Rogers Communications Inc. is offering voluntary departure packages to about 10,000 employees in its workforce as the telecom giant moves to cut costs amid slowing industry growth.
The company confirmed to CTVNews.ca that certain teams across its business units and corporate functions are eligible for the program, which allows employees to opt for a buyout or retirement package.
“We are taking steps to adjust our cost structure to reflect the business realities of the current environment,” a Rogers spokesperson said in a statement. “As part of this, some teams have chosen to offer voluntary departure and retirement programs to give some employees the choice to decide whether they’d like to stay with the company or begin a new chapter.”
Not all employees are included. The company says unionized workers are not eligible, and some groups, including on-air talent and employees working on Sportsnet productions, are excluded. Staff at Maple Leaf Sports & Entertainment and the Toronto Blue Jays are also not part of the voluntary buyout program.
Rogers has already signalled a broader pullback in spending, recently cutting its capital expenditure plans by about 30 per cent compared with last year. The company now expects to spend between $2.5 billion and $2.7 billion, down from an earlier forecast of up to $3.5 billion, as it cancels or delays some projects.
The company has tied the shift in part to regulatory pressures and increased competition in the wireless market, meant to boost competition and lower prices.
The changes come as the Canadian Radio-television and Telecommunications Commission (CRTC) tries to foster competition and investment by allowing smaller carriers to use larger networks for a fee, while building their own infrastructure over time.
But companies like Rogers have argued the framework adds uncertainty and could weigh on returns from network investments.
With files from The Canadian Press
