Toronto, Aug 6 (SocialNews.XYZ) Canadian telecom operator Telus has announced to lay off 6,000 employees across its business -- about six per cent of its global workforce, in order to free up cash and remain competitive.
"Our resilience and ability to embrace change and continuously evolve the way we operate are cornerstones of our Telus culture and will continue to fuel our future success," said Darren Entwistle, President and CEO of Telus in the company's Q2 2023 earnings report.
"It is therefore with a very heavy heart that we are seeking to reduce 6,000 staff positions across our global footprint, representing approximately 4,000 reductions at Telus and 2,000 at Telus International, including offering early retirement and voluntary departure packages," he added.
The downsizing will include early retirement and voluntary departure incentives.
Given the scale of this programme, the company now expects incremental restructuring investments of up to $475 million in 2023.
"The programme we are announcing today will yield expected cumulative annual cost savings of more than $325 million. While this will temporarily and modestly dilute our Free Cash Flow in 2023, importantly, it will support strong Free Cash Flow expansion in the years ahead, as well as the progression of our leading, multi-year dividend growth program," the CEO said.
Telus had 1,08,500 employees at the end of 2022, according to data from financial markets data firm Refinitiv.
In May, the global telecom carrier Vodafone said it plans to reduce 11,000 jobs over the next three years, with an aim to "simplify" both headquarters and local markets.
Margherita Della Valle, Group Chief Executive, said their performance has not been good enough.
Vodafone said it has an action plan already underway, focused around three priorities -- significant investment reallocated in FY24 towards customer experience and brand, 11,000 role reductions planned over three years and Germany turnaround plan, continued pricing action and strategic review in Spain.
Source: IANS
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