Big MNCs are cutting jobs to meet new tech demands. Companies are moving funds into modern upgrades, and mass layoffs are becoming routine. Recently, an American telecom giant let go of 15,000 employees, and reports suggest 2,000 of them are from India.
Verizon’s new CEO Dan Schulman started a major restructuring after subscriber numbers fell and competition increased. Reuters reported that nearly 15% of the company’s total workforce was removed in this process.
The latest update says large layoffs have hit Verizon India Limited as well. Around 2,000 employees were reportedly laid off in Hyderabad. Layoffs.com mentioned that the company is hopeful about the future, but there is no clarity on how many employees India had in total or what percentage lost jobs.
One internet user claimed that Hyderabad staff were laid off without any prior notice. When someone asked if all 2,000 employees were from the same city, the response was yes. Others pointed out that several companies are promoting work-from-home while quietly removing staff.
Verizon is losing ground to AT&T and T-Mobile US in the subscription race. To retain customers, the company has been offering heavy subsidies. This has increased financial pressure, which the CEO says is one of the main reasons for downsizing.
