Wall Street obviously loved it. Stock price is soaring. Buy low, sell high!
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Worst quarterly report i have ever seen. Dry. Punted most questions and said would go into more detail on the offer later but never Did not. Picked weak questions to address. Got lucky on beating the streets expectation. Looked like a good selling opportunity. Missed opirtunity to be transparent and build trust with all.
The problem in IT is many applications and functions are single threaded. If they allow those people to take the package who will be able to pick up their work load. Many of these applications are complex and with all the SMEs problems will pile up. It is going to be a disaster because the people making the decision have no clue what individuals are doing. They just see a number on a page and want to cut.
I’m sure they will get plenty of takers. If they had a target they would just tell the business units I want “X” heads. This will likely tie them over until next fall. It is about numbers but I don’t think anything crazy is happening.
Cutting edge companies don't treat employees like this. The buyout is one thing but keeping them in the dark is a whole other level. Verizon is far from cutting edge....
Looks fantastic to investors and even customers for a while because the network is awesome. Internally, it's an adminstrative and operational fiasco with systems and processes that is going to explode when much of the talent bails out with the package in an economy where it's not that hard to find another good job. There is likely something much bigger going on that only top execs know in terms of strategy. Big combo of wireline and wireless or maybe combo of other business units. Something where it will be easier to lose so many people at once.
The intended audience isn't employees -- it's investors. Investors are always excited by job cuts, until the business starts cratering. Hans was a hero at Ericsson (with investors) until all the layoffs caught up with him and they had nothing in the pipeline and lost tons of business because they didn't have the people to handle it anymore. Then they ran him out on a rail.
Same jackwad and same tactic at Verizon. Hans' "vision" is cutting employees and making the finances look good, until they don't any more.
Then he goes away with his golden parachute intact and some other mo--n company will hire him. He's here to chop Verizon up -- sell off the valuable parts, then get the hell out of Dodge.
Company spin......making garbage smell like roses
Amen and agree with hbp. No company can ever get success when having the executives who just look for their own profit. Verizon era is over with all the play that these executives are playing by getting rid of good staff. It will disappear soon. One bad is taking out thousands of good employees with no vision.
It was most excellent
Verizon leadership lacks vision. The problem is on display for all to see. Bean counters and money managers are pretending to be tech savvy. The focus is entirely on their share of a fixed pie. No vision to grow the pie. The success of 5G will clearly be new services, and ways to deploy those services. Demoralizing your work force is an extremely dumb thing for a company to do right at the dawn of a new technology just waiting to be developed. DUMB DUMB DUMB! Does anyone else recognize that Hans is going to end up with noninvested demoralized overworked employees, not a leaner quicker responding work force. It sure looks like some folks plan to personally profit from all of this. I see jail time ahead for some of these narcissistic parasites.
Pre-approved, planted questions (being read right off their phones).
Understanding his English was a b--challenging.
employee web cast was a waste! Hans didn't answer one question gives it to HR and then plays with his tablet saying he can't get it to work - shows how much Hans cares for the wonderful V team!!!
I heard that "refresh and backfills will occur" as needed. It has been done before when the Financial Ops COEs were created in two cities. Older, seasoned workers in certain cities were RIF'd and the positions moved to new cities where new people were hired in to do the same jobs at lower pay. It happened in Product Management several years ago as well under Marni when she had the org align all positions in key cities.
Same here. It was kind of swept under the rug on both the earnings and employee calls. It has been positioned as a positive gesture for employees but it seems that they want the older and higher paid people gone. If not enough take the offer, RIFs will complete the rest and then later they will create new replacement positions maybe in a different location and pay newbies less money. Finance doesn't know how to put a true benefit vs cost number on experience and ability to quickly solve complicated problems. That never shows up on a balance sheet like a straight wage cost does. Gone are the days of any loyalty to people who give their lives to the business. It's all about a quarterly profit number.
I really expected more. Disappointed that they didn't address this in more depth.