But what exactly is a “management buyout”? Does this affect wireless and wireline. Can someone explain it like I’m 5?
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In 2003, they allowed more people to leave than they originally allotted for—it was a crazy time for those left behind but opened up a lot of opportunities for those interested in them—after that buyout they froze all pensions; allegedly they will change the severance plan to a 30 day package moving forward. I have enjoyed my time with the company but the change in severance (if true) will motivate me to look outside. I have enjoyed 21 years...
I worked for XO and when we got bought out nobody explained what they meant when they said we were management employees. My title at XO was Senior Telecom Technician and I was never a manager in 35 years as a telephone technician.
My best guess was that, since Verizon is union they called us management, as a technicality, so we wouldn't be union members.
Anyway, that's my best guess. I'm not positive, but it's the only thing that halfway makes sense to me. Although I think it's BS to call a tech "management" when he's really a tech.
And yes some departments in wireless are included but I don’t know which ones
A buyout is when the company basically gives us an amount of money to leave the company based off of your title and years of service. This is not the norm I have only heard this being done back in 2003. However this is normal for union members as the company does these yearly for them. Many other moving parts cause the company knows how many they want gone form each work group but they never disclose it.