The ongoing economic slowdown has triggered a complete blood bath of job cuts in the corporate sector. Tech giants like Apple, Twitter, Meta and Amazon are facing stagnant growth in revenue and hence firing employees across departments following their cost-cutting measures. Thousands of people lost their jobs last year and the horror continues in 2023. After recent layoffs by Amazon, Cisco, Salesforce and even Ola, now Vodafone has also announced to fire employees to cut costs due to ongoing macroeconomic conditions. The multinational telecommunication firm which employs around 104,000 people around the globe is planning to fire hundreds of employees majorly from its London headquarters. It is not yet clear how many employees will be impacted in India, where Vodafone is operating with Idea under the brand name Vi. According to the Financial Times, the upcoming layoffs will be the company’s “biggest round of job cuts in five years.”
This comes after Vodafone’s November announcement in which the company revealed its plan to take serious cost-cutting measures in the wake of the deteriorating market outlook. Vodafone announced plans to cut down around $1.08 billion by 2026. And the company is planning to execute this plan by first slashing the total number of employees.
