The global telecom industry faced significant job cuts in the first half of 2024 as companies sought to control costs and streamline operations. Factors such as inflation, the impact of AI, and uncertainty from suppliers like Ericsson and Nokia contributed to this trend. Reports from media outlets and company statements revealed that over 15,000 jobs were planned to be cut, with India also experiencing layoffs. Companies such as Cisco, Canada Bell, Telefonica, Telstra, Vodafone, Ericsson, Nokia, Juniper Nets, Wire One, and Crown Castle all announced job reduction plans during this period.
Cisco announced a restructuring plan that would impact around 5% of its global workforce, resulting in over 4,200 job losses. Canada Bell cut 4,800 jobs due to declining traditional business revenue. Telefonica laid off 3,421 employees in Spain as part of cost-cutting efforts. Telstra proposed eliminating 2,800 jobs to simplify operations and save costs. Vodafone announced 2,000 job cuts in Germany and 1,200 in Spain. Ericsson planned to reduce its workforce in Sweden by 1,200. Nokia restructured its organization in India, leading to the potential layoff of around 250 employees. Juniper Nets expected to shed nearly 500 jobs in India, and Cable One aimed to reduce its workforce by 4%.
These layoffs are part of a broader trend in the telecom industry, with companies like Ericsson and Nokia having previously cut thousands of jobs. The industry has seen a wave of job cuts in recent years, with companies worldwide rethinking their organizational structures and cost-saving measures. Moving forward, it is essential to monitor how these changes impact the industry and the affected employees.
Article Source
https://telecom.economictimes.indiatimes.com/news/industry/h1-2024-telecom-layoffs-continue-as-cisco-telefonica-telstra-vodafone-others-shrink-headcount/111080893
