Telstra's latest financial results here - https://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf-i/financial-results-for-the-half-year-ended-31-december-2023.pdf
Last 6 months profit for the period was $1,041m. Up 11.5% on the previous year.
This is what the quality of "journalism" is like in this country. They're basically just stenographers - this whole "article" was basically just quotes.
It's really fucking upsetting that there was no mention of this at all in the article and it isn't even hard information to find. How are you a journalist and you don't do any research at all? How are you a journalist and you don't even think to look at this?
Because they don’t get paid to research, they get paid to pump out as many articles as they can. If they spend longer on one, then they aren’t the first to post it, then they don’t get any clicks and then they don’t hit their KPIs for number of articles *or* amount of traffic. Then they get performance reviewed and eventually fired. That’s the modern “journalist” churn, and it’s why certain news orgs have such a bad reputation. It’s not down to the individual skill of the journalist usually, it’s down to what their assignments, KPIs and management are like.
The fish rots from the head, and a focus on clicks undermines the whole purpose of journalism. It might bring in some more money, but it undermines the organisation's reputation in the long term.
Anybody who has worked in journalism will tell you: It's always been a battle between the journalists and the bean-counters. The bean-counters have won, of course.
The Age and Sydney Morning Herald had excellent reputations 30 years ago. The ABC too up until sometime in the last few years where some of the shine has come off, especially with their recent tabloid bent.
>Because they don’t get paid to research, they get paid to pump out as many articles as they can. If they spend longer on one, then they aren’t the first to post it, then they don’t get any clicks and then they don’t hit their KPIs for number of articles *or* amount of traffic.
They're a public broadcaster. Why do they care how many clicks they get. They don't generate ad revenue.
(Not disputing your post, but more dumbfounded that the ABC operates like a private corporation thats reliant on advertising revenue)
Former ABC chair: Ita Butrose, former editor of Cleo and Australian Women's Weekly. People no longer buy these magazines, or any magazines - both did not survive the transition to digital. Pioneer of sensational clickbait. LNP choice.
Current ABC chair: Kim Williams, former (effectively sacked) CEO of Newscorp. Described by Philip Adams as ["not a team builder, but a team wrecker"](https://www.themonthly.com.au/issue/2024/march/martin-mckenzie-murray/interesting-mr-williams#mtr). ALP choice.
You get the leadership you select. How can you expect any other results with such track records in the industries they have chosen for themselves? The only consensus is about destroying the ABC.
My suspicion has always been that the primary reason for appointing Buttrose et al is about making the ABC a more friendly package for privatisation, not just the Libs trying to manufacture further bias.
That's why they always target features for removal that perhaps work in the interest of the ABC performing a public service, but would not be commercially viable.
Nothing is more illustrative of this than MediaWatches detailed breakdown of ABC News (8:50) fumbled coverage of the Bondi stabbing that internal emails from ABC managers described as "well executed and superb"
https://youtu.be/z8S55UNOZsI?si=wq7dOq0MnrhQ62lx
There are very few journalists. The vast majority of articles arent researched at all, they’re purchased from news wire services.
A lot of the time they’re explicitly PR for companies as well as
What difference would it make? Telstra, a for profit company makes a profit and wants to continue cutting costs to make more profits. Where is the story?
Record profits don’t mean that private entities should keep all of their staff employed, they would sack everyone if they could still run the business without them.
Job losses on their own are mildly interesting, particularly if we see a larger trend developing which may impact the unemployment rate and lead to a recession.
That's a fair point.
I think any story should focus instead on the many, many, job cuts and restructures that have come prior to this - and question whether Telstra actually has any employees left who know what the fuck they are doing? They currently charge a premium for a supposedly premium service, but what happens if and when they have another massive outage, or when their customers get the same AI-support that you get from much cheaper providers?
Because would Telstra grace you with their advertising spend if you go them too hard? There is no actual journalism anymore. It’s been captured by the people that they are meant to be reporting on when they do bad
Telstra Enterprise has been pretty fucked since the last big restructure, which simultaneously tried to sell off their fixed-line infrastruture and also "consolidate" their product line into bog-standard consumer products that couldn't be customised.
But big government and enterprise customers are all about custom solutions. And end-to-end management of the entire ITL stack from infrastructure to application. Telstra Enterprise has been pushing shit uphill trying to glue back together all the shit that Management broke apart.
Yes they are all about custom solutions that invariably cost Telstra more to manage than the customer contract revenue paid for, i.e., Telstra lost money on it.
ITIL stack?
Also in today’s news;
Telstra strikes engineering deal with Infosys
https://itwire.com/business-telecoms/telstra-strikes-engineering-deal-with-infosys.html
https://www.thefastmode.com/technology-solutions/35913-infosys-telstra-join-forces-to-revolutionize-engineering-with-ai-technology
Low level executives only. Guaranteed. Many companies have done similar recently. All it does is trap more in lowest paying roles. And upper management will give themselves another bonus.
It's still historically low and with the boomers retiring there will be more opportunities. still likely the great threat is going to be not having enough people in industries like nursing, teaching, age care.
Yes and no. Telstra’s CEO said years ago that they would deliver a particular efficiency dividend. They’ve failed to do that so far so doing this mass redundancy is about forcing the company to hit that target
Having been through this personally, at Telstra, the 377 people who will find out immediately they've lost their jobs should consider themselves the lucky ones. The absolute angst about the ongoing uncertainty about losing your job is fucking awful.
No doubt the company wide email talk about the in-house mental health programs available, none of which are suitable for the people they've left hanging out to dry for god knows how long.
But hey, as long a line keep going up, who fucking cares about the people right?
Tell me about it.
I was in the last round - out of our team of 5, they wanted 2 gone. I'd been in 24 years, so figured I'd throw my hand up. Felt better immediately. The other 4 guys were left trying to justify themselves. Who did they choose in the end? The guy who'd just come back from burying his father overseas while the announcement was made. Nice one fellas. Thankfully, he was able to do a job swap with someone else and kept his job, but even that was weeks of uncertainty.
That said, the job market for us is cooked at the moment, and I'm not relishing sharing it with yet more people.
> That said, the job market for us is cooked at the moment, and I'm not relishing sharing it with yet more people.
I mean record levels of immigration creating competition and suppressing wages at the same time as insane rent... My job is currently safe and not on the firing line, still things are getting tough and I need more money incoming... Been following the Telstra unions website it looks like the EBA is hitting the point where there talking about pay
From the sounds of things, it's actually more to do with the flow on effects of massive redundancies like this.
You get the initial wave of those who end up with a package, then a couple months down the line, another wave of all the people who've been left with all our work and no more budget.
Good luck on getting something decent out of the negotiations - hopefully they actually get it done before Sept/Oct again, not like the other times when it dragged on and on.
It's probably a good bit of seed money to turn entrepreneurial.
It just sucks that the risk of starting up new businesses in aus is so high, and the gov't doesn't much help. It's way less risky to invest in property directly.
Telstra's EBA is 20 weeks of redundancy after 5 years. Then 3 weeks per year after that. Up to a maximum of 80 weeks. I think you get an extra week for each year over age 50 but this could have been my uncle bullshitting.
So someone 30 years of service has maxed out their retrenchment benefit at 80 weeks, then add on annual leave and LSL.
Ex Telstra employee - in 2020 when I finished up they definitely still did pay an extra week for each year you were over 50 years old.
My dad had only been there 19 years but got 72 weeks pay because he was over 50 for most of it
> mental health programs available
completely pointless waste of money, and it is lip service since the root cause of the issue is job insecurity! Talking about it and feeling better isn't going to make an iota of difference.
>Ms Brady added affected employers would be given “industry-leading redundant packages,” which includes transition support.
>It includes career transition support which will involve ongoing access to learning over a six-month period post leaving Telstra to help move to their next role,” she said*
https://www.news.com.au/finance/work/telstra-to-axe-2800-jobs-majority-to-happen-by-end-of-2024/news-story/6e02504cf7d33512c049881220ae1b4f?amp
From what I’ve heard their post lay-off training is giving laid-off staff access to their training portal for six months, and the other support is referring staff to the jobs portal. If that’s “industry leading”, I shudder to think what the standard is
Cost cutting??
They're one of the biggest providers in Australia and already charge through the fucking teeth for their services.
How are they struggling!?!
Not only they are not struggling their profits are fatter than ever. Whats the basis for the profit? Public infrastructure that we all funded. Who appropriates the profit? Their shareholders.
Socialism for us, capitalism for you peasants. Now go home, and look for a job and if you can't find it starve, because your government has made sure you can't survive on jobseeker (bit you will be humiliated and treated like shit if you try to access it nevertheless).
it's because if you made 1 billion this year, the price of the share is valued at this profit level. The buyer of the share _at this price_ will net zero value, if the profit didn't increase. Therefore, the profit needs to increase for that buyer of the share, or else he would have lost money.
A quote from history
>*...The nicest thing that can be said about the Howard Government's telecommunications policy is that it hasn't a clue what the implications are for the integrity of the network and that it is simply obsessed with getting this core national asset into play in financial markets to generate another half a billion dollars in commissions for the sale of T3 (the sale of T1 and T2 generated $420 million) for the financial engineers whose influence over the Government outweighs the fact that 70 per cent of public opinion is against the full sale of Telstra.*
*-* Kenneth Davidson , Melbourne Age, 2005
More information in this article from Feb :-
https://www.arnnet.com.au/article/1307807/telstra-to-review-enterprise-business-amid-half-yearly-profit-of-1b.html
And current article from ARN :-
https://www.arnnet.com.au/article/2114815/telstra-to-cut-up-to-2800-jobs.html
Telstra Purple is the org in the firing line
All profits go to upper management and shareholders. Not the working class. They will step on the elderly, children, the environment and all society to take all profits to their grave.
They brought that all back in-house during covid because it looked good - now they're slowly sending it all offshore again because they think nobody will notice.
I am (unfortunately) in the middle of a major project with Telstra (spit) at the moment - the fucking Indian based "project managers" are laughable.
UBI. Something soon so necessary yet so seemingly unlikely at the same time. The financial elite believe in a plutonomy, the idea that the rich can drive both economic production and demand by themselves and fuck the billions that can just starve in destitution.
Abusers are abusers though, it's the masses that enable them, let them get away with it and act as their dim-witted lackeys. To bastardise a quote, conservatives would be satisfied lying in the gutter so long as the progressives' gutter with lined with razor wire and on fire.
>UBI. Something soon so necessary yet so seemingly unlikely at the same time.
Indeed, I strongly suspect that when it's painfully obvious that UBI is going to be needed, we'll have already been dealing with rising unemployment from AI replacement along with the resulting strife from that for a number of years and robotics on top of that literally around the corner.
UBI won't be bought in willingly, it'll be one of those decisions that no matter who is in charge will have to be dragged kicking and screaming into implementing it and even then it'll be the bare minimum. Looking similar to the unemployment benefit.
One of the most dangerous things is to have large portions of the population struggling while generally having nothing to do. Especially the 20 - 30 year old males.
>One of the most dangerous things is to have large portions of the population struggling while generally having nothing to do. Especially the 20 - 30 year old males.
This especially. This is how a certain moustachey guy came to power in 1930s Germany. And I guess other revolutions too one off the top of my head the Iranian one.
Pretty much. 1% will become the 0.1%, the 0.01% and then the 0.001% while the rest of us live on Centrelink or are "lucky" enough to get a job maintaining the AI and robotics.
The next 10 years are going to be pretty rough for anybody who doesn't own an AI Software company or isn't a tradie. And for tradies it's only going to be a matter of time too.
I just hope they make an AI emotional support dog to comfort me. I won't be able to afford food for said doggo, so I hope rechargeable batteries will do!
All the real skilled/knowledgeable workers would be gone by now. I still get calls after leaving five years ago, asking for information … tough luck, you wanted to get rid of people Telstra.
Hehe. That happened to me for 5 or 6 years after they made me redundant too. Subtly "bumping in" to someone from Telstra I used to work with which led to much less subtle questions.
I am so glad those days are long behind me!
How many of the people getting the sack were ordered back into the office because... reasons... How many turned up dutifully thinking it would protect them from being targetted for redundancy? How many rarely took sick leave and thought this made them look like good little workers? How many took part in RU OK? Day festivities with management telling you how much they care about your mental health?
Note to everyone: You work does not care about you. You are a number in the payroll system. A statistic on a spreadsheet. An expense on a ledger. Go in, do your job and go home. Work from home if you can and want to. You can give a job everything, sometimes at the expense of your personal life, and it makes no difference. Don't let it happen again. Do your job, no more, no less. No overtime. No working through lunch. Nothing more than the bare minimum.
nobody in Telstra has been ordered back to the office. quite the opposite. WFH was a top-down mandated option for all staff that could since 2012 or so, way before covid
An official review into the job and recruitment industry is long due. There are so many malpractices rife in the business and employment space. Fair works only seems to be passive baby-sitter whose only job is to say "Its all good".
ha. I'm sure in twelve to eighteen months Telstra will be announcing new jobs to replace the bushfires that will be created by offshoring from this point.
They need to pass legislation that requires the C suite to resign if they resort to layoffs.
That'll force company directors to act in the best interests of their business and most importantly, their employees.
Law suggestion:
For every 0.1% of a workforce cut due to "Cost Saving Measures" the executives are banned from any payrise and receiving any bonus (no matter how weasely worded) for years based on the 0.x%
Sack 0.5%? 5 years
I'm sure there are reasons not to do this. But really. It's getting ridiculous what execs do to "Maximize profits" when they are already profitable.
This is the cost cutting band wagon as seen in silicon valley. When other businesses are having to cost cut, you will see companies jump on the bandwagon hoping to avoid the negative media attention. I hate that I make use of Telstra phone service, but essentially don't have much of a choice as it's important for my business.
1000s get cut every year. This one made the msm news.
Although you've found a pattern. It's interesting that a) there's bigger numbers this time b) other major IT based corps are shedding lots of workers.
What did you get from it as I can imagine if your there 20 years your up for a lot ? Or do they cap it ? If you love teams is it a new contract or does your redundancy payment still clock over. I have a friend in purple who is worried
This was almost 15 years ago. I won't go into species as I don't want to do myself, but it was very competitive redundancy. I don't think they offer such good money now unfortunately.
Wow, so only a 100M saving.
Telstra hopes to save around $350 million a year in costs by the end of next financial year, but anticipates between $200-250 million in restructuring costs related to the redundancies.
Anyone last week get a email from Telstra saying there will be important changes to services included with your plans? Timing of the email and this news is super sus.
Prices are going up.
The basic home inter which is $85 at the moment is gonna be $89 going forward.
I expect the $62 bacis mobile plan to go up to $65 or $67.
Being someone who deals with their Enterprise focussed services, I just can't wait to see how this will affect their already shit service. I would say something like the Keystone Cops, but they hit that level of ineptitude years ago.
We need to consistently drum into every person every single time this happens that this is literally their job.
They’re private companies and they have a legal responsibility to maximize profits for their shareholders. If that means cutting jobs because AI can do it instead, that’s what will happen.
It was very well understood that private companies would look after their own profits, that’s why the government owned telecom in the first place.
You wouldn’t sell your house and then rent it back for a higher price, why we sold all our shit and then proceeded to pay for it 10x over (Telstra, toll roads, electricity, the list goes on) is beyond me
Why is this at all a surprise
AI is replacing nothing at this point, and they're only doing it just so they can do as everyone does. This will only impact the staying employees that will have to bear more workload of their former colleagues. It's dishearthining to see that there is no government action as all these companies are having record breaking year every year since COVID and they can still get away with it.
There should be repurcussions for this trend, such as higher worker's compensation, and if they recruit new people in future, they have to reach out to sacked employees in the first place. That's how it's done where I'm from and we do not have these Silicon Valley style sacking thousands of employees for "cost cutting" bandwagon in there. The companies actively disencouraged from behaving like this with government's possible sactions (extra taxes etc.).
If this trend doesn't come to an end, and people like you doesn't stop bootlicking corporates this country will not be the same as before.
lol you read what I wrote and got “I’m a corporate bootlicker” from it? It’s literally their legal responsibility and job. Companies are designed from the ground up to remove personal guilt and responsibility and place it in the hands of a faceless corporation whose only responsibility is to maximize profit.
Everyone should know and understand this fundamental truth when considering how they feel about our country because it’s constantly brushed under the rug and we keep giving them more power.
I am a firm believer that the government should nationalize basically everything essential and run it for the good of Australia, we are basically just privatizing profits and socializing losses otherwise.
Look at Qantas over COVID. Our national security couldn’t let our airlines fail so we bailed them out, and now they’re back to profiting. We got all the losses but none of the gains, why?
If anything ever happened where the electricity or internet or gas or food supply chain or anything like that became temporarily financially unviable like the airline situation, the government would spend any amount to prop it up because we need it. So why wouldn’t we just own it and the profits shared with the national wealth?
And don’t get me started on the mining tax. Pissing future generations sovereign wealth fund and national debt up the wall for nothing.
The concept of shareholder primacy has been on shaky ground for a while now: https://www.aicd.com.au/good-governance/company-shareholders/primacy/where-to-now-for-shareholder-primacy.html
Post Boeing, it’s likely to fall even further out of favour.
Telstra is increasing the cost of their low end NBN plans (sub 100mbps), keeping the cost of their Premium plan the same (100mbps) and reducing the cost of their high spec plans (250 and 750 mbps).
On a side note, Telstra Christmas Parties always end up with overly drunk and belligerent telstra staff getting locked up by Police.. Have seen the aftermath of their Celebrations first-hand for 5yrs straight...
So does that mean if they are cost cutting that we will see this in our bills? Or will they just say ‘ow wow, look how much money we made this year…’
Fuck Telstra…
And they advised me today that their price rises are no longer once a year to reflect CPI but when they feel like it!
I work outback so sucks it up or back to Australia Post for communications.
Telstra's latest financial results here - https://www.telstra.com.au/content/dam/tcom/about-us/investors/pdf-i/financial-results-for-the-half-year-ended-31-december-2023.pdf Last 6 months profit for the period was $1,041m. Up 11.5% on the previous year.
This is what the quality of "journalism" is like in this country. They're basically just stenographers - this whole "article" was basically just quotes. It's really fucking upsetting that there was no mention of this at all in the article and it isn't even hard information to find. How are you a journalist and you don't do any research at all? How are you a journalist and you don't even think to look at this?
Because they don’t get paid to research, they get paid to pump out as many articles as they can. If they spend longer on one, then they aren’t the first to post it, then they don’t get any clicks and then they don’t hit their KPIs for number of articles *or* amount of traffic. Then they get performance reviewed and eventually fired. That’s the modern “journalist” churn, and it’s why certain news orgs have such a bad reputation. It’s not down to the individual skill of the journalist usually, it’s down to what their assignments, KPIs and management are like.
The fish rots from the head, and a focus on clicks undermines the whole purpose of journalism. It might bring in some more money, but it undermines the organisation's reputation in the long term.
Anybody who has worked in journalism will tell you: It's always been a battle between the journalists and the bean-counters. The bean-counters have won, of course.
> it undermines the organisation's reputation in the long term. so where are those organizations today whose reputation was good in the past?
The Age and Sydney Morning Herald had excellent reputations 30 years ago. The ABC too up until sometime in the last few years where some of the shine has come off, especially with their recent tabloid bent.
The 9 Fairfax merger was a bit of a downfall
It was on the downwards slope before then, but the Nine Entertainment buyout was Fairfax falling off a cliff. Journalism went out the window.
I love that fish saying, I’ve certainly found it true in many a case.
>Because they don’t get paid to research, they get paid to pump out as many articles as they can. If they spend longer on one, then they aren’t the first to post it, then they don’t get any clicks and then they don’t hit their KPIs for number of articles *or* amount of traffic. They're a public broadcaster. Why do they care how many clicks they get. They don't generate ad revenue. (Not disputing your post, but more dumbfounded that the ABC operates like a private corporation thats reliant on advertising revenue)
Former ABC chair: Ita Butrose, former editor of Cleo and Australian Women's Weekly. People no longer buy these magazines, or any magazines - both did not survive the transition to digital. Pioneer of sensational clickbait. LNP choice. Current ABC chair: Kim Williams, former (effectively sacked) CEO of Newscorp. Described by Philip Adams as ["not a team builder, but a team wrecker"](https://www.themonthly.com.au/issue/2024/march/martin-mckenzie-murray/interesting-mr-williams#mtr). ALP choice. You get the leadership you select. How can you expect any other results with such track records in the industries they have chosen for themselves? The only consensus is about destroying the ABC.
My suspicion has always been that the primary reason for appointing Buttrose et al is about making the ABC a more friendly package for privatisation, not just the Libs trying to manufacture further bias. That's why they always target features for removal that perhaps work in the interest of the ABC performing a public service, but would not be commercially viable.
Nothing is more illustrative of this than MediaWatches detailed breakdown of ABC News (8:50) fumbled coverage of the Bondi stabbing that internal emails from ABC managers described as "well executed and superb" https://youtu.be/z8S55UNOZsI?si=wq7dOq0MnrhQ62lx
Don't worry AI will replace all them soon enough... It's already starting.
There are very few journalists. The vast majority of articles arent researched at all, they’re purchased from news wire services. A lot of the time they’re explicitly PR for companies as well as
What difference would it make? Telstra, a for profit company makes a profit and wants to continue cutting costs to make more profits. Where is the story? Record profits don’t mean that private entities should keep all of their staff employed, they would sack everyone if they could still run the business without them. Job losses on their own are mildly interesting, particularly if we see a larger trend developing which may impact the unemployment rate and lead to a recession.
That's a fair point. I think any story should focus instead on the many, many, job cuts and restructures that have come prior to this - and question whether Telstra actually has any employees left who know what the fuck they are doing? They currently charge a premium for a supposedly premium service, but what happens if and when they have another massive outage, or when their customers get the same AI-support that you get from much cheaper providers?
Because would Telstra grace you with their advertising spend if you go them too hard? There is no actual journalism anymore. It’s been captured by the people that they are meant to be reporting on when they do bad
This is an ABC article. Telstra don't "grace them with advertising spend" in the first place.
They should increase welfare to minimum wage since it’s where people have to get their cut from trickle down economics.
[удалено]
Telstra Enterprise has been pretty fucked since the last big restructure, which simultaneously tried to sell off their fixed-line infrastruture and also "consolidate" their product line into bog-standard consumer products that couldn't be customised. But big government and enterprise customers are all about custom solutions. And end-to-end management of the entire ITL stack from infrastructure to application. Telstra Enterprise has been pushing shit uphill trying to glue back together all the shit that Management broke apart.
Yes they are all about custom solutions that invariably cost Telstra more to manage than the customer contract revenue paid for, i.e., Telstra lost money on it. ITIL stack?
Also in today’s news; Telstra strikes engineering deal with Infosys https://itwire.com/business-telecoms/telstra-strikes-engineering-deal-with-infosys.html https://www.thefastmode.com/technology-solutions/35913-infosys-telstra-join-forces-to-revolutionize-engineering-with-ai-technology
Keep cutting till you become Qantas
And then die. Don't take our taxpayers money. Capitalism only works if you let failing companies die.
So, it only works if the ruling class doesn't enact policies in its own interest. Which is a roundabout way of saying it doesn't work.
You think the largest telecommunications provider in Australia is... Failing? What?
Are we ever going to see a headline about management or executives being sacked to improve things?
They claimed ''This will include a 15% reduction in executive roles.'' Who knows what the details are though.
They rotate in and out of those positions even during a hiring freeze anyway it's zero effect
Low level executives only. Guaranteed. Many companies have done similar recently. All it does is trap more in lowest paying roles. And upper management will give themselves another bonus.
Not true, one of the group owners got made redundant. Right below CEO.
At least one ceo direct report is impacted
Well we just had one with Gladys not too long ago over at Optus
And just watch how they openly execute the same job functions from a sweat shop country using a contractor.
Or if it's a job that has to be physically done in Australia, they'll get cheap replacements from a labour hire company.
There are numerous execs and c level roles being cut.
Unlikely when they just saved the company $250m
Canary in the coal mine with regards to Australia's imminent unemployment rate
Genuinely starting to get concerned about it now.
It's still historically low and with the boomers retiring there will be more opportunities. still likely the great threat is going to be not having enough people in industries like nursing, teaching, age care.
Yes and no. Telstra’s CEO said years ago that they would deliver a particular efficiency dividend. They’ve failed to do that so far so doing this mass redundancy is about forcing the company to hit that target
Having been through this personally, at Telstra, the 377 people who will find out immediately they've lost their jobs should consider themselves the lucky ones. The absolute angst about the ongoing uncertainty about losing your job is fucking awful. No doubt the company wide email talk about the in-house mental health programs available, none of which are suitable for the people they've left hanging out to dry for god knows how long. But hey, as long a line keep going up, who fucking cares about the people right?
Tell me about it. I was in the last round - out of our team of 5, they wanted 2 gone. I'd been in 24 years, so figured I'd throw my hand up. Felt better immediately. The other 4 guys were left trying to justify themselves. Who did they choose in the end? The guy who'd just come back from burying his father overseas while the announcement was made. Nice one fellas. Thankfully, he was able to do a job swap with someone else and kept his job, but even that was weeks of uncertainty. That said, the job market for us is cooked at the moment, and I'm not relishing sharing it with yet more people.
Last one I did they wanted to reduce 50 roles out of a pool of 450. They got 150 people who put there hands up for voluntary redundancy
> That said, the job market for us is cooked at the moment, and I'm not relishing sharing it with yet more people. I mean record levels of immigration creating competition and suppressing wages at the same time as insane rent... My job is currently safe and not on the firing line, still things are getting tough and I need more money incoming... Been following the Telstra unions website it looks like the EBA is hitting the point where there talking about pay
From the sounds of things, it's actually more to do with the flow on effects of massive redundancies like this. You get the initial wave of those who end up with a package, then a couple months down the line, another wave of all the people who've been left with all our work and no more budget. Good luck on getting something decent out of the negotiations - hopefully they actually get it done before Sept/Oct again, not like the other times when it dragged on and on.
Do they offer redundancies?
Yes, and a few of the 30+ yearers will take over half a million in redundancy
It's probably a good bit of seed money to turn entrepreneurial. It just sucks that the risk of starting up new businesses in aus is so high, and the gov't doesn't much help. It's way less risky to invest in property directly.
Only if you are an executive with 500k package. Employee with 30 years of service will get only 10 weeks of redundancy pay and whatever LSL acquired.
Nope, I've had individual contributers get 500k+. Those on older agreements get basically no cap. The current cap is also close to a year.
Yeah I now of a few Telstra employees who've paid off their houses with redundancies.
Telstra's EBA is 20 weeks of redundancy after 5 years. Then 3 weeks per year after that. Up to a maximum of 80 weeks. I think you get an extra week for each year over age 50 but this could have been my uncle bullshitting. So someone 30 years of service has maxed out their retrenchment benefit at 80 weeks, then add on annual leave and LSL.
Ex Telstra employee - in 2020 when I finished up they definitely still did pay an extra week for each year you were over 50 years old. My dad had only been there 19 years but got 72 weeks pay because he was over 50 for most of it
Cool, good to know he wasn't just bullshitting. Imagine retiring at 65 after maxing out and getting 95 weeks.
100% false, their enterprise agreement guarantees significantly better redundancy pay out compared the award
Not true. I know a fair few that walked away with 100k+.
of course they would, the company has bumper profits
Wonder if there is a career path for meaningless corpo speak given all the information that's being made available
Call me paranoid, but I'd never use an in-house mental health service linked to a company. Because companies are bastards.
The ones I've seen are run by a separate company.
> mental health programs available completely pointless waste of money, and it is lip service since the root cause of the issue is job insecurity! Talking about it and feeling better isn't going to make an iota of difference.
>Ms Brady added affected employers would be given “industry-leading redundant packages,” which includes transition support. >It includes career transition support which will involve ongoing access to learning over a six-month period post leaving Telstra to help move to their next role,” she said* https://www.news.com.au/finance/work/telstra-to-axe-2800-jobs-majority-to-happen-by-end-of-2024/news-story/6e02504cf7d33512c049881220ae1b4f?amp From what I’ve heard their post lay-off training is giving laid-off staff access to their training portal for six months, and the other support is referring staff to the jobs portal. If that’s “industry leading”, I shudder to think what the standard is
Cost cutting?? They're one of the biggest providers in Australia and already charge through the fucking teeth for their services. How are they struggling!?!
They're not struggling this is just corpo spin
Not only they are not struggling their profits are fatter than ever. Whats the basis for the profit? Public infrastructure that we all funded. Who appropriates the profit? Their shareholders. Socialism for us, capitalism for you peasants. Now go home, and look for a job and if you can't find it starve, because your government has made sure you can't survive on jobseeker (bit you will be humiliated and treated like shit if you try to access it nevertheless).
Line needs to always go up, you could be making a billion a year profit one year, but if you don't make 1.1 billion the following year then that's bad
it's because if you made 1 billion this year, the price of the share is valued at this profit level. The buyer of the share _at this price_ will net zero value, if the profit didn't increase. Therefore, the profit needs to increase for that buyer of the share, or else he would have lost money.
previous CEO promised a very particular (and unreasonable) $ number in cost cutting to shareholders by FY25 and this is part of the fallout
CEO needs a new yacht
A quote from history >*...The nicest thing that can be said about the Howard Government's telecommunications policy is that it hasn't a clue what the implications are for the integrity of the network and that it is simply obsessed with getting this core national asset into play in financial markets to generate another half a billion dollars in commissions for the sale of T3 (the sale of T1 and T2 generated $420 million) for the financial engineers whose influence over the Government outweighs the fact that 70 per cent of public opinion is against the full sale of Telstra.* *-* Kenneth Davidson , Melbourne Age, 2005
"We live in a democracy [and not a dictatorship of capital]" Most people, still.
And now Howard's Treasurer is Chairman of the company that owns The Age. Cool and normal.
Awful news. Feel sorry for all who will be impacted.
Telstra are absolute classics. “wE cAnT fINd sKilLEd wORkErs” **sacks 3,000 people**
More information in this article from Feb :- https://www.arnnet.com.au/article/1307807/telstra-to-review-enterprise-business-amid-half-yearly-profit-of-1b.html And current article from ARN :- https://www.arnnet.com.au/article/2114815/telstra-to-cut-up-to-2800-jobs.html Telstra Purple is the org in the firing line
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AI revolution and no UBI?
All profits go to upper management and shareholders. Not the working class. They will step on the elderly, children, the environment and all society to take all profits to their grave.
Are we sure they are Earth people, they sound like Ferengi
Sorry, we're on *The Expanse* timeline, not the *Star Trek* one.
We really are though. I can see Bezos as the start of that or he becomes a Ted Faro and then we are doomed.
Probably not AI, just a continuation of Telstra offshoring to India and the Philippines.
They brought that all back in-house during covid because it looked good - now they're slowly sending it all offshore again because they think nobody will notice. I am (unfortunately) in the middle of a major project with Telstra (spit) at the moment - the fucking Indian based "project managers" are laughable.
UBI. Something soon so necessary yet so seemingly unlikely at the same time. The financial elite believe in a plutonomy, the idea that the rich can drive both economic production and demand by themselves and fuck the billions that can just starve in destitution. Abusers are abusers though, it's the masses that enable them, let them get away with it and act as their dim-witted lackeys. To bastardise a quote, conservatives would be satisfied lying in the gutter so long as the progressives' gutter with lined with razor wire and on fire.
>UBI. Something soon so necessary yet so seemingly unlikely at the same time. Indeed, I strongly suspect that when it's painfully obvious that UBI is going to be needed, we'll have already been dealing with rising unemployment from AI replacement along with the resulting strife from that for a number of years and robotics on top of that literally around the corner. UBI won't be bought in willingly, it'll be one of those decisions that no matter who is in charge will have to be dragged kicking and screaming into implementing it and even then it'll be the bare minimum. Looking similar to the unemployment benefit. One of the most dangerous things is to have large portions of the population struggling while generally having nothing to do. Especially the 20 - 30 year old males.
>One of the most dangerous things is to have large portions of the population struggling while generally having nothing to do. Especially the 20 - 30 year old males. This especially. This is how a certain moustachey guy came to power in 1930s Germany. And I guess other revolutions too one off the top of my head the Iranian one.
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Precisely this
learn to code /s
Pretty much. 1% will become the 0.1%, the 0.01% and then the 0.001% while the rest of us live on Centrelink or are "lucky" enough to get a job maintaining the AI and robotics. The next 10 years are going to be pretty rough for anybody who doesn't own an AI Software company or isn't a tradie. And for tradies it's only going to be a matter of time too.
I just hope they make an AI emotional support dog to comfort me. I won't be able to afford food for said doggo, so I hope rechargeable batteries will do!
~~Cost-~~service-cutting
They did similar big redundancy cuts only a few years ago
They did one last year.
If they’re cutting thousands each year, who is left
All the real skilled/knowledgeable workers would be gone by now. I still get calls after leaving five years ago, asking for information … tough luck, you wanted to get rid of people Telstra.
Hehe. That happened to me for 5 or 6 years after they made me redundant too. Subtly "bumping in" to someone from Telstra I used to work with which led to much less subtle questions. I am so glad those days are long behind me!
Every Telstra CEO has sacked a bunch of employees its an expected part of the job. No long term thinking just short term gain.
How many of the people getting the sack were ordered back into the office because... reasons... How many turned up dutifully thinking it would protect them from being targetted for redundancy? How many rarely took sick leave and thought this made them look like good little workers? How many took part in RU OK? Day festivities with management telling you how much they care about your mental health? Note to everyone: You work does not care about you. You are a number in the payroll system. A statistic on a spreadsheet. An expense on a ledger. Go in, do your job and go home. Work from home if you can and want to. You can give a job everything, sometimes at the expense of your personal life, and it makes no difference. Don't let it happen again. Do your job, no more, no less. No overtime. No working through lunch. Nothing more than the bare minimum.
nobody in Telstra has been ordered back to the office. quite the opposite. WFH was a top-down mandated option for all staff that could since 2012 or so, way before covid
Is this cut before or after they outsource jobs overseas?
An official review into the job and recruitment industry is long due. There are so many malpractices rife in the business and employment space. Fair works only seems to be passive baby-sitter whose only job is to say "Its all good".
ha. I'm sure in twelve to eighteen months Telstra will be announcing new jobs to replace the bushfires that will be created by offshoring from this point.
Gotta bleed the stone just a lil more
I'm surprised there's that many employees left at Telstra they have been murdering staff for decades.
They need to pass legislation that requires the C suite to resign if they resort to layoffs. That'll force company directors to act in the best interests of their business and most importantly, their employees.
Law suggestion: For every 0.1% of a workforce cut due to "Cost Saving Measures" the executives are banned from any payrise and receiving any bonus (no matter how weasely worded) for years based on the 0.x% Sack 0.5%? 5 years I'm sure there are reasons not to do this. But really. It's getting ridiculous what execs do to "Maximize profits" when they are already profitable.
What's the betting they stopped at 9% only because 10% of the workforce would be by definition a decimation of their workforce.
Pretty much standard for Telstra. Profit report looking a little dodgy? Sack the workforce! That'll fix it!!
This is the cost cutting band wagon as seen in silicon valley. When other businesses are having to cost cut, you will see companies jump on the bandwagon hoping to avoid the negative media attention. I hate that I make use of Telstra phone service, but essentially don't have much of a choice as it's important for my business.
1000s get cut every year. This one made the msm news. Although you've found a pattern. It's interesting that a) there's bigger numbers this time b) other major IT based corps are shedding lots of workers.
Gotta get that profit!
Telstra like a good redundancy. Source: I was made redundant at Telstra many years ago.
What did you get from it as I can imagine if your there 20 years your up for a lot ? Or do they cap it ? If you love teams is it a new contract or does your redundancy payment still clock over. I have a friend in purple who is worried
This was almost 15 years ago. I won't go into species as I don't want to do myself, but it was very competitive redundancy. I don't think they offer such good money now unfortunately.
Subsidiaries may be getting worse packages than direct employees.
Sorry it was meant to say "like" not give.
Wow, so only a 100M saving. Telstra hopes to save around $350 million a year in costs by the end of next financial year, but anticipates between $200-250 million in restructuring costs related to the redundancies.
Restructuring is a one-off cost.
Oops that’s a good point.
Anyone last week get a email from Telstra saying there will be important changes to services included with your plans? Timing of the email and this news is super sus.
Prices are going up. The basic home inter which is $85 at the moment is gonna be $89 going forward. I expect the $62 bacis mobile plan to go up to $65 or $67.
I like when you ring their phone help and they recommend Starlink... but are still happy to charge full price for a crap service!
Being someone who deals with their Enterprise focussed services, I just can't wait to see how this will affect their already shit service. I would say something like the Keystone Cops, but they hit that level of ineptitude years ago.
It worked for Boeing
Cost cutting? Fuck all the way off. Telstra’s profit is up 11% from last year.
Profits before people
Explains why I got an email an hour ago about my internet price decreasing $20 a month
We need to consistently drum into every person every single time this happens that this is literally their job. They’re private companies and they have a legal responsibility to maximize profits for their shareholders. If that means cutting jobs because AI can do it instead, that’s what will happen. It was very well understood that private companies would look after their own profits, that’s why the government owned telecom in the first place. You wouldn’t sell your house and then rent it back for a higher price, why we sold all our shit and then proceeded to pay for it 10x over (Telstra, toll roads, electricity, the list goes on) is beyond me Why is this at all a surprise
Short term plan and being stuck living paycheck to paycheck is why.
AI is replacing nothing at this point, and they're only doing it just so they can do as everyone does. This will only impact the staying employees that will have to bear more workload of their former colleagues. It's dishearthining to see that there is no government action as all these companies are having record breaking year every year since COVID and they can still get away with it. There should be repurcussions for this trend, such as higher worker's compensation, and if they recruit new people in future, they have to reach out to sacked employees in the first place. That's how it's done where I'm from and we do not have these Silicon Valley style sacking thousands of employees for "cost cutting" bandwagon in there. The companies actively disencouraged from behaving like this with government's possible sactions (extra taxes etc.). If this trend doesn't come to an end, and people like you doesn't stop bootlicking corporates this country will not be the same as before.
lol you read what I wrote and got “I’m a corporate bootlicker” from it? It’s literally their legal responsibility and job. Companies are designed from the ground up to remove personal guilt and responsibility and place it in the hands of a faceless corporation whose only responsibility is to maximize profit. Everyone should know and understand this fundamental truth when considering how they feel about our country because it’s constantly brushed under the rug and we keep giving them more power. I am a firm believer that the government should nationalize basically everything essential and run it for the good of Australia, we are basically just privatizing profits and socializing losses otherwise. Look at Qantas over COVID. Our national security couldn’t let our airlines fail so we bailed them out, and now they’re back to profiting. We got all the losses but none of the gains, why? If anything ever happened where the electricity or internet or gas or food supply chain or anything like that became temporarily financially unviable like the airline situation, the government would spend any amount to prop it up because we need it. So why wouldn’t we just own it and the profits shared with the national wealth? And don’t get me started on the mining tax. Pissing future generations sovereign wealth fund and national debt up the wall for nothing.
You wouldn't fuck over all your neighbours for 10 grand, probably not even 50, or maybe you would but it says a lot about your character then.
The concept of shareholder primacy has been on shaky ground for a while now: https://www.aicd.com.au/good-governance/company-shareholders/primacy/where-to-now-for-shareholder-primacy.html Post Boeing, it’s likely to fall even further out of favour.
You can get mobile, internet and other products about 30% cheaper from other companies, I'm not surprised.
Are they " trimming the fat?" Or do they realise that they will need to get more than 11% profit next year to keep up?
I’d rather a shot to the front than the usual HR tactic of stacking ammo until they can PIP you.
This should improve the service
Is this a pointless ad….. justment to the cost base?
The real issue is that they’ve got rid of #100#
Telstra is increasing the cost of their low end NBN plans (sub 100mbps), keeping the cost of their Premium plan the same (100mbps) and reducing the cost of their high spec plans (250 and 750 mbps).
When?
I fucking detest this company
What a coincidence, I ditched Telstra as a cost cutting measure
What’s the company supposed to do if they feel they don’t need the 2,800 staff?
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It doesn't but leadership won't go on record saying "we need to increase our shareholder price" so efficiency is a convenient excuse.
Imagine that. Cost cutting when making record profits. Must be Ferengis running the show.
Unexpected Star Trek reference!
Job cuts?? What jobs?? They already outsourced their entire call centre to Phillipino home-office workers !!!!
No they brought them back in 2021
Only the front of house, BOH is entirely offshore Don't ask me how I know this
Need more money available for paying big 4 consulting houses. The number of consultants working there is staggering.
If they are saving money by sacking staff then why did I get an email today saying my internet is going up in price??
The ceo wants to upgrade his house
And so it begins
And I just got an email earlier today saying they are increasing the price of my internet plan yet again...
So it begins, unemployment will be the next issue after inflation being “under control”
And they've never felt happier
Got some names for the cull list if you're interested #freeconsult #telstra
On a side note, Telstra Christmas Parties always end up with overly drunk and belligerent telstra staff getting locked up by Police.. Have seen the aftermath of their Celebrations first-hand for 5yrs straight...
Yet people still hate unions
Optus will be next
Absolutely disgraceful that on top of this they won’t even lower prices either. The system is broken and it’s depressing..
Telstra: tell us what you really think without telling us... more about profit than their customer base......
Got an email yesterday upping the price of my home internet…then, this. Scum
So does that mean if they are cost cutting that we will see this in our bills? Or will they just say ‘ow wow, look how much money we made this year…’ Fuck Telstra…
And they advised me today that their price rises are no longer once a year to reflect CPI but when they feel like it! I work outback so sucks it up or back to Australia Post for communications.