If 10,400 accepted, and we do the math on the severance packages offered, that amounts to approximately $1.5 to $2B in savings. I'm basing that on high end packages of between 150,000 and 200,000. How do get to $10B without more RIFs?
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Reduced span of control will potentially force more savings. That's going to be interesting.
Stay composed: “Understand that this really is [usually] not personal,” said Amy Polefrone, CEO of HR Strategy Group in Baltimore. “As difficult as it is, leave with your head held high; don’t burn bridges on your way out.”
Get help: If you’re leaving on good terms, ask your manager or the HR department for a letter of recommendation for your upcoming round of applications, or help reviewing your CV, added Polefrone.
Negotiate severance: “You can negotiate the package,” Polefrone said — but take a non-confrontational approach. “You can ask for additional time and money from the company; you can request an additional month or two of benefits continuation.”
Be honest with family and friends: While the conversation with loved ones may be difficult, you have to be “honest and upfront” about your financial situation, said etiquette expert Karen Thomas — especially if you’re restricting your budget. “People will understand … and will be more than willing to forego [receiving] a gift.”
Get back out there: January is actually a decent time of year to look for your next job, according to Peter Cappelli, a professor of management and director of human resources at the Wharton School of Business. “December is impossible because nobody’s paying attention,” he said — so use the time from now through the New Year to prepare for your job hunt.”Use all of the free resources you can from the company,” Polefrone added. “You can also get assistance from your state’s Department of Labor — they have workforce training programs, resumé-writing programs.” And you can find a lot of helpful information just by searching online.”Make sure you update your LinkedIn profile; let your friends know on Facebook,” Polefrone said. “This is your new job: Marketing yourself.”
@1rww tell it to the people who made sure you got a paycheck every pay period.
As mentioned, the $10B is over 4 years so VSP takes care of a huge chunk of it. Saved a ton in capital as well already. To say IT is wasteful is an understatement...hence the outsourcing.
ZBB - a drastic change in budgeting.
They have been closing and cut retail for the last two years. Our store is just as busy and cut the staff and forced us to work longer hours and do all the jobs of the people they cut.
It's $10B over 4 years.. and there have been cuts to lots of other things besides headcount.
Employee savings are only part of it.
H/W (cloud garbage), SW changing from Oracle etc.
They save the cost of benefits and taxes on the salary, which is typically 50% in addition to the salary. The typical senior employee makes $100k, so $50k is the savings. Every 2,000 employees saves a Billion at this rate.
If those numbers are correct, that's less than 7% of the entire Verizon workforce....they rif higher amounts than that.
Offer an eisp to the associates.