Novo Offers Some Workers Choice Between Demotion and Layoff (1)

Novo Nordisk A/S is forcing some workers to accept demotions in order to keep their jobs as the drugmaker continues to lay off thousands of people in an attempt to regain its footing in the competitive weight-loss market.

A number of employees have been offered changed terms and conditions, the drugmaker said Tuesday. Some workers were given 24 hours to accept changes or receive a severance package, according to local unions.

“Our phones are absolutely burning hot, and we’ve had extended opening hours and extra staff called in,” said Susie Staerk Ekstrand, chief executive officer of the local union Pharmadanmark. ...