Rogers reduced its workforce by 2,000 employees in 2024, according to its latest annual report. The company ended the year with 24,000 employees, down from 26,000 in 2023.
The telco said its salary and benefit costs dropped by about $150 million, from $2.45 billion in 2023 to $2.3 billion in 2024.
“Over the course of any given year, some employees decide to leave the company for other opportunities and some retire. Last year, we also offered a voluntary departure program for some employees. We continue to hire staff and remain committed to creating thousands of jobs over the next few years,” said Rogers spokesperson Zac Carreiro in a statement to the Globe and Mail.
The cuts come after a decline in 2023, when more than 3,000 Rogers or former Shaw employees left the company following Rogers’ acquisition of Shaw. As part of that deal, Rogers promised to create 3,000 jobs in Western Canada and maintain them for five years. By December 2023, Rogers CEO Tony Staffieri said 1,800 jobs had been created.
Recently, Rogers also laid off staff handling its online chat system.
Besides Rogers, its rivals are also cutting jobs. Earlier this year, Telus offered severance packages to over 1,000 employees, and Bell offered buyouts to 1,200 staff members.
Even with the job cuts, Rogers posted a 7% revenue growth in 2024, with wireless revenue up 4% and media revenue up 6%. It invested $4 billion in capital projects last year.
To manage its nearly $45 billion debt, Rogers is working on a $7-billion equity deal with Blackstone. The company also issued about $4 billion in new debt to help fund its planned acquisition of Bell’s $4.7-billion stake in Maple Leaf Sports & Entertainment.
Rogers said it plans to meet future funding needs through operating cash flow and financing, which could involve restructuring credit or issuing more debt or equity.
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Ha, 2000 employees didn't retire or take the package – huge cuts in already understaffed areas with higher expectations of output. Uncle Eddie, his puppet Tony, and the accountants that make up the rest of the executive layer truly only care about cutting costs and have no idea how to actually grow their businesses.