Tidhar Group Initiates Layoffs and Restructuring to Save NIS 30 Million
Translated & summarized from Ice by baba
The Tidhar Group is undergoing a significant restructuring and implementing layoffs to achieve an annual saving of approximately NIS 30 million. The company aims to enhance its value chain control, focus operations, and improve organizational efficiency by merging divisions and reducing management layers. CEO Uri Levin stated the move supports the group's long-term strategy, acknowledging the difficult decision to part with employees.
The story in 5 lines · by baba
- Tidhar Group is restructuring and laying off staff to save NIS 30 million annually.
- The company aims to strengthen value chain control and improve organizational efficiency.
- Divisions will be merged and management layers reduced as part of the reorganization.
- CEO Uri Levin stated the move supports the group's long-term strategic plan.
- The company acknowledged the difficulty of parting with employees.
The Tidhar Group is implementing widespread cost-cutting measures and a significant organizational restructuring of its headquarters, aiming to save tens of millions of shekels. The company stated the move is intended to strengthen control over its value chain, focus its operations, and achieve organizational efficiency. As part of the reorganization, Tidhar will merge divisions, reduce management layers, and adjust its structure for future growth. The full implementation of these changes is projected to save approximately NIS 30 million annually.
While the company has not moved from profit to loss, and some project housing prices remain high, a slowdown in the market is being felt. However, Tidhar indicated that the real estate market slowdown is not the sole driver for these cuts, as the company is active in various market sectors beyond just housing.
The restructuring will see the management and planning division integrated into the development division. Additionally, various units will be consolidated, management tiers reduced, and other adjustments made to the headquarters' organizational framework. The company stated these steps are designed to streamline work processes, reduce redundancies and personnel, enhance value chain control, and foster synergy across its different business areas.
Uri Levin, CEO of Tidhar Group, commented that the company is in a continuous growth and development phase, executing its long-term strategic plan focused on growth and efficiency. He added that the reorganization aims to focus operations, simplify the organizational structure, strengthen value chain control, and support the group's long-term strategy. Levin acknowledged the difficulty of the decision, which involves parting with valued employees, and expressed gratitude for their contributions, wishing them success in their future endeavors.
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