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Vodafone's huge layoffs are part of a larger cost-cutting strategy for â1 billion (£870 million) announced in November.
Digital Desk:
color:black">Vodafone, the British telecom giant, has stated that it will cut
11,000 jobs from its global staff over the next three years. The decision comes
as the company's share price has fallen to a two-decade low, and the
corporation intends to restructure its business in order to improve its
competitive edge and customer experience.
Vodafone's huge layoffs
are part of a larger cost-cutting strategy for â1 billion (£870 million)
announced in November. Margherita Della Valle, the new CEO, has detailed her
goal for a leaner, simpler company with enhanced commercial agility and
resource allocation.
color:black">"Today I am announcing my plans for Vodafone," said
former Vodafone finance head Della Valle, who was appointed CEO last month.
"Our performance has been inadequate. Vodafone must evolve in order to
consistently deliver."
"My top priorities
are customers, simplicity, and expansion." To regain our competitiveness,
we shall simplify our organisation and eliminate complexity. "We will
reallocate resources to deliver the quality service our customers expect, as
well as drive further growth from Vodafone Business's unique position,"
Valle added in her statement.
The CEO
emphasizes that the firm is now planning to steer Vodafone towards a more
sustainable future, and the layoffs are part of the plans to streamline the
organisation and reduce expenses in response to earnings growth expectations of
little or nil for the current fiscal year. These plans represent the most
significant job layoffs in the company's history, affecting over 11,000
employees. The layoffs were anticipated because Vodafone's financial
performance has been disappointing, with group core earnings falling to 14.7
billion euros for the fiscal year ending March 31. Vodafone has struggled in
recent years, battling rivals like as AT&T and Verizon in the United
States, as well as China Mobile and China Unicom in China. The company has also been
hit by rising costs and a slowdown in customer growth.
Vodafone plans
to streamline its operations and improve its financial situation by focused on
the essentials and providing a clear and predictable experience to its
consumers in order to catch the drawing ship. The company's action plan
prioritises three areas: considerable investment in customer experience and
brand, 11,000 role reductions expected over three years, and a Germany
turnaround plan, sustained pricing action, and strategic review in Spain.
Earlier After reducing its
annual profit prediction, Vodafone unveiled a cost-reduction strategy,
including job losses, in November 2022, to meet rising energy expenses and
inflation. The proposal is worth more than a billion dollars. Following a 40%
decline in market value during his four-year tenure, Nick Read stepped down as
CEO in December. Vodafone was in talks to merge its UK business with rival
Three UK, which is owned by CK Hutchison, in a deal valued at $15 billion
($18.7 billion).
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