News

Canadian telco Telus has announced plans to cut 6,000 jobs, representing roughly 5.5% of its workforce, in order to free up cash flow and stay competitive. Approximately 4,000 of these job cuts will come from Telus itself, while the remaining 2,000 will be from its subsidiary, Telus International. The decision to restructure was driven by evolving regulations, competition, and the macroeconomic environment.

Telus President and CEO, Darren Entwistle, explained that the job cuts are part of a larger efficiency and effectiveness initiative aimed at transforming the company to meet the changing demands of its customers. The restructuring is expected to cost Telus C5 million (6 million) this year, but it will result in annual savings of over C5 million (3 million) in the future.

In addition to the job cuts, Telus plans to implement cost-saving measures, such as the development of automated and AI-enabled systems to streamline operations. This move follows a decline in the company’s net income for the second quarter of this year, which fell by nearly 61% compared to the previous year.

Telus is not alone in its restructuring efforts, as other Canadian telcos have also made significant job cuts. BCE Inc, the parent company of Bell Canada, announced plans to cut 1,300 jobs in June to reduce costs. Rogers Communications also revealed job cuts as a result of its merger with Shaw, although the exact number of job cuts remains unclear.

Job cuts in the telecoms sector are not limited to Canada. Telecom companies around the world are facing pressures from the global economy and rising inflation. BT in the UK plans to reduce its headcount by around 55,000 by 2030, while Vodafone aims to cut 11,000 jobs over the next three years to drive growth.

The telecoms market is undergoing significant changes, and companies are looking to streamline operations and invest in new technologies to adapt to these shifts.

The post Telus to Cut 6,000 Jobs as Part of Restructuring Plan appeared first on ISP Today.