Marketwatch article: Verizon puts price tag on buyouts and says nearly 5,000 employees are leaving

https://www.marketwatch.com/story/verizon-puts-price-tag-on-buyouts-and-says-nearly-5-000-employees-are-leaving-d29f4c15#comments_sector

Verizon Communications Inc. said Thursday it expects charges of up to $1.9 billion in its third quarter in connection with employee buyouts.

About 4,800 employees will leave the telecommunications giant by March under the voluntary separation program that Verizon
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announced in June. Half of those employees are leaving in September, the company said.

Verizon said that it expects to record severance charges in a range between $1.7 billion and $1.9 billion, or $1.3 billion and $1.4 billion in after-tax charges, in the third quarter.

In a filing in February, Verizon said it had about 105,400 full-time employees as of December, with 89% of them based in the U.S.

Verizon also said that as part of ongoing cost-savings initiatives, it plans to stop using certain offices and leave “non-strategic portions” of certain businesses, without giving more details.

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@1vvc+1ut3at1v So I guess, anything outside of what copilot sp-t out means it would be non-strategic.

@1vvc+1ut3at1v Thanks for the response. How many weeks per year did they give? Any medical included?
I asked copilot what Verizon's strategy was and this is what it come up with:

Verizon’s strategy focuses on several key areas to drive growth and maintain its competitive edge:

5G Expansion: Verizon is heavily investing in expanding its 5G network to provide faster and more reliable service. This includes deploying both mmWave and C-band spectrum to enhance coverage and capacity.
Network Reliability: Maintaining and improving network reliability is a cornerstone of Verizon’s strategy. They aim to provide the best possible service quality to retain and attract customers.
Digital Transformation: Verizon is embracing digital transformation to streamline operations, improve customer experience, and drive efficiency. This includes leveraging AI, machine learning, and other advanced technologies.
Business Solutions: Verizon is expanding its offerings for business customers, including solutions for IoT (Internet of Things), edge computing, and private networks. This helps businesses enhance their operations and connectivity.
Content and Media: Through partnerships and acquisitions, Verizon is enhancing its content and media offerings to provide more value to its customers. This includes ventures like Verizon Media and collaborations with content providers.
Sustainability: Verizon is committed to sustainability and has set ambitious goals to reduce its carbon footprint and promote environmental responsibility.

The separation package was already offered. 4800 company wide accepted it. Deadline is closed.
As an employee I do question what the company’s direction is headed specifically concerning their comment to leave “non-strategic portions” of the business. I’m sure if that was communicated to those employees they would gotten way more employees off the books.

I don't work for Vz. Just heard on the news today that 4800 is the number Vz is looking for to take the volunteer package. What does the package consist of? Severance, medical, etc? Also, when is the deadline for people to accept the offer? How many are taking the offer? Thanks for the info.

Thread regarding Verizon Communications Inc. layoffs

Marketwatch article: Verizon puts price tag on buyouts and says nearly 5,000 employees are leaving

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