Verizon Communications

(VZ) - Get Report

is planning cost-cutting measures that will result in the elimination of some jobs and a reduction in the amount of overtime given to employees.

The company said it is cutting the equivalent number of hours 10,000 employees would work, which would translate to a "headcount equivalent" of 5%. But the company said the action doesn't represent 10,000 job cuts. Verizon expects to account for 4,000 of those employee equivalents though the reduction in overtime given to employees, as well as the elimination of contractors.

While Verizon said it didn't know the exact number of coming layoffs, the company expects that the cuts will be a "relatively small subset" of the remaining 6,000 employee equivalents. The company anticipates that attrition will account for a portion of the overall work reduction.

Other employees who could potentially be cut may be used to fill positions in areas where the company is expanding. "We are adding jobs and many of those people that might have been eliminated may be given jobs in other areas due to expansion and new positions," a company spokesman said.

Additionally, Verizon said it is creating a

multinational network for big business. The move would put Verizon up against the industry heavyweights, including

AT&T

(T) - Get Report

and

WorldCom

(WCOM)

.

Shares of Verizon fell $1.45, or 2.7%, to $52.95 in regular-session

New York Stock Exchange

trading.