Thousands Of Telecom Workers Are Losing Jobs

Oct 30, 2010 – The job Market of telecom companies is suffering a great change. There is a huge increase of job cuts and temporary or short-term contracts. The cause of this transition is that customers are dropping land lines and going solely wireless. Many customers are also utilizing Internet-based telephone services such as Vonage, Skype, or competing voice-over-IP products from cable companies.
One of the biggest telecom companies of US, Verizon, plans more layoffs in 2010. Although it has another year of high profits as Verizon continues to expand its wireless service, the company is under a lot of pressure to cut costs. In each of the past two years Verizon has cut between 13,000 and 17,000 jobs, based on news reports and public statements from Verizon. The new cuts are approximately a 5.8 percent of a total 222,927 employees, according to the Wall Street Journal.
Moreover Verizon has begun to cut the prices of some of its wireless calling plans, indicating that the continuous growth in wireless may be coming to an end. This also indicates that Verizon may be entering a price war with AT&T, who is also planning to lay off about 1.5 percent of its U.S. work force, or 4,650 employees.
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This release was published on openPR.