Are they going to report a bad quarter coming up or whats going on,are their fios sales going down or their wireless sales
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That tap on the shoulder comes randomly and could catch you unawares. This is announced and you can sort of prepare for it by pushing off major purchases, plus you'll give yourself some lead time to start your job search before your end date. Yes, your is generally a harder time of the year, but it's still some time.
There is allot of folks with 20+ years with very little pension, especially the ones that came from MCI/WCOM. I (22yrs) personally have about 4k. So basically they aren't going after just pension guys.
If I had the pension numbers that some do with over 20yrs, it would make this thing a slam dunk. Just the payout doesn't seem to make sense long term. Survive another year and forget that this even happened. But we all know that every week or month we will need to worry about the tap on the shoulder.
They can just get the job done with half as many people they have today.
It's $10B in payroll they are trying to slash.
10K employees? Only if they were earning $1M apiece!
30K? Only if each was earning $333K!
$10B works out to 100K employees if they are earning $100K on average...And Vz only had 130K employees to start with.
The math is overwhelming here. I know the word "fundamental" is overused, but this really is a fundamental restructuring of the company in the true sense of the word.
Given union represented folks werent offered, nor were a number of other employees in certain job descriptions, I cannot imagine that if you got an offer how your job description wouldn't be headed to the head count guillotine. Or at least going to be sold to someone else so be glad they offered you this instead of an Infosys badge.
If youre lucky you can take the offer and get your old job back once it belongs to someone else.
There is another aspect to this. The mortality tables were updated for 2018 and went into effect 7/2018. People are living longer so VZ would need more $$ to keep the pension funded. There was a provision that stated if you could prove that it would be a hardship for your company to comply in 2018, if you could prove that this was a problem, they would extend to 9/2019. I am not saying that Verizon did this. But, think of the timing. Coincidence? I think not. Not that this alone would have driven this buyout but they would have had to put a lot more $$ in the fund.
If they don’t do this way, there will not be any brand called VZ in future. 18 million paper push jobs will be replaced by RPA, AI/Ml automations. As per some research by major consultants...It’s always better to be competent to market than a company
They sell Verizon cell phones in Costco , so why do they need anymore Verizon stores ? And Reps are a dime a dozen! Now wireless and all rest of you get it now ! Now all you wireless people and rest you getting it from Verizon now know what feels like when this company hurts you like they do ! The only difference is wireline people when on strike ! And you guys didn't have ! Like Bob Dylan wrote how does it feel to be on your own!! Good luck !
It has nothing to do with whether the company is doing poorly. This is what MBAs do using Excel sheets and PowerPoint.
Yeah , everyone going to get it and 5G is c-ap O"Lola ! It never works good when there's a bad storm or weather out side , Lowell and Hans could be cleaning house with mark reed to sell the wireless to maybe APPLE and the wireline to who is ever dum enough to buy it! But in the end Lowell Hans and reed will stuff there pockets with lots of money !
where have you been ? Why are some of you so shocked that Verizon is doing this? This isnt the only company downsizing in 2018! Automation and outsourcing is the way smart companies are going!
If you have been with the company 15+ years, making 100k+ thinking that you are indispensable because of your experience, let me tell ya... the company can find 2 people at 45K that can figure out how to do your job. Stop the arrogance and face reality!
5g is making a lot of positions redundant. Also a lot of tenired employees are getting pretty expensive to keep around. Wireline people should be wary cus once their contract expires they gonna get rid of 90% of them.
It's not 10,000 employees it's more like 40,000 employees over a 3 year period. They said in the Crain s website they want to save 10 billion dollars , Lowell mark reed and Hans can't pull that out of there A hole , so they will pull it out of there employees A holes and they will stuff there pockets with lots and lots of Benjamin's !!
So lets say someone is making 100k for example. The next person you hire make 80k, we all know they will eventually backfill the positions. Is it really worth the 20k for the company to retrain the person or not have a clue how VZ works. Now I know what all are going to say they will he much much less offshoreing, but not all groups can use offshore workers.
Also some of these younger workers arent as cheap as everyone thinks. Some straight out of college are getting paid 60-70yr in our field, of course depending on location.
Last weeks call was all roses for the quarter. One breath is all great and the next is well we will allow all to leave that want it. So how in the world are they going to keep going strong with that much less people. I can see some groups being redundant and probably a drain on the $$. Other groups are not and if just 5% takes it it will fall apart. It seems they dont see it that way, do it now and will figure it out later. Which has always been the motto for VZ
Allot of the customers have contracts and some are so big it would be $$ and time to move to another vendor. Also all the like are doing the same thing, so where ever they go they would need to deal with it.
It's funny how it seems that they want to get rid of the money makers and older workers, but I dont see any 20-30 yr old VP executives running around and getting rid of let's say 10 of them that probably the same as 100 or worker bees.
Verizon is trying to reduce cost by eliminating redundancy and high seniority employees. The company knows that offering a buy out is an effective way to avoid discrimination lawsuits. High salaries and bonuses will be a thing of the past for those who will stay ...
No,
But Lowell promised a 10 Bil savings every 4 years.
Just trying to cut cost.
Overall, they are going great. Look at cash flow