Telus axes 6,000 jobs amid competitive pressures
VANCOUVER, CANADA — IT firm Telus declared a job reduction of 6,000 positions to augment cash flow and remain competitive.
This substantial cut will affect 4,000 roles within Telus’s main business and another 2,000 at Telus International.
CEO Darren Entwistle said the decision was made with “a very heavy heart” and attributed it to the ongoing shifts in the “regulatory, competitive, and macroeconomic environment.”
“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 added.
Following this announcement, Donna Hokiro, the union leader of United Steelworkers Local 1944, remarked that the quality of Telus’s services is bound to decline due to these layoffs.
Financially, this restructuring will cost Telus an estimated CAD475 million in 2023 but is projected to save over CAD325 million annually. The company also disclosed that its second-quarter net income plummeted by nearly 61% year over year, registering at CAD196 million.
Regardless, Entwistle optimistically described Telus’s overarching strategy 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 concluded.
