How to survive layoffs and protect your finances
As more Americans lose their jobs, these tips will help you protect your finances, secure health insurance, and find your next job faster.
Verizon plans to cut at least 15,000 jobs and franchise 180 stores, Reuters, The Wall Street Journal and Bloomberg reported on Thursday, citing unnamed sources, in what would be its largest layoff ever.
Wireless carriers are struggling with market pressure from a decline in new customers as competitors offer cheaper plans and cable companies like Comcast and Charter enter the market.
Reports say the layoffs could take place as early as next week, affecting about 15% of Verizon’s workforce. Converting company-operated stores to franchises would remove those employees from the telecom giant’s payroll, cutting up to 20,000 jobs, according to Bloomberg.
The layoffs, which will reduce non-union management positions by more than 20%, are one of the first moves by CEO Dan Schulman to downsize the company.
Shulman said last month that Verizon needs aggressive changes, including “transforming costs and fundamentally restructuring our expense base.” “We will be a simpler, leaner, more scrappy business.”
The company will have about 100,000 U.S. employees at the end of 2024, after cutting about 20,000 jobs over three years, according to Reuters.
USA TODAY reached out to Verizon to confirm the layoffs.
Verizon’s layoffs begin as companies announce layoffs
Verizon’s job cuts are the latest in a flurry of layoff announcements across the business community.
Amazon announced on Oct. 28 that it would cut 14,000 corporate jobs, while Target reportedly said on Oct. 23 that it plans to cut an estimated 1,800 corporate jobs.
Employers cut more than 150,000 jobs in October, the largest wave of layoffs in more than 20 years, according to a Thursday, Nov. 6 report in Challenger, Gray & Christmas.
Contributed by: Reuters
