Telecom giant Vodafone is reportedly planning to lay off hundreds of employees from its London headquarters as part of cost-cutting measures. The move comes amid the ongoing macroeconomic conditions and similar layoffs by companies such as Amazon, Cisco, Salesforce and Ola.
Vodafone, which employs about 104,000 people worldwide, in November announced plans to cut costs by $1.08 billion by 2026. The upcoming layoffs will reportedly be the company’s “biggest round of job cuts in five years”.
Read also: Amazon India begins layoffs, offers 5 months’ salary as severance
The company has struggled to balance falling revenue and profits in recent years, especially in the wake of the economic downturn last year. As a result, CEO Nick Reed resigned from his position and the company lost 40% of its value during his tenure. The company’s Chief Financial Officer, Margherita Della Valle, has assumed the role of interim CEO.
It is unclear at this time how many employees will be affected by the layoffs in India, where Vodafone operates under the brand name Vi. Other companies such as Ola and Amazon have also announced layoffs in recent months as a result of economic conditions.
questions to ask
Q1: How many employees will be affected by Vodafone layoffs?
It is not yet clear how many employees will be affected by the layoffs, however, it has been reported that it will be mostly from the London HQ.
Q2: Is this the first round of layoffs Vodafone is doing?
According to reports, this is the biggest round of job cuts by Vodafone in the last five years, indicating that the company may have made smaller layoffs in the past.