What’s The News?The latest round of AT&T (NYSE: T) layoffs confirmed this week by the sources affirm that it will affect a “very small portion” of its global workforce, reducing personnel on legacy units. Click To Tweet
What Does This Mean?
This suggests that AT&T is laying off employees that are working in some of its weaker businesses. The carrier has not exactly specified which business units are being affected or the number of employees to be cut off.
An official statement from AT&T spokesman Jim Greer said that “We are hiring to meet the needs of the growth areas of our business. In fact, we hired more than 20,000 new employees last year and more than 17,000 the year before. In cases where we have to adjust our workforce, we take steps to lessen the effect on employees,” as per the report by Reuters. The carrier didn’t get into the details of whether the new hires were for jobs located outside of the U.S.
Why Does It Matter?
The Bigger Market Picture: A report earlier this month said that the Dallas-based carrier was preparing itself for a series of staff reductions. It was followed by an internal memo mentioning the layoffs would begin later this month and continue for the next several months.
The internal memo shared with company managers, AT&T executive Jeff McElfresh said that the company has to continue to lower costs, be fast and stay agile which makes staff reductions a necessary part.
According to the contributors on TheLayoff.com, the job cuts are impacting teams across several departments which include AT&T Technology and Operations, the business units responsible for wireless, networking and security; and AT&T Foundry innovation centers.
Some of the current and former employees also commented on the job loss on Thelayoff.com:
- “I got my walking paper today. Seems that no matter how well you do your job this one was based on seniority I was a top performer in 2018 but I guess that doesn’t matter. In my group area managers and some directors got the boot.”
- “A typical Fortune 100 corporation has a Price / Earnings ratio of 15 to 20. AT&T is selling for a third of that! Word has gotten out about what a poorly managed business this is.”
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