Telco Talent Tracker, 3Q25: Workforce continues falling at roughly 2% per year, now 4.34 million

The sector employed 4.344 million people in 3Q25, a 1.8% year-over-year decline (roughly 82,000 positions). This aligns with long-term trends of steady contraction. On a quarter-over-quarter basis, headcount has fallen steadily for years, with only one interruption: after a dramatic dip in 1Q20 when COVID hit, employment levels rose slightly in 2Q20. Global labor costs: Annualized labor costs were $260.1 billion in 3Q25. To put this in perspective, this compares to $294.8 billion in capex and $333.0 billion in depreciation opex for the same period. Cost efficiency: As a percentage of opex…