BT Group, the UK telecom company, announced on Thursday its intention to reduce its workforce by up to 55,000 jobs by the end of the decade. The move is part of a comprehensive overhaul aimed at streamlining operations and cutting costs.
According to its most recent earnings report, BT, with a total workforce of 130,000 comprising staff and contractors, disclosed its plans to reduce the number of employees to a range of 75,000 to 90,000 by the year 2030.
“By the end of the 2020s BT Group will rely on a much smaller workforce and a significantly reduced cost base. New BT Group will be a leaner business with a brighter future," CEO Philip Jansen said, reported Outlook.
Amidst sluggish economic growth and rising inflation, the tech and telecom sectors have been grappling with significant workforce reductions as part of a challenging industry restructuring.
As part of a significant restructuring effort, Vodafone, a UK-based wireless carrier operating in Europe and Africa, recently announced its decision to lay off 11,000 workers.
Once its fiber-optic broadband and 5G mobile networks are fully deployed, BT, a former state monopoly formerly recognized as British Telecom, explained that it anticipates a reduced requirement for workers to construct and maintain these networks.
Jansen mentioned that BT would collaborate with union partners during the job reduction process and also depend on attrition.