Last Updated on May 16, 2023 3: 55pm
New Delhi: British telecom giant Vodafone announced on Tuesday that it would be laying off 11,000 employees over the next three years.
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The move comes as the company faces increasing competition from rivals.
Vodafone CEO Margherita Della Valle said that the layoffs were necessary in order to “simplify our organization and free up resources to invest in our customers and our future.”
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She added that the company would be focusing on “delivering the simple and predictable experience that our customers expect.”
The layoffs will affect employees across all levels and functions of the company. Vodafone said that it would be providing severance packages and outplacement assistance to affected employees.
The layoffs are a major blow to Vodafone, which is already struggling to compete with its rivals. The company’s share price has fallen by more than 20% in the past year.
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The layoffs are also a sign of the tough times that the telecom industry is facing. The industry is undergoing a period of consolidation, as smaller companies are being bought up by larger rivals. This is leading to job losses and increased competition.
It remains to be seen whether Vodafone’s layoffs will be enough to turn the company around. However, the move is a clear sign that the company is facing a major challenge.
In addition to the layoffs, Vodafone also announced a number of other initiatives aimed at improving its performance. These include a focus on customer service, a review of its pricing strategy, and a new investment plan.
It remains to be seen whether these initiatives will be enough to turn Vodafone around. However, the company is clearly taking steps to address its challenges.