Why cut jobs when solidarity measures can garner equivalent results?
On Tuesday, as per a source familiar with the matter at hand, as part of the ‘solidarity’ measures Telecom Italia has signed with trade unions, it will achieve savings that are equivalent to laying-off 4,500 employees.
Solidarity measures typically entail employees cutting their working hours for an equivalent pay reduction.
According to the source, as part of Telecom Italia’s agreement with the trade unions, 30,000 employees of Telecom Italia would adopt solidarity measures for 12 months.
The development comes in the wake of Amos Genish, Telecom Italia’s CEO, telling employees that the phone group needed to slash 5,000 jobs and he plans on achieving this through early retirements.