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- Telstra (TLS) slashes close to 500 jobs, the first round of cuts under new boss Vicki Brady
- The job cuts come as Telstra continues to roll out its ‘T25’ growth strategy
- A key goal of the T25 program was to boost value for shareholders
- The telco heavyweight retains a workforce of around 30,000 staff nationally
- Telstra shares are down 0.12 per cent, trading at $4.21 at 1:24 pm AEST
As part of its ‘T25’ growth strategy announced in 2021, Telstra (TLS) has today cut nearly 500 jobs – 472 roles to be exact.
Telstra has not shared any news with the market, however, a company spokesperson today confirmed the news, outlining the approach is for Telstra to stay competitive.
The telco heavyweight still holds a workforce of around 30,000 staff nationally.
“Decisions like this are always difficult. We know and feel the personal impact on our people and their families,” the spokesperson wrote.
This round of job cuts is the first to take place under the relatively new leadership of CEO Vicki Brady.
The job cuts come as the larger overhead ‘T25’ strategy announced by Telstra rolls on.
First announced in 2021, the T25 strategy effectively reflects a four-to-five-year plan for the telco to optimise value propositions, especially as the company continues to roll out 5G across Australia.
The T25 strategy followed the ‘T22’ strategy announced in the mid-to-late 2010s.
“T25 is a strategy for growth … we will be using exactly the same disciplines and governance that we used for T22,” then-CEO Andy Penn said.
One of four key points of the T25 strategy saw Telstra commit to “create sustained growth and value for our shareholders.”
While job cuts are bad for affected employees and employee morale – they are generally well-received by investors in the mid-term, given that less wage spend means more cash on hand.
Telstra shares were down 0.12 per cent, trading at $4.21 at 1:24 pm AEST.
