After BT and Vodafone layoffs, another telecom major Verizon layoffs are here. As per a report, Verizon layoffs may hit its customer service division soon.
According to a report in The Verge, Verizon has informed its employees in the customer service division about the upcoming layoffs and restructuring plan. The company had a meeting with close to 6,000 employees where it primarily spoke about the upcoming job cuts.
It adds that while customer service division may be a primary target of Verizon layoffs, there is likelihood that more employees may be impacted by the decision. Other roles which are expected to be impacted by this round of Verizon layoffs include customer experience, loyalty and technology positions.
As far as the reasons behind Verizon layoffs go, the publication mentions that the job cuts’ warning came after Verizon posted Q1 ’23 earnings, which fell short of estimates and the company, also saw a decline in subscriber base.
Verizon also reportedly lost 1,27,000 post-paid subscribers in the quarter under consideration.
“Those involved in today’s call were told they’d be able to accept a severance offer (two weeks per year of tenure) or, in select cases, apply for roles to transition to the next stage of your career journey,” the Verge read.
Verizon layoffs also come in the backdrop of a global economic downturn when several companies and world economies are navigating tricky waters.