Ting Internet lays off 13% of employees

The Charlottesville-based internet provider, which serves markets across the country, is leveraging recent trends in the technology sector (which has already cut tens of thousands of jobs in the first five weeks of 2024). This is cited as the reason behind this move.

“Given the evolution of our business and the textile industry over the past decade, our needs today are different than when Ting Internet was first founded,” said Ting Executive Vice President and Head of Community Affairs. Neith Myrick told The Daily. Friday’s progress.

The layoffs will impact 72 Ting employees across multiple North American business teams and multiple geographic markets, including three employees in Ting’s home state of Virginia. The company operates businesses in Bill and Alexandria.

Myrick’s statement said the decision was “part of the normal strategic planning process.”

Ting’s 72 laid-off employees will join about 25,000 tech colleagues who have lost their jobs by 2024. Another 100,000 tech workers were laid off in 2023. His nearly 100 companies in the industry, including Google, Meta, Microsoft, and Amazon, all made significant layoffs in the first five weeks of this year, but the impact of the pandemic and persistent inflation have led to headcount losses. It is pointed out that this is the driving force behind the reduction.

But outsiders studying these tech giants have identified different reasons.

“Technology has a herd effect,” Jeff Schulman, a professor at the University of Washington’s Foster School of Business, told NPR in late January. “Layoffs seem to be driving up stock prices, so these companies don’t seem to have any reason to quit.”

In a recent report, Jeffrey Pfeffer, a business professor at Stanford University, dubbed this trend of technology companies simply following the lead of other companies “copycat layoffs.”

T-Mobile, another major internet provider, announced in August that it would cut 7% of its technology workforce, covering about 5,000 employees. A company-wide email from T-Mobile President and CEO Mike Siebert at the time said the cuts were made to improve efficiency and reduce costs.

“Despite these changes, Ting’s commitment to serving our customers remains the same,” Myrick said. “Any change is difficult, but I’m very grateful to our team members who have set high goals and helped build Ting with us over the past 10 years.”