BT Group Layoffs: Till now IT and tech companies were engaged in retrenchment. But now telecom companies are also going to lay off. United Kingdom-based telecom company BT Group, formerly known as British Telecom, has decided to lay off 55,000 employees.
BT Group said on Thursday that it has been decided to reduce the number of employees keeping in mind the restructuring of the company and the reduction of expenses. BT Group will lay off 55,000 people in the next decade. The company has a total of around 1,30,000 employees, which includes staff to contractors. BT Group has said in its latest report that by 2030, the company is preparing to reduce its workforce from 75,000 to 90,000. The company’s CEO, Philipp Jansson, said that by the end of the decade, the company would keep a smaller workforce so that costs could be reduced. He said that the new BT group will be small and its future will also be bright.
Earlier, UK based telecom company Vodafone has also announced that the company will lay off 11,000 employees. Vodafone operates in Europe and Africa. BT Group says that after the full rollout of their fiber-optic broadband and 5G service, it will not need such a large workforce.
After the global economic crisis, backbreaking inflation and slowing down of economic growth, companies are constantly laying off their expenses. In the last few months, tech and telecom companies have laid off thousands of employees. Companies like Google, Microsoft, IBM to Facebook, Twitter, Amazon have laid off thousands of employees. These companies are also troubled by expensive loans. The Fed Reserve has continuously increased interest rates.