Thread regarding Verizon Communications Inc. layoffs

Cost of Buyouts and Cost Per Employee

I noticed this article:

https://www.msn.com/en-us/money/companies/verizon-puts-price-tag-on-buyouts-and-says-nearly-5-000-employees-are-leaving/ar-AA1qsRje?ocid=msedgntp&pc=HCTS&cvid=e000c2bed28547529acad0f03256a7ab&ei=11

With 4,800 employees leaving at a cost of $1.9M that comes out to almost $400K/employee if I am doing the math right. Seems a little high but who knows. Maybe the figures in the article are incorrect.

Might have been nice to take the cash and run if it was anywhere near this high.

by Anonymous
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Post ID: @OP+1uu7wV9d
Comment! It's anonymous!

11 replies (most recent on top)

Some of the articles left out detail from the SEC filing:

“Principally as a result of this program but also as a result of other headcount reduction initiatives, the Company expects to record a severance charge in the range of $1.7 billion to $1.9 billion ($1.3 billion to $1.4 billion after-tax) in the third quarter of 2024.”

by Anonymous
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Post ID: @2hgn+1uu7wV9d

I got $400k, in june thank u value GTS in Miami for being so incompetent. I am already being contacted by HCL to go do the same job at verizon via a proxy 🤣🤣🤣

by Anonymous
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Post ID: @1eek+1uu7wV9d

This figure seems accurate. I got $330K.

by Anonymous
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Post ID: @xmk+1uu7wV9d

Not incorrect. I got 450 k and I am not a VP.

by Does not matter
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Post ID: @bpf+1uu7wV9d

The bigger expense will be missed delivery of projects, lower quality of service, etc.due to the exodus. Finance never seems to take that into account when doing the business case. Leadership is always surprised when it’s a $ hit $ how for a few quarters until things stabilize.

by Anonymous
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Post ID: @qyl+1uu7wV9d

@ity+1uu7wV9d an EISP package was offered to non-management as well.

by Anonymous
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Post ID: @sdl+1uu7wV9d

@bps+1uu7wV9d the VSP offer was for management employees. You obviously don't work for the company if you have to ask.

by Anonymous
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Post ID: @ity+1uu7wV9d

https://www.benzinga.com/news/24/09/40840777/verizon-to-record-up-to-1-9-billion-in-costs-for-layoffs-asset-sales-in-q3

by Anonymous
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Post ID: @sub+1uu7wV9d

They are counting all benefits. Many of these folks are band 5 and higher with even larger packages than average. It was a nice VSP for those of us with many years.

by Anonymous
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Post ID: @xso+1uu7wV9d

Though they are self-insured, the company puts a high value on their benefits that will stay active for the specified number of weeks.

It is very possible they are counting base salary, incentives, RSUs, value of health plan (or current unsubsidized rates), administration costs, and any claims the company expects to pay during that time.

by Anon
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Post ID: @zoy+1uu7wV9d

What was the package offered to employees?

by Anonymous
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Post ID: @bps+1uu7wV9d

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