Telecoms giant Vodafone has announced plans to cut 11,000 jobs over three years, simplifying is headquarters and local markets.
Announcing its preliminary 2023 results today, Vodafone outlined its plans to tackle three priorities – customers, simplicity and growth – following a strategic review conducted over the past five months.
Total revenue increased by just 0.3% to €45.7 billion (£39.8 billion) driven by growth in Africa and higher equipment sales, offset by lower European service revenue and exchange rate movements.
Margherita Della Valle, Vodafone’s new group chief executive, commented: “Today I am announcing my plans for Vodafone. Our performance has not been good enough. To consistently deliver, Vodafone must change.
“My priorities are customers, simplicity and growth. We will simplify our organisation, cutting out complexity to regain our competitiveness. We will reallocate resources to deliver the quality service our customers expect and drive further growth from the unique position of Vodafone Business.”
Vodafone, which has seen its share price fall more than 80% in nine years, employs more than 100,000 people worldwide.
The growth plan includes a turnaround in its largest market, Germany, and a strategic review in Spain. In the UK, total revenue increased by 3.6% to €6.8 billion (£5.9 billion) driven by service revenue growth, but partly offset by the pound’s depreciation against the euro.
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Vodafone has two headquarters in the UK, its head office in Reading and its group office in Paddington. On the proposed tie-up with its rival Three in the UK, it said there could be no certainty that any transaction would ultimately be agreed.
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