Thread regarding Verizon Communications Inc. layoffs

@OP Stop ya’ll whining. If you want that sort of money, work hard, get promoted, take the risks. No one is born a CEO, they work their way up to what is probably the most difficult job of all. And yes, they get paid for it. Viva capitalism. It’s an option open to you call - called the American dream……

I’m starting to believe that we will see a rise in Union members and efforts to unionize but that doesn’t stop what the OP is talking about. Regardless of job protection, a company that is not producing good not being paying leaders millions of dollars and they sure as he-l shouldn’t be rewarding leaders who have failed.

@a7 union is the answer. Always has been. Companies made workers hate the union. Those few guys in the union are happy as larks with their pension, lifetime healthcare, etc. Companies maniupluated workers thinking unions can't have their best interest at heart. "We're partners" they'll tell you as they do exactly what OP is telling us. We need to get over unchecked capitalism before a civil war erupts here.

Definitely appears someone is doing their best to hide this post! Whoever posted this may have struck a nerve.

CORRECTION: "BIG" Wigs. And by the way, for those of you bee'ing and moaning about the state of Corporate America, Executive Compensation, and America in general, what are you going to do about it? More bee'ing and moaning?

It is amazing how suddenly everyone wakes up to reality when they are negatively impacted in some shape or form. Welcome to "I GOT MINE, YOU GET YOURS" America. It has always been this way; not sure why/how you didn't notice before. The bug wigs read these comments and laugh all the way to the bank.

@c8 yes

@cp, you're the distracted one amigo

@c8 A resounding YES!

@fn, are you suggesting a post-scarcity economy with a greatly abbreviated workweek?
What's your thought for equilibrium?
16 hours, or is that too much?

Perhaps throttling back on partnerships would help. We spend Billions of dollars annually on Formula 1 and the NFL. Billions.

Several American CEOs have taken pay cuts or forgone bonuses to avoid employee layoffs, including Dan Price of Gravity Payments, Eric Yuan of Zoom, and Adam Aron of AMC Theaters. While many tech and finance CEOs have taken pay cuts in recent years due to poor performance, Dan Price is known for a more proactive and employee-focused approach, cutting his own salary significantly to help implement a minimum wage for his staff.
American CEOs who have taken pay cuts
Dan Price (Gravity Payments): In response to the pandemic, Price significantly reduced his own salary to increase his employees' minimum wage.
Eric Yuan (Zoom): As part of a company-wide effort to cut costs, Yuan took a 98% pay cut and gave up his corporate bonus.
Adam Aron (AMC Theaters): Aron vowed to forgo any increase in his base salary, maximum incentive bonus, and stock awards.
Carlos Alberini (Guess): Took a 70% pay cut to avoid layoffs during the COVID-19 pandemic.
Eric Artz (REI): Forfeited 100% of his base salary for six months.
Geoff Ballotti (Wyndham Hotels & Resorts): Took a 100% pay cut indefinitely.

@fp point by @ew seems to be leaned on hpw leadership respond to business crisis. Culture may be different but at the end of the day, you ask yourself (as a leader) - you save yourself or you save them. Reasoning and emotions are both intertwined thus conscience is the scale of justice.

@ew I understand Japanese culture well, I’ve lived there. In Japan this is entirely normal and expected. The US runs a totally different system which is all about individual success and wealth creation. The entire economy is built on it. So you can’t change it, and must work within the cultural norms. Just like JAL did in Japan. Different systems, different actions.

@f1 While that’s a quaint idea, the hard truth is Verizon has way too many people. People create complexity and cost and AI can do half the stuff people do today. So it is change or die time friends……

@ew Exactly. Why are mass layoffs the very first thing leadership does, instead of making them a last resort? I would love to work under a leadership team that decides to take a salary cut or freeze bonuses instead of decimating thousands of people’s livelihood. The corporate greed is astounding (harming so many so that a few can profit)

What is dislike about unions
1) everyone gets the same raise no matter if you walk on water or not.
2) layoff by seniority only.

Where are people motivated to excel under 1 and/or 2?

I don’t know if you heard an old story about the JAL”s former CEO Nishimatsu who took a pay cut (on 2007/2009) just to save the job for his people. That is true servant leadership.

Name a single company, ever, that has been made more successful by unions. haha difficult game eh!

Union discussion is such an obvious tactic to distract people from the OP's post. We should all be equally disgusted regardless of whether or not we have representation and a contract.

@c2 if you’re so smart, what’s the solution?? You think all of VZ needs to be union?

Sure, we are entering times where employees will need to band together and call out the BS publicly....but this compensation package happened while VZ has a union. This isn't a fight between union vs non union. Perhaps people do need to unionize to protect their employment, but this is about immoral compensation to executives during a time where people are suffering due to being told they are no longer needed. Union or not.

Are you an ostrich @a7?
How deep can you dig your head in?

"I don’t know if unionizing is the answer or what — but this isn’t right." @a7
We'll, then you're still obviously a duped lDlOT.

Around 2007, Directors (now Sr Director) and above were told they would not receive a STI bonus in order to report quarterly results that beat shareholder expectations, while wanting to make sure the bands below received a bonus. That happened.

Today, we layoff of 15,000 but executives are adding millions to their total compensation. How is this legal?

Curious how these companies plans pass legal fiduciary requirements, they have built nothing

These people are disgraceful

@a6 well played compadre

@OP how they sleep at night? "Like a baby, in a REALLY expensive bed" would be the likely response...😠

@a6 criminal

@a7 "I don’t know how they can look at themselves in the mirror."
Those bloodsuckers neither engage in, nor do they cast, any reflection.
Happy Scrapsgiving!

@a7 they can look in the mirror exactly like they did when they rehearsed crying for a black man getting wronged. Crocodile tears. All fake.

When you wake up please don’t forget to smell the roses.

Verizon leadership is a joke!

"I don’t know if unionizing is the answer or what — but this isn’t right." - @a7
then, by all means, remain clueless and keep voting the way you vote.

@a8, they've been filling those roles externally in recent years.

Roles are even better than rolls.

@OP As with any large company since the start of time. Whats stopping you from applying for the rolls. Oh, doesn't make the mark

Absolutely despicable. I don’t know how they can look at themselves in the mirror. We need better protection for workers in the US. I don’t know if unionizing is the answer or what — but this isn’t right. It’s the epitome of corporate greed. Why should a handful of individuals gain MILLIONS of $$$$$ while thousands go unemployed? Real leadership would find a way to grow the business WITHOUT layoffs. Layoffs are a quick short cut to reducing costs so Dan can collect his $50 M bonus. Employee morale is so low now that Verizon will continue to sink over the long term

I wish I could get paid that much for captaining this ship into a vestberg, I mean, iceberg.

THAT hurts!!!!!