Canadian Telecom Giant Telus To Cut 6,000 Jobs (www.cbc.ca) 10
Telecommunications giant Telus says it is trimming 6,000 jobs, citing its need to free up cash flow and remain competitive. CBC.ca reports: The cuts involve 4,000 positions at its main Telus business and 2,000 at Telus International and include offers of early retirement and voluntary departure packages, the Vancouver-based company said Friday. Financial markets data firm Refinitiv says Telus had 108,500 workers at the end of last year. The cuts were made with "a very heavy heart" and prompted by the "evolving regulatory, competitive and macroeconomic environment," said Darren Entwistle, the company's president and chief executive. "Against the backdrop of rapid transformation in our industry and the ways in which our customers want to engage with us, today we are announcing a significant investment in an extensive efficiency and effectiveness initiative across Telus," he said in a news release.
The restructuring will cost Telus $475 million in 2023 and lead to annual savings of more than $325 million, the company said. Its plans to reduce its workforce were announced at the same time as the company revealed its second-quarter net income fell almost 61 per cent from the same period last year to $196 million. The company's net income amounted to 14 cents per share for the quarter ending June 30 compared with 34 cents per share in the same quarter a year earlier. Yet Entwistle positioned the company's strategy of building out broadband networks, digitizing operations and streamlining costs as "winning." "Our resilience and ability to embrace change and continuously evolve the way we operate are cornerstones of our Telus culture and will continue to fuel our future success," he said.
The restructuring will cost Telus $475 million in 2023 and lead to annual savings of more than $325 million, the company said. Its plans to reduce its workforce were announced at the same time as the company revealed its second-quarter net income fell almost 61 per cent from the same period last year to $196 million. The company's net income amounted to 14 cents per share for the quarter ending June 30 compared with 34 cents per share in the same quarter a year earlier. Yet Entwistle positioned the company's strategy of building out broadband networks, digitizing operations and streamlining costs as "winning." "Our resilience and ability to embrace change and continuously evolve the way we operate are cornerstones of our Telus culture and will continue to fuel our future success," he said.
Running the business as needed (Score:4, Interesting)
It's not like the company hired all of their employees last year, and now suddenly realizes they screwed up. Telus has hired people over the course of decades. Needs of the business change over time. For instance, there's been a multi-year fibre rollout that the company is wrapping up. The build-out phase has ended, so it's not unreasonable that the company might do some rightsizing.
Additionally, 1/3 of the layoffs are also hitting Telus International, which isn't part of the capital-intensive telco business. Telus International announced that their customers are cutting back, so naturally they need to react.
Competitive, haha. (Score:2, Insightful)
Competitive and Telus are not words that go together. This is all about greed and shareholders. Telus is already one of the most hated companies in Canada. Firing a bunch of people and doing even less infrastructure maintenance than they do now is sure going to help things! Increase consumer choice and all that. Right. If you think things are bad with American ISPs and telcos, you've got nothing on Canada. Some day when technology advances and allows cell phones to communicate via Starlink or similar
Re: (Score:1)
Yeah Telus is extremely greedy but Rogers isn't any better. Canadians are basically fucked between shitty providers.
One of the problem is Canadians tend to be pussies. They whine and bitch about literally everything but DO very little to change the problem. They are just polite enough not to talk about it front of you -- they wait till you are gone and THEN complain about it behind your back.
Re: (Score:2)
Probably because we've succumbed to American style politics where it's all just words while actions are unrelated and the news does their part by not illustrating the actual issues in crayon, and here we are. All hail our corrupt corporate overlords.
People either vote for God or Gay people. No one gives a fuck about the internet or the Kessler sized amount of devices attached to it. Everyone is walking around with a supercomputer in their pocket and it's only increased their ability to be stupid.
Re: (Score:1)
It's all relative (Score:2)
Telus is already one of the most hated companies in Canada.
One of the most hated... but also the least-worst. Telus mobile consistently leads across all metrics [tutela.com].
Their fibre numbers aren't too shabby either [pcmag.com].
Never heard such doublespeek before (Score:2)
I've never heard such a load of doublespeek gobbledygook before:
prompted by the "evolving regulatory, competitive and macroeconomic environment,"
So blame everyone except themselves. It's the government's fault. Our competitors aren't being fair. The economy sucks. WAH!
But what really takes the cake is positioning...
Telecom Giant Telus To Cut 6,000 Jobs
...as...
today we are announcing a significant investment in an extensive efficiency and effectiveness initiative
Oh my God! Tell me they didn't just doublespeek their way into calling letting 6,000 people go as an investment in an efficiency initiative. Jesus, that takes balls!
I'm not usually one who would advocate a union speaking out against the company, but in this case