Layoff News: In this phase of retrenchment, another company has joined the chain of laying off its employees. This is an American telecommunication company, whose name is Verizon. The company is preparing to furlough thousands of employees. Quoting a person familiar with the matter, Reuters said in its report that the company is planning to lay off about 15,000 people, which is 15 percent of its total workforce. However, there has been no comment on this from Verizon.
What is the reason for layoff?
According to the source, the retrenchment plan is being made targeting non-union management rank employees. This is expected to affect more than 20 percent of the employees. Actually, these days Verizon is preparing to convert about 180 corporate retail stores into franchised operations. The company is facing competition in the market due to slow growth in the number of subscribers and customers not purchasing premium wireless plans. It is also facing increasing pressure from other companies like AT&T and T-Mobile US.
There will be layoffs in this big tech company too
Many companies have recently made layoffs in order to adapt to the way of working in this era of Artificial Intelligence (AI). These include names of many big companies like Amazon, TCS, Microsoft, IBM. Earlier this month, big IT company IBM had talked about laying off thousands of employees focusing on software growth. The company’s spokesperson had said, we are going to do something in the fourth quarter, which will impact a single digit percentage of our global workforce.
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