Thread regarding Verizon Communications Inc. layoffs

New VSP offer coming. Aug 2020. 4 weeks per year Severance up to 20 years. Sr Management already discussing. Stay tuned...

why do you need vsp? just stay home and collect pay

2023? More like It will be closer to 2032 to get it all to actually work. Good one.

This had everything to do with 2023. When it comes - no need for wires. Dingbat

I took the ESP instead of transitioning to Infosys. I got about 40+ weeks of severance. I started looking for a job after few months break! I landed a position in December 2019. The base pay was 3% higher but without bonus. Obviously, the 401K match was lower and health insurance premium was a bit higher as well. And PTO was bit lower as well. But my Job is great and stress-free with some flexible schedule built-in. There is no constant threat of layoffs. The best part about this whole exercise was that, I was able to move my 401K into an IRA and grew it by about 50% in about a year! YTD My portfolio is up plus 31.38% vs S&P 500's negative 5.77%. I have zero regrets of leaving Verizon although I'm grateful to all the opportunities I had while I worked there.

2023 has nothing to do with the wireless side of Vz. Your under the wrong premis.

Better hope 5g home doesn't get deployed before 2023. If so, get the fork out.

Of course, I think the only way VZ can get to the $10B reduction by 2021 is by cutting the workforce.
Other companies have used the legitimate COVID 19 argument to avoid forecasting earnings. By the same token VZ can use the same excuse and delay their promise to 2022 instead. Sooner or later it will come, sit tight

Please RIF me on 1/1/21 when the rule of 55 comes into play for me and I can tap my 2+ million 401k and never look back.

I went off-book in June 2019 with the ESP. 29 years tenure. Long time lurker, first-time poster.

I think that the high 2019 VSP numbers - coupled with the additional unexpected ESP numbers (2k+ IT employees who did not want to rebadge to Infosys) - ended up costing Verizon a lot more than they anticipated; both in monetary outlay and brain drain impacts. They also experienced increased costs for contractor labor afterward due to this; much more than what was planned for. Overall, it was a poorly planned transition that was badly executed and because of that it ended up "costing" versus "saving" the company money. Frankly, I am surprised that no one 'took the hit' for it in the C-Suite at Verizon.

Based on all of that - I would be highly surprised if another VSP/ESP type offer is made again - while Hans is the CEO - in the next decade. They will most likely go to the tried and true: RIF ~10% every quarter until the expense metric is met.

I was very fortunate that I ended up finding a new gig right away - even with slightly better pay. Although I am a contractor for now (I am considering joining them as an employee) the environment is so much more relaxed and the people I work with all treat each other with a significantly higher level of respect, regardless of title/role. Their response to COVID was indicative of how they value their employees/contractors with their actions prioritizing our safety over our production.

I agree with some of the other posters - don't wait for the big payout; it's most likely not going to come. VSP/ESP was a white whale that comes only once in a career. Instead, prepare now and spend time bettering your skillset with the myriad of company-provided training so that when you do get the tap on the shoulder - your response won't be "Oh no!" instead, it will be "Whew...finally!"

I took VSP and have now been out for close to one year. My decision was not made lightly after a 26 year career. I knew that finding another job would not be easy, but I felt it made the most sense to take the offer and have more time to look for my next position. Remember, Verizon was actively looking to reduce headcount and I was tired of looking over my shoulder. Most of my peers with the same years of service were all gone to the RIF monster. Plan for the future and enjoy what you have today. Don't wish for a RIF, take action so you are ready for what will undoubtedly come if you stay long enough.

No VSP
only ISP - Involuntary Separation Package
aka RIF
aka Layoff

I took the bait from the last VSP. I found a similar paying job, but would come back to Verizon. Verizon has great benefits, pay, and STI. My warning, don't think it's always greener on the other side. It can be hard to find something comparable.

That ship sailed, won’t be back.

They rehired a bunch of people as contractors. That was always the plan. Much easier to hire/fire contractors than employees.
I doubt we’ll see another VSP unless they really need to offload more people.

Hope so

No VSP, just a RIF with 35 week max severance.

Quit looking for a handout. You should be planning your retirement with the funds you have accrued in your 401k/pension.

Too soon for another VSP package, the company will just wait it out as older employees reach retirement age, attrition, etc.................there is no need for company to pay extra $$$$ to have employees leave the company

too many took the vsp. You see they had to hire 100s of contractors to gett the work done.

I doubt it

Nope

Prior to 2019 VSP offering I believe the last time VZ did VSP was around 2004. Based on history of these types of offering I wouldn't expect another one for many years.