The Verizon layoffs have grown from rumor to reality, and the reports indicate that 15,000 jobs are on the line. Leaks hinting at Verizon job cuts first appeared earlier this week, with online chatter discussing the possibilities and their potential impact on workers. Along with talk of a significant number of store closures, many employees went online to ask colleagues and insiders about how their jobs could be affected, as there had been limited information provided by the employer.
Now that Verizon’s workforce reduction plans have been verified by internal sources, there appears to be some clarity on how matters might proceed. But Verizon has not openly confirmed or denied these claims. With no official statements to go on, the only details we have are the scale of Verizon’s workforce cuts.
Reports of the Verizon layoffs now have a number attached to them. Around 15,000 jobs could be cut as early as next week under the new CEO. (Image: Freepik)
Verizon Layoffs Set to Affect 15,000 Roles, With Store Closures Still On the Table
Reports from major publications have confirmed the Verizon layoffs, indicating that about 15% of the workforce, or 15,000 workers, could be hit by layoffs. Some sources put the total number of cuts at 20,000. The job cuts could begin as early as next week, with the company also aiming to convert at least 180 of its corporate-owned retail stores into franchised outlets, which can help alleviate some of the operational burden. Reuters also reports that Verizon’s restructuring of its workforce will bring down the number of its non-union management ranks by over 20%.
While the company shares rose marginally by 1.5% following this update, employees aren’t thrilled by this turn of events. The company has doubled down on a mission to increase its subscriber growth numbers, moving away from the price-hiking strategy it has relied on in recent years. This reportedly included plans to subsidize expensive handsets to make the offer more appealing to customers considering competitors, but in order for this to be a sustainable strategy, costs had to be cut in other areas. This includes the labor force and downsizing of operations.
New CEO Dan Schulman previously spoke of the need for aggressive changes to set the business on track towards productivity, with plans of “cost transformation, fundamentally restructuring our expense base.” He also added, “We will be a simpler, leaner and scrappier business. This work is overdue and will be multi-year and an ongoing way of life for us.”
Verizon’s Workforce Reduction Plans Add to Mounting Number of Cuts Across Industries
Verizon’s decision to turn to major layoffs in 2025 isn’t occurring in isolation. From abrupt cuts in the gaming industry to changes in the pharma retail business, there have been an overwhelming number of workforce reduction efforts this year. Most recently, Amazon’s decision to cut 14,000 jobs left customers and employees equally stumped, and Verizon’s job cuts appear set to exceed those numbers as well.
Despite the lack of official government data on the job cuts last month, a report from Challenger, Gray & Christmas stated that employers cut over 150,000 jobs in October. These numbers are a significant escalation from the previous year and from the numbers just a month prior to the report. Businesses have collectively doubled down on agility and efficiency goals by switching to leaner operations, and a large portion of this switch has been motivated by AI.
Such cuts and changes are resulting in extreme job insecurity among workers. This has some turning to exploring career options that guarantee them better job security, while others go down the route of gatekeeping knowledge, growing suspicious of their employers and resentful of their colleagues in equal measure. Workplace loneliness is similarly on the rise, leaving us with a very unfortunate picture of the state of employment today.
Verizon layoffs are on the cards, with major changes underway. Share your thoughts on the news with us. Subscribe to The HR Digest for more insights on workplace trends, layoffs, and what to expect with the advent of AI.
