Tidhar Group to Lay Off 50 Employees Post-IPO as Part of Efficiency Drive
Translated & summarized from Maariv by baba
Tidhar Group is laying off approximately 50 employees, about 5% of its workforce, as part of a significant efficiency drive just four months after its IPO. The move is expected to save the company 30 million shekels annually by merging divisions, reducing management layers, and consolidating units. This initiative aims to streamline operations and strengthen control over its value chain. Tidhar is the first major construction company to publicly announce such a broad efficiency plan following its stock market debut.
The story in 6 lines · by baba
- Tidhar Group will dismiss about 50 employees as part of an efficiency plan.
- The layoffs represent approximately 5% of the company's total workforce.
- The efficiency measures are expected to save Tidhar Group 30 million shekels per year.
- The plan involves merging divisions, reducing management levels, and consolidating units.
- The announcement follows Tidhar Group's IPO four months prior.
- Tidhar is the first major construction company to publicly detail such an efficiency drive.
Four months after its stock market debut, Tidhar Group, a major construction company, is implementing an efficiency plan that will result in the dismissal of approximately 50 employees. This move is expected to save the company around 30 million shekels annually. The company stated that the initiative aims to strengthen control over its value chain, focus its operations, and achieve organizational efficiency. As part of the plan, Tidhar will merge divisions, reduce management layers, and adjust its organizational structure for future growth. The company, which employed about 1,100 people before its IPO, with most in execution and construction, is cutting about 5% of its workforce. This comes after employees received 55 million shekels in bonuses prior to the IPO. The merger will see the management and planning division integrated into the entrepreneurship division, with most of its employees being laid off. Other units within the group will be consolidated, management levels reduced, and further adjustments made at the company's headquarters. Tidhar explained these steps are intended to streamline work processes, reduce redundancies and personnel, enhance value chain control, and strengthen synergy across its various business areas. Tidhar is the first major construction firm to publicly announce such a comprehensive efficiency measure, partly attributed to its recent IPO. Other construction companies reportedly prefer to keep such measures private, fearing it might be perceived as a sign of weakness.
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