The job cuts were confirmed by the British telecommunications company through its preliminary results for the fiscal year 2023
Vodafone to lay off 11,000 employees over three years. (Credit: Triplec85/Wikimedia Commons)
Vodafone Group has disclosed plans to reduce its global workforce by laying off 11,000 employees over the next three years as part of a new roadmap drawn after a strategic review held over the past five months.
The job cuts were confirmed by the British telecommunications company through its preliminary results for the fiscal year 2023.
By simplifying the organisation, Vodafone aims to regain its competitive edge.
Vodafone said it intends to simplify both its headquarters and local markets.
The newly announced layoff is the biggest in the history of the British company, reported Reuters.
According to the news agency, Vodafone employs 90,000 people directly in European and African countries.
The company has seen weaker sales in Germany with 1.6% service revenue growth and -6.1% adjusted EBITDAaL growth as well as in Italy and Spain where it has struggled to keep up the pace.
Della Valle said: “Today I am announcing my plans for Vodafone. Our performance has not been good enough. To consistently deliver, Vodafone must change.
“My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness.
“We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business.”
The telecommunications major has reported a total group revenue of €45.7bn for the fiscal year 2023 ended 31 March 2023, which is a slight increase of 0.3%, compared to the total group revenue of €45.58bn reported in the fiscal year 2022.
In October 2022, Vodafone confirmed that it is in discussions with Hong Kong-based conglomerate CK Hutchison regarding a possible merger between Vodafone UK and the latter’s subsidiary Three UK.