Swedish telecommunications company Telia is set to reduce its workforce by approximately 3,000 jobs, equating to 15% of its current staff. This move aims to cut annual costs by $253 million and ensure long-term success by simplifying operations and speeding up decision-making processes. The downsizing comes after Telia has already reduced 455 positions earlier this year.
The company operates in five markets, with a total workforce of around 18,000 people. The cuts will affect all of these markets, with the largest number of layoffs — around 1,400 jobs — occurring in Sweden. The job reductions are expected to be completed by early December. CEO Patrik Hofbauer noted, “This is a tough decision, but one that is necessary to ensure the long-term success of Telia.” He emphasized the need for quicker operations and better commercial execution tailored to local market needs.
Telia’s restructuring will come at a significant cost, with an expected expenditure of SEK 1.4 billion ($135 million) in the latter half of this year. However, the company asserts that this will not hinder its overall annual financial goals. Union negotiations will take place, and further details will be unveiled post-discussion.
As of December 31, 2023, Telia had around 19,370 employees and external consultants. This latest decision to trim down by 3,000 jobs marks a significant step in their effort to realign operations and improve efficiency.
