Layoffs in Telecom Sector: Vodafone Group, one of the major companies in the telecom sector, has made a plan to lay off 11,000 employees (11 Thousand Employees Layoffs).
Margherita Della Valle, the new boss of Vodafone Company, said that 11,000 jobs will be cut in the next three years. Such a huge reduction in jobs will be due to loss in the business of the company.
The company’s new boss said that Vodafone’s cash flow is expected to decline drastically. This year a shortfall of around 1.5 billion euros has been estimated. Della Valle said that the performance of the people who were appointed permanently last month and the company has not been good.
Focus on simplifying services for customers
According to a Reuters report, Della Valle said that our priorities are customers, simplicity and development. In such a situation, to remain in the race of the telecom sector, along with removing the complications, the organization will be simplified. For this reason it is necessary to cut jobs.
Biggest cut ever
Vodafone Group does business in many countries including India. About 1 lakh people are employed in this company. The reduction in 11,000 jobs is the biggest cut for this company so far. Vodafone said it will generate around 3.3 billion euros in cash this fiscal year. At the same time, by the end of March, compared to 4.8 billion euros, experts were expecting about 3.6 billion euros.
