This working paper offers a comprehensive methodological overview of the European Restructuring Monitor (ERM) databases. Even though the methodology has not changed over time, new categories have been added, and the way it has been used by researchers and policymakers...
This Eurofound research paper explores key trends in restructuring in recent years, highlighting the companies that announced the largest job losses and job gains in the EU. It builds on an analysis of company announcements recorded in Eurofound’s European Restructuring...
In 2023, thousands of workers in big tech lost their jobs. Meta, Amazon, Google, Apple, Microsoft and Salesforce had been considered to offer good and secure jobs up to this point. Giants of the information and communication technology (ICT) sector,...
In 2024, the automotive sector in the EU came to the fore in public and policy discussions. The focus was on the slowdown in electric vehicle (EV) sales, rising global competition, belated investments in new technologies, and the potential closure...
The more employee monitoring resembles surveillance – with its systematic, continuous and detailed tracking of employees' activities, behaviours or communications – the greater the potential for infringement of both privacy and data protection rights. Although the EU General Data Protection...
Since 2013, Eurofound's ERM database on restructuring-related legislation has been documenting regulatory developments in the Member States of the European Union and Norway which are explicitly or implicitly linked to anticipating and managing change. The most recent update to the...
