A late afternoon rumor had 11k hitting the button as of Wednesday evening. The 2nd rumor was Management not ready for this number of departures by EOY so about 25% would have their departure pushed out till 3/31. Anyone hear similar?
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11,000 seems very low to me. I think the number is way higher as well. But I’ve heard up to 90% of those that clicked yes will have the offer honored. Although I feel like the number is close to 44,000.
I read on another thread that organizations were told to cut 15-20%. So not sure if anyone is scrambling, they can keep you if they need you but because your name is in the hat then they will have to extend the package to you until end of next year. This is in the FAQ regarding the VSP.
Let's say 20K people leave, regardless of the package, and if you take a conservative labor rate of $150K, that is $3B off the books for just 2019. Numbers don't lie
19000 is too high, but it really doesn't matter. They'll take what they get and RIF what they want later.
11,000 number is low. I've heard it was 19,000 before VZ 2.0 and went up after the new org. announcement.
Also for the two people I know who pressed the button and talked to their director, they were told that anything beyond a 12-28 release would require Ronan's approval. Not sure if this will apply in other business units.
They wanted 20-25% of the 44k offered. Not 20-25% of the workforce. If they had wanted more they would have made the offer to the entire domestic mgt footprint.
And unemployment is dependent on the state you live in. I suggest everyone who take the offer, apply.
Well, lets not worry about the number, lets look at the percentage. 11,000 out of an employee base of 153,000 is only 7%. In reality 7% is not much of a reduction for what is perceived to be a cost reduction move. That to me would indicate that RIFs are on the way to make up the difference.
11k would not surprise me but its only because of the deadline. its the people who are still undecided. most will probably withdraw by the 17th.
I agree, something is up. My director and manager seem to be scrambling more than usual. Seems like they are unprepared for the amount of people that may leave.
I’m unsure what to believe now. We have been given at least three different variations of the message from the same messenger. I assume leadership will be the stragglers left until June. I’m under the impression the decision to offer impacted IT personnel with a package has strained the budget. Our group is being told more will leave in the March release.
The number is much higher...
Managers are scrambling to keep who they can until at least March - all who volunteer will be let go and they want it done by year end. All who volunteer will be let go. They've made it voluntary - they make it sound like an attractive package, which it is with additional severance and medical now included. They make Access Only sound like it's such a bargain. It's not. They want people to volunteer and take this package, no unemployment benefits since voluntary. They've created a frenzy of sorts with the volunteer button. They also could have easily just let go the 40k they are really hoping to lose but that would be bad media - a voluntary package sounds much nicer for them. Either way - I'm here 22 years and I'm done. For me I only hope they don't keep me dangling around until June.
Count sounds about right. I suspect it's also right around what they were looking for.
I suspect MOST will go end of December.