Telecom giant Vodafone has decided to cut 11,000 jobs over the next 3 years. The job cuts equate to about 12 percent of the total workforce.
Vodafone’s new chief executive Margherita Della Valle said in a statement, “Our performance has not been good enough. To consistently deliver, Vodafone must change. My priorities are customers, simplicity, and growth.”
“We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect, and drive further growth from the unique position of Vodafone Business,” Della Valle added.
This mass layoff is said to be the biggest in the telecom sector and it will majorly affect people of the United Kingdom working in the company.
The company currently employs 90,000 people globally. Earlier Telecom equipment maker Ericsson had laid off 8,500 employees globally as part of its plan to cut costs.
According to reports of Business Today, Additionally, Morgan Stanley will cut 7 percent from its Asia-Pacific investment banking workforce. However, the company has to take a final decision on the number of job cuts. The exact number of job cuts is yet to be decided.
Apparently, Major tech companies are laying off employees exponentially due to economic uncertainties. The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees.
As per trueup, So far in 2023, there have been 944 layoffs at tech companies with 268,965 people impacted (1,978 people per day). In 2022, there were 1,557 layoffs at tech companies and 43,318 people impacted (667 people per day).
