According to Verizon, the current focus is on coordinating people and resources to increase customer value while making the company “faster, stronger, and more proactive.”
Why Verizon Is Cutting 13,000 Jobs
As part of a larger plan to streamline operations and cut expenses, Verizon has started a significant restructuring exercise that involves eliminating over 13,000 jobs. Additionally, the US-based telecom behemoth is drastically reducing its use of external and outsourced labor.
Verizon CEO Dan Schulman stated that the firm must change in reaction to recent financial information disclosed during an all-employee meeting in a letter to staff dated November 20. “We are unable to make large investments in our client value proposition due to our present cost structure. “Our entire business needs to be reoriented around providing for and satisfying our customers,” he stated.
According to Schulman, the current focus is on coordinating people and resources to provide customer value while making the company “faster, stronger, and more proactive.” To address “the complexity and friction that is currently slowing the company down, and frustrating its customers,” he continued, operations must be streamlined.
Verizon has begun laying off more than 13,000 workers as part of this transformation. “We will have conversations with every affected employee to ensure they are treated with the utmost respect and care, and every part of the company will experience some level of change,” Schulman stated.
Verizon has established a $20 million “Reskilling and Career Transition Fund” to assist those leaving. In order to assist departing employees in transitioning into new roles, Schulman says the fund will concentrate on skill development, digital training, and job placement.
As the business gets ready for 2026, the CEO stated that new organizational structures and priorities will be announced in the upcoming weeks. “The fourth quarter is an extremely important one for us, so I appreciate everyone bearing down to make it a great one, even in the face of change,” he said to staff members, referring to the current quarter as critical.
“To those colleagues who will be leaving, thank you for your many contributions,” he said in closing, expressing gratitude to departing employees and urging those who remained to continue their dedication. I want to thank everyone who is still with us for their unwavering dedication as we work together to strengthen Verizon.”