HUGE Layoffs: THIS company to fire employees soon; Read details here
The global telecommunications company, which employs some 104,000 people worldwide, intends to let go of hundreds of staff members, mostly from its London headquarters.
New Delhi: The corporate sector has experienced a veritable bloodbath of job losses as a result of the prolonged economic recession. Technology behemoths like Apple, Twitter, Meta, and Amazon are experiencing slow revenue growth and are therefore laying off staff members across departments in order to save costs. Last year, thousands of individuals lost their jobs, and in 2023, the nightmare will continue. Following recent layoffs by Amazon, Cisco, Salesforce, and even Ola, Vodafone has now declared it will remove staff in an effort to reduce expenses due to the current macroeconomic difficulties.
The global telecommunications company, which employs some 104,000 people worldwide, intends to let go of hundreds of staff members, mostly from its London headquarters. The number of employees who will be impacted in India, where Vodafone is collaborating with Idea under the brand name Vi, is not yet known. The planned layoffs will be the organization's "largest round of job losses in five years," according to the Financial Times. (Also Read: Union Budget 2023-24: All you need to know about process involved in making of Budget)
This follows Vodafone's announcement from November, in which the company disclosed its intention to implement significant cost-cutting measures in response to the weakening market environment. By 2026, Vodafone intends to reduce spending by almost $1.08 billion. And the business intends to carry out this strategy by first reducing its overall workforce. (Also Read: THIS company launches world’s first cow-dung-powered tractor; here's HOW it works and other details)
The fact that Vodafone is attempting to balance its revenue and declining earnings in recent years is noteworthy. The telecom company had a difficult time navigating its ship, particularly last year when the market was in a state of chaos owing to the impending crisis.
As a result, Nick Read, the company's CEO, also announced his resignation because while his leadership, the company's worth dropped by 40%. Margherita Della Valle, Vodafone's chief financial officer, will fill his post in the meantime.