Vodacom Group is set to cut 80 jobs in South Africa in a bid to reduce rising costs.
A year after its parent company Vodafone laid off 11,000 of its employees to simplify its company structure and organization, which at the time, did not affect Vodacom, the South African telecom group is said to be making plans to cut up to 80 jobs in its biggest market.
The layoffs, which would help it to reduce rising costs, will affect all levels of the company which currently employs about 5,400 people, reports Bloomberg, citing a spokesman for Vodacom.
Despite its revenue increasing by $26.8% to $2.1 billion in its third quarter which ended on 31 December 2023, the telco giant with a market valuation of $9.59 billion, will need now have to use all possible measures including cost reductions and job cuts to ensure its business operations are sustainable while promoting financial resilience.
This move alongside other job cuts being planned by other companies in the country would drastically increase the country’s unemployment rate which stands at 32.1%, according to Trading Economics.
