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Swisscom Announces Job Losses (& Gains)

Light Reading
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Light Reading
11/1/2012
50%
50%

BERNE, Switzerland -- Swisscom operates in a dynamic market, which is characterised by fundamental changes. Where 10 years ago voice telephony was the single largest source of revenues, its contribution has declined strongly ever since. Simultaneously, Swisscom has built numerous new businesses with which the company generates a multibillion revenue stream, thereby nearly compensating for the erosion of the classical telephony business. Similarly, the composition of the jobs in the company has altered completely: jobs in traditional businesses were replaced by jobs in new innovative areas. However, the number of jobs overall has grown continuously. The number of FTEs (Full Time Equivalents) in Switzerland grew from 15,199 per year end 2005 to 16,415 in the third quarter of 2012. This means a net growth of more than 1,200 FTEs. The changes at Swisscom will continue over the forthcoming years. Next year, Swisscom will create around 300 jobs in growth areas, while at the same time reducing around 100 managerial and 300 jobs which are governed by collective labour agreement. For employees involved, the well established social plan is available. The cost involved will be booked as a one-off restructuring provision in the fourth quarter of 2012, and will amount to around CHF 50 million.

Swisscom AG (NYSE: SCM)

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