I’m among those who expected nothing less from the new CEO, but cuts of 6% or more are a truly depressing number.
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@h5 keep in mind in NJ the law changed a few years ago.. if you are cutting 50 or more in NJ (entire state counts as one location) the employer must provide 90 days notice.
I am sure Verizon loves giving out the extra month pay.
10/23 sounds right. 6% is ludicrous. On average when two similar sized companies merge there is around 4.5% reduction. Frontier ain't that big. When you look at the size difference and the fact that the VSP was already a Frontier based move, 6% doesn't add up. It may be 6% of a specific group, but it's not going to be 6% across the board.
10/23/2025 seems right since they have to give 60 day notice and that would end up being around Dec 23/Dec 24th as the last payday from Verizon.
Hope cuts are not just in the worker bees. The current situation is not caused by worker bees, but decisions made at all management levels: hiring/firing, strategy. If low or mid level management doesn’t change, any turn around is going to be a pipe dream. But honestly, I doubt this time is going to be much different.
Redbox, blue jeans, mci, AOL, GTE, Starry… cant think of one Executive move was executed with results
I bet you could get rid of half of Basking Ridge and the company would run better!
@cc they always announce Thursday before payday . For VBG at least
@dc I am so excited for this iconic, game changing plan. I hope it’s on a post it note. Truly the best in the business!!! I can’t wait til their next pricey leadership gathering while laying people off. Love where you work love what you do!
Value is about to launch my plan to save the company! With all the leadership on LinkedIn patting them selves on the back, what a great job the team has done to bring thing to life! Maybe they will try roll over minutes next!
@cc Notifications are on the Thursday of pay week for mgt. Sometimes Wed if there are alot to be notified.
I sure hope not. I make an outstanding salary but have zero skills. I don’t really want to flip burgers for a living.
Why 10/23? Such an odd date… typically, the notification would go out Friday or Monday, no? Do we really know for sure or is this people just spreading fear? Changes are coming of course, but massive this month? Doubt it. Unless someone at the executive level can confirm, I call it BS.
@bd , what an id--t! The meeting was not at the “fountain blue”. Hahahahaha
For all those wishing Directors or Senior Managers it hasn't happened in past rifs unless a Director didnt like a manager. Unless new CEO decides that Senior Managers and Directors should go.
(Btw many of managers and Directors got that position by rear ki$$ing management not because they were qualified)
Extremely accurate! We all know this is coming! He was removed because of failing and now we are all going to pay for it. This is our typical RIFmas that we have been experiencing since he's been around. This time around, it will be larger due to the wasteful spending he approved under his leadership and the d-mbdumb we had before him. Yeehaw to Go-90, Yahoo, AOL and BlueJeans...we are making booko bucks!
@am the last time laterals were frozen were the months leading up to the HCL announcement!
Yes, a BIG RIF is coming due to poor Q3 results. Q3 results are bad. Bad enough for the “immediate” replacement of the CEO. Frankly, to really change the course of the company, new CEO should change 50% or more folks in AD and above positions. Change = remove + replace.
Yet value has meetings at the fountain blue in Miami, talking about how great they are doing. What a joke.
I would love to know what the “Senior Managers” do? In my organization she has 3 Supervisors and has never ever written a memo to the department. She holds weekly huddle meetings and just giggles the entire 15 minutes, with not a word about the direction of the department….and a supervisor basically leads the calls. She has zero credibility yet still keeps her job…laughable…
Hans sc--wed this company up sooo bad and he gets $24 million to just go away. This is just disgusting and despicable. How about those of us that really work hard for Verizon (when we are at home and in the office) stop working and see what happens. How can he do this and puff up his chest about how proud he is about what he accomplished? Go back to Sweden and sc--w up a company there Mr. Slick…
Rumor is true… starting from top. Hans first to get laid off.. but severance is $24M and gets to stay on Board. I don’t expect the next 5,999 to be treated as fair!
Any chance we can start with all the senior directors that don’t even show up to required in office days? And andd in all the people that work underneath them, that don’t show up either. Everyone knows you’re phoning it in when you don’t show up to the office like the rest of us are required to be.
Something is brewing.... New CEO.. All the internal jobs are on hold.. No one can move to other groups.. Every OCT/NOV is scary...
They really need to hit the upper ranks of Sr Dir and above AND non US based employees. For far too long, US middle mgt has taken the brunt of RIFS for years.
Probably. And Verizon hasn’t been heading in the right direction for years!
This is accurate. There are too many duplicate roles and teams not to mention SVP and EVPs. Time to get rid of those. Painful - yes, Necessary - 100%
Hang in there. We are heading in the right direction.
It is! Numbers are being chrunched down until this coming Thursday....Many..many if not all groups being impacted. ..october usually has RIFs but with what's going on it'd be bigger this year....Leadership effd up big time and this is only a band aid for now. Buckle it up.