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BT Group Layoff: Till now IT and tech companies were doing layoffs but now telecom companies are also going to do layoffs. United Kingdom-based telecom company BT Group has decided to lay off 55,000 employees.
BT Group said on Thursday that the decision to reduce the number of employees has been taken in view of the restructuring and cost reduction of the company. BT Group to lay off 55,000 people over the next decade. The company has a total of 1,30,000 employees ranging from employees to contractors. BT Group has said in its latest report that the company plans to reduce its workforce from 75,000 to 90,000 by 2030. The company’s CEO, Philipp Jensen, said the company would hire fewer employees by the end of the decade to cut costs. The new BT group will be smaller and have a bright future, he added.
Earlier, UK’s telecom company Vodafone had also announced that the company would lay off 11,000 employees. Vodafone operates in Europe and Africa. BT Group says it will not need such a large workforce following the full rollout of fibre-optic broadband and 5G service.
After the global economic crisis, inflation and economic growth slowed down, companies are constantly working to reduce their costs. Tech and telecom companies have laid off thousands of employees in the last few months. Companies like Google, Microsoft, IBM, Facebook, Twitter, Amazon have laid off thousands of employees. These companies are also troubled by expensive debt. The Fed Reserve has been raising interest rates consistently.
