Money talks....Make the offer good enough, and we retirement ready workers will go. Simple solution.
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One other point, Modified Rule of 75 gives anyone with 30+ years of tenure eligibility for Retiree Benefits, regardless of age. The caveat some folks face is not being of age 59 1/2 that avoids the IRS penalty of 10% imposed on IRA/401K distributions. Tha is a factor on personal choices regarding this offer.
The purpose of the offer was to expand the scope of opportunity to those not previously given the opportunity to leave voluntarily (those with 30+, 40+, and yes even 50 years of tenure) who are pretty much ready (in all aspects of being ready) to retire. The interest is there, we just have to see how many are willing to move forward. It was not meant to entice anyone outside that scope to leave. There are of course die hards in that group that just will pass for some personal reason.
@TKRg1yy-xma -- Re: "take the offer and run..." What offer? There is literally no (zero) incentive for someone who has been here a long time but not yet reached retirement age to voluntarily leave. I think it's far smarter to stick around, polish up your resume and do some external networking, and wait for the inevitable. If they want folks of a certain demographic to voluntarily leave then they would have to make an offer that legitimately has some incentive. But I don't really think that's going to happen...the days of an enhanced pension offer or any severance beyond the standard are gone. They'll get the numbers they need through involuntary surplus.
Finance has given all the VP's a date and number of people that need to be gone. This is accomplished either by those who volunteer, or forced reduction. It all about the number not the people. So if not enough respond then they immediately start the process to force surplus, based on some performance metric.
Boy there are a lot of defeatist in this company,Iam feeling pretty good .Adios losers !
they will just add more to the pot for next quarter no matter the volunteer count. i think they can handle about 2500- 3000 layoffs a quarter successfully right now. no matter what you do, you never know when your last day is here.
When will this make it to retail managers?
OMG layoffs every quarter! Who can handle this much stress and live to tell a story.
@hnl: there will be no end date. The company will continue to surplus every quarter until its broken down bit by bit and sold in pieces at an auction. Will that happen soon? Probably not. But it’s the eventual fate if we don’t change leadership and direction.
When will it all end ? Can someone please let me know. The stress is killer. Don't think anyone can take it anymore. It's layoff layoff and layoff , every day. Let me know the end date of it.
Take the offer and run, AT&T just spent $85 billion acquiring Time Warner. It also spent $49 billion on DIRECTV in 2015. While it mostly used stock for those purchases, the company's balance sheet is looking worse and worse. It now has $163 billion in debt plus the $22 billion in debt it just acquired from Time Warner. While producing original television content and marketing a streaming service don't cost as much as building a wireless network, every little bit adds up for AT&T. Investors should keep an eye on its debt levels, and ensure the company is generating increased cash flow to cover its increasing debt load, history tend to remind us that this won't happen, therefore the declared synergies will come for American jobs, and offshoring. The joke is on you America
If they don't need the department then it will go, so many jobs are not needed due to changing technology.
Turn out the lights when the last person leaves the building. Hope you saved for a rainy day because the storms are approaching fast. Keeping your head in the sand wont save you. Happy Trails RS
Yes, from a manager who should know. The offer will company wide for craft. All departments, then a big reorganization.
I know one thing. The company is going to have to offer more than 6 months severance pay to entice craft who are wanting to retire. If they would offer at least a year's pay, I, along with many other baby boomers, would take the money and run. Has anyone heard if the offer is going to be company wide in all departments?
Everyone is at risk, not just those that were asked. Basically they are fishing for volunteers that are ready to leave/retire. A set number of employees to be off payroll is determined ahead of time. One way or another that set number of people will be gone.
There is no "refused". The only action available is to proactively volunteer. Given that there is essentially no incentive to voluntarily leave, the numbers that volunteer will be low and I think it's fair to speculate that a large surplus even will follow later this year. Our senior management seems to be of the same opinion based on a call we had yesterday.
Is everybody at risk then or just those who refused?