Thread regarding Verizon Communications Inc. layoffs

“It's going to be the people without families, the people who are the most skilled at their jobs and with the most transferrable skills”

Those people are the ones ready to retire are the ones that are going to take the voluntary too from ive heard from people taking it. Their one concern is being denied and what may happen after.

New people leave all the time the rif package can’t really sway people with only a few years from jumping ship for something better can it? People in my building with 10-15 years have been leaving for new job for years because they’d rather take a new job then wait to be riffed.

"For those saying VZ can't do it because they don't want a lawsuit, nowhere is it written that a company has to provide a severance package to displaced employees - no law exist in any state, so VZ can release employees & pay them nothing, they are extending severance as a form of gratitude for the hard work & commitment the employees have put into the company - it is a parting gift. Don't get it twisted, they don't "have to" offer employees anything."

This is a big misunderstanding of the lawsuit argument. No-one is saying that if VZ reduces severance employees will sue because of the decrease. The point of severance (with all the releases you sign) is that you agree not to sue for any real or imagined reason (discrimination of any kind except age, claims that processes weren't followed etc). So currently, if you have a case that you think (after talking to a lawyer) there is a slight chance you win, potentially losing up to 35 weeks pay and medical coverage may convince you not to take the chance. If the payout was only 30 days, many more people would be willing to roll the dice.

In my opinion future severance packages will likely remain the same. They exist for a reason, and that reason is to keep the good workers in place. To just find a job elsewhere and quit the company is like leaving a bunch of money on the table.

Simply put, if they minimize the package then it's not much of an incentive to stay until a RIF. Then who leaves? It's going to be the people without families, the people who are the most skilled at their jobs and with the most transferrable skills. It's going to be the people they want to keep who will suddenly have more job mobility. Meanwhile the slugs, clock-watchers, and folks with massive healthcare liabilities stay behind.

Are you going to just walk away from 6 figures? Heck no. How often have you seen somebody just up and quit? It's rare, but in a recent webcast the executive explicitly mentioned that there's a recent phenomenon where people have been quitting. The job market is really hot right now, so some people will bail without taking the package, but the execs are surprised to see it.

People quitting is a sign of the company not being in control of who goes. They don't like it, and the people quitting are those who are able to find a better deal elsewhere. The severance package widens the gap better the deal people have in their hands versus what they can get elsewhere. Are you going to jump ship for a lateral move? Nope.

Heard about talks to cut the severance package down to 1 week per yr a few riffs ago, but nothing concrete - where theirs smoke, theirs fire, if they're talking about it, most likely will become a reality... when is the question.

For those saying VZ can't do it because they don't want a lawsuit, nowhere is it written that a company has to provide a severance package to displaced employees - no law exist in any state, so VZ can release employees & pay them nothing, they are extending severance as a form of gratitude for the hard work & commitment the employees have put into the company - it is a parting gift. Don't get it twisted, they don't "have to" offer employees anything.

@mxm, "fungible", really?

Don't make me look up words because you feel some empty need to feel smart and superior.

No wonder nobody likes you.

Please speak English or, better yet, ssshhhh.

I was on the HR conference call about the package today and they were still throwing around the 35 week package as the alternative in the future if you don't take this one now. I don't trust anything they say at this point.

Too much uncertainty with this company. If they can outsource their IT department like they have done... then they can outsource many other departments. If IT people had a choice between Infosys and severance..I would believe Verizon was being fair. But that is not what Verizon has done.

I hope all of you who are eligible take the offer. I WISH I had that opportunity! Instead, I have been sold to Inferiorsys and will be fired after the year is up unless I find something else first.

We all work (and live) within this reality, and they are not asking us for our input.

I will quote EKJ - "You who stay deserve your fate." If you are remotely close to the 60 weeks - take the offer and let the cards fall where they may. You will likely thank yourself later.

qjz nailed it. The pattern VZ are following is based upon the completely incorrect assumption that engineering staff are fungible. They are not, and never have been. Another mistake the "leaders" make is in saying "IT isn't a core competency". Well, your entire business is based on computer technology, and VZ is a prime example of that, then presumably radio and network engineering also falls under that umbrella, which then begs the question of exactly what are your core competencies ? It seems the only core competency left is that if execs driving a extremely successful companies into the ground. In VZ there are many dozens of highly complex IT systems. Most of them take many months to learn before an individual can become a net contributor. Some of them take years to learn to that level. It is simply not possible to hire and fire people on short term contracts and get the results you need in order to run the business properly. Just watch VZ's customer satisfaction ratings go down the toilet over the next couple of years.

VmQhg5m-uhg Has it correct, if you want to see what happens to a major company, telecom or not, that outsources its IT human assets, look at Nortel. Where are they now. And yes I was there, it’s whole reason for Nortel’s outsourcing of all their IT and Engineering staff was to get cost off the books. We also got a 1 year guarantee of a job, and ALL fired after the year was complete.

The layoff frequency cycle shortens every year; they offer the highest payout in 13 years and you're still looking for some sort of revelation? You who stay deserve your fate.

"News of these plans come as the wireless company looks to reduce its costs by $10 billion before 2021 rolls around."

That magic $10 billion has been around for a couple of years now. Haven't previous layoffs and cost savings even put a dent in it?

"Vestberg’s email was concise and clear. The company will be leaner and more efficient. It is simply cheaper to outsource..."

BS! Companies who CLAIM they become "more efficient" by outsourcing are full of it. Outsourcing is a death spiral. You end with people who can't communicate, who don't know the products they're supposed to be supporting and frankly don't care. (If they kill one American company, they just move on to another one.) Customers jump ship because they get no support even though they are charged a premium price for that non-existent support. You don't have to look far to see dozens of American companies killed by outsourcing. Verizon is definitely circling the bowl.

Sprint cut its severance package to 1 week for every year 2 years ago. Severance is never discussed when hiring people. Good luck suing during a layoff. Severance is purely a public relations move. YOU are not entitled to a severance package with any company unless you signed an agreement. AND reducing severance IS being discussed!

The only time I’ve ever considered the rif package is when they offered it 13 years ago (not enough service to matter) and now. I’ve never thought about it when I applied for a job since it wouldnt be a long time before it is worth it.

So the package seems like a no-brainer for those able to come close to the 60 weeks. I came in at 56 weeks. Don't forget it includes paid medical benefits for the same duration. Also, if you qualify for rule of 73 or 75, (Age + Service years), you also get life insurance included for the duration. The problem as I see it is there will be a large number of people competing for the same open positions elsewhere once Jan 2019 roles around and everyone is in the market. If you still need to work - even with such a nice package, getting that new elusive job offer will more than challenging to say the least. Even with that looming, taking the package is the best option, as staying offers nothing but uncertainty.

my worry is that this is preceding a sale of Wireline to Centurylink (or someone like that) and that Centurylink will lay me off with only 2 weeks severance

I agree with xmu, the severance package will likely remain somewhat similar to avoid being sued. Not to say it couldn't cap out at say 30 weeks, but clearly it has to be attractive enough to persuade soon-to-be-ex employees to take the money and run, rather than consider the possibility of suing.

As for "They will not be able to hire any real talent if they have a c-appy severance package." Do people really consider this in a job offer (except at high exec levels with parachutes? Especially bright young things: they would tend to assume that if they leave it iwill be their choice, and I would be amazed if severance conditions come into the decision making. Salary, sign up, bonuses and perks, yes!

Why do you think VZ has a severance package with 35 weeks pay?? They don't want to deal with lawsuits. They have determined that the $$ involved would be great enough that those who felt they were wrongfully terminated would not sue. ANYONE over 55 who had great reviews would sue and win..Cost a lot to hire lawyers to hear all of these cases that would arrise

Just stop with this 10 plus year old rumor. Every layoff it comes back around. They will not be able to hire any real talent if they have a c-appy severance package.

News of these plans come as the wireless company looks to reduce its costs by $10 billion before 2021 rolls around. This is an excerpt from the yahoo article. There will be more layoffs to meet this goal by the end of 2020... take the package if you can!!

The current package is an enhanced package designed to entice people to leave. The standard package is the 2 weeks for every year. As of Jan 1, 2019.. the standard package will be reduced. The enhanced package was last offered 13 years ago... it will be off the table after this round of layoffs. The risk is very high that going forward you will not even get the 2 weeks for every year. Will it be 30 days??? That is not set in stone yet. But, it is being discussed. Just know.. severance packages in the very near future... will not be as good. The company is being honest and forthright about its new vision. After all...it is a business and a business needs to make money. Vestberg’s email was concise and clear. The company will be leaner and more efficient. It is simply cheaper to outsource..especially departments such as customer service, operations and 5g installation. Also.. the company is not required to pay severance unless stated in a formal agreement or contract.

I have heard that is what Infosys gives. Not VZ

Yes. It's not in print as this offer wasnt. It's been in the works 1 year.

I have not seen anything to support that it will change. I have heard and read in the package references to the severence agreement at that time (after 6-28-2019), therefore thre is some risk it could go to back to 35 weeks. It could be reduced further like many companies have done in recent years to a much reduced severance like 12 weeks or even less like 30 days. Its a threat or risk. But certainly to consider for sure.

Heard of this rumor - but nothing in print yet?

Heard these rumors but nothing in print yet?