I am not completely sure yet, but leaning more towards taking it. Except for the job market slowing down, any particular general reason why one would or wouldn’t go for it? I am always afraid I am overlooking something when making such decisions. What are your thoughts, guys? Major pros and cons? Anything particular or not so obvious to take into consideration? Thanks.
26 replies (most recent on top)
Watch out for the grammar snob!!!
“@hao, the word that escapes you is "too".
btw, maybe you should take the VSP too. We need smarter people who understand the written language used within the country in which they work.”
Go back to your unrealistic world of academia, while we concern ourselves with actual real life challenges.
The rest of us have no use for closed minded arrogance.
19 year RIF’ed Verizon Employee
"...All of those years of begging to be promoted and showing them my value, it took one interview for a company to realize my value." - @2goj
McDonalds or Burger King?
@2goj, yet you linger here on this site.
Stop pretending, it's obvious you're still here, just hoping in vain that your words will actually do something to influence your overlords. smh
If your skills are up to date with latest tech stacks, take it and you can find your next job, may take you a while but eventually you will land safely. If you are just a functional individual contributor or management, then you need to have a good networking to land you a new job. Take the VSP if you have a minimum 15 years of services with VZ, the extra money will help you payoff your mortgage, shorten your time to retirement, and also give yourself another chance to reboot your career. VZ especially its IT has a very toxic high pressure working environment, not worth to continually spend your time there, move on and get a new career or retired.
A few things to consider:
• Our country is heading down into the worst recession/depression of our lifetimes and after we hit rock bottom it will take years for productivity to come back to where it was. If you want a real example just look at 2008.
• Needing to get rid of employees is not just a VZ thing, it is not just a telecommunications or technology thing, it is impacting all industries. Companies are laying off tons of workers and outsourcing everything they can.
• Replacement jobs will not be as available at the level of pay and benefits you likely have now.
• Whatever your VSP amount is it will be taxed somewhere between 30%-40%. Also with "real" inflation on the actual things you need to survive (food, gas, energy etc) being between 25%-50% higher than it was 3 or so years ago the money you will get has considerably less purchasing power.
• If you are not close to retirement you may want to delay. Even if VZ doesn't hit the number of VSPers they want and have to RIF those people will also get a severance package.
One con is you likely can’t get this much PTO at another company as a newbie. I have almost 20 yrs and get 6 weeks of PTO.
As someone who loves to travel, this is more important than a pay raise.
@2qzk+1sUZDj6J Big reorgs and tons of outsourcing, so what’s new?
If you are at or very close to full retirement age this is a no brainer. You won’t get a better offer. If you are still years away keep working.
There will be a huge reorg this fall and lots of outsourcing.
Good luck.
OP, I recommend you meet with a couple of financial planners like Fidelity and have them run your numbers through their tool. Also, Verizon is trending in the wrong direction and will continue layoffs in the future. If you have to continue to work, how marketable are your current skills? Can you take some training to refresh your skills? Depending on your state, the unemployment office is a great resource for training and job postings. If you take VSP, file for unemployment. Keep all emails about the VSP and the threat of future layoffs.
I don't see any major RIFs happening Q4 2024/Q1 2025 unless they don't get the numbers they are hoping for the VSP. Q1-3 2025 will be chaos trying to pick up the extra work left by the VSPers while adjusting to whatever other changes are coming. Q4 2025 could be when some major RIFs and/or re-badges happen, but I believe it's more likely to happen in 2026.
Do it! Leaving Verizon was the best decision I ever made. All of those years of begging to be promoted and showing them my value, it took one interview for a company to realize my value.
I am volunteering for the package, dodged multiple cutbacks over the years, and you don't offer a VSP this lucrative unless you intend to do major right-sizing in the Fall/Q1 2025. I can see this not being an option for individuals with 10 should consider this a blessing.
My director made it very clear that none of us are so vital/valuable that we can’t be replaced. Considering I came into a sh-tshow of a team, completely turned it around, created the entire training/audit program in place, and keep my team running… it was nice to feel appreciated. Sure made that choice easy for me.
@hao, the word that escapes you is "too".
btw, maybe you should take the VSP too. We need smarter people who understand the written language used within the country in which they work.
"...Except for the job market slowing down, any particular general reason why one would or wouldn’t go for it [the VSP]?..." - @OP+1sUZDj6J
The main one would be that you're totally unemployable anywhere else in the real world and will never again in this lifetime be equally fortunate enough to be reimbursed for what was, in most instances, mediocre performance at best, or very poor management at worst.
Stop the delusional self-grandiose thoughts and stick with the devil you know. By and large, you're a worthless bureaucratic beancounter of no recognizable value in an actual business environment, short of being a CEO somewhere.
It seems management and craft are not that different. Lotsa big talk from both about "if they made an offer I'm outta here". Once an offer is made, the backpedalling starts.
Told me that I can’t afford to take it. But consider the impact of taking a lower paying job on your social security payments.
The only way I would take it is if I landed a secure higher paying job first. Which I could do, but damn my job now is so cushy. Is it worth a sixty week paycheck to give up such an easy high paying job and go back to 70 hour weeks?
Greed vs Sloth
I think many people with 25 years could take very nearly till 9/13 off. I’m under 50 but we were always taught to keep our vacation maxed out because eventually we would be RIFed.
If you are over 60 with 25+ years TAKE IT.. You make to much $$$ and get to much time off. They will come after you in 2025!
I would stay. I took the VSP in 2018 and while I did get another job, it was for less money. It all worked out but I got lucky since I ran into a former boss who worked at another company at a going away party. Not sure would have happened if I did not go to the bar that night.
I know so many people who took it last time 2018 and came back as contractors doing the same job but making little money. Are you ready to retire? Are you financially strong enough to deal with a new low salary or being completely unemployed? What does your financial person say?
4 years away is tough, medical costs will eat away at your $$. You will have to get a cr-ppy low paying job just to get the medical. Good thing about that is when you are Medicare ready and they look back 2 years your salary will not be as high and you will not get hit with the higher premiums.
Assuming you are management since you qualify for VSP, please remember that if you qualified for a pension, it was frozen on December 31st, 2007. Also the medical reimbursement rate is based on those rates in=effect on that date. I hope that once you reached 50, you took advantage of the IRS's 401K bump up to add additional tax-deferred $$ to your 401k.
I can't quite retire with the VSP. Health insurance is the wildcard. I plan on getting a job, but with 30 days vacation and working from home, not sure I can do better. Need 4 more years.
Don't know your circumstances, but I took the last one at a young age. The only negative is that if you are the provider of medical and in your mid 50's, your healthcare costs will be out of control in a couple years. So unless you are older or are covered by a spouse, or intend to get another job with bennies, that's a big hit. Everything else is positive, had 5 years of peace and a stress-free life. But I retired for life, didn't look for another job.
Are you generally happy or unhappy in your position? Do you see yourself at Verizon long term?
There MIGHT be more opportunities internally after the dust settles of you are not currently happy but want to stay at Verizon long term.
Do you have solid savings already? Will the VSP money be used for an immediate need (pay off credit card, buy a home)? Or will you invest the extra money for your future?
Are you aware of other companies hiring that will likely be a better long term fit?
It's a very personal decision with everyone having different priorities and risk acceptance. Trust your gut. Make a call and don't look back no matter which way you choose.