If you think Telstra’s 2800 job cuts and $350 million cost savings are isolated, think again. This is how boards and management teams respond to tougher business conditions and a low-growth environment. They are cutting back costs and fine-tuning business models.

Don’t take it from us; take it from Aiman Ezzat, the CEO at consulting giant Capgemini, a French-listed firm with 340,000 people and €22.5 billion ($36.6 billion) annual revenue.