layoff happened on Thursday in Operations in Enterprise and OEM Support (three people were let go and have until 12/31/2020 to get placed on another team or will get a severance in January of 2021) * reason stated by the senior manager was due to budget issues and less support needed as OEM for dealership support is being sunset so overall less calls thus fewer people needed to handle the request for support *
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I can tell you all one thing When they chose to let a Leader ship team run the new joint venture that came from a company that was over 80 billion in debt and could not see there way out of the eastern sea board over a leader ship team that had no debt and over 78 billion in cash in the bank and had already made its way east to Atlanta and was knocking on the door of the eastern sea board to run the first nation wide wireless foot print.
I knew the fix was in.
As far a debt they didn't just end up in debt one day, they spent there way to that debt they have knowing full well what they were doing. If they ever go BK they planned it.
A–hole execs on this forum.
As a VP at Verizon, I hope we can outsource a few thousand more jobs to India. Would be great to finally get that 4th house. Verizon just needs to label the employees that lose their job as "unskilled" or "lazy".
Let the outsourcing quietly continue.
"Entitlement culture" is correct. It's a good thing corporations are continuing to outsource jobs to developing countries. Why pay American health insurance or retirement benefits? Lets petition for another 200,000 H1b visas to replace American workers. People on H1b have zero entitlement.
Who cares about what happens to all the American families impacted by layoffs... they can create their own business to try and compete against Amazon, WalMart, and Google.
Post ID: @2azs+17JYmNhI you are an id–t! Everyone knows that Verizon is heavy in debt. This is common knowledge and even Hans has talked about the heavy debt load. Verizon is not swimming in profits you id–t as Verizon has even gone on a dept reduction plan. If the debt was called Verizon would file for bankruptcy protection, that is a FACT. That is not a rich company that can't pay their bills if called. Only a complete id–t would try to argue that Verizon has lots of money. You clearly are not very smart so I am moving on as only id–ts argue with id–ts.
Let me guess, outside plant tech? Gross revenue and gross profit are two separate things...
I addressed the $20B that was stated, which was and still is, chump change, chump.
It's not chump change, Verizon is in the red, AKA red ink. You are a chump that has no clue about your own companies fiance situation!
Here are the actual numbers reported to the Shareholders, wall street and the IRS. Verizon annual gross profit for 2019 was $77.142B
As of July 28, 2020, total debt is at $112.84 billion, with $106.19 billion in long-term debt and $6.65 billion in current debt. Adjusting for $7.88 billion in cash-equivalents, the company has a net debt of $104.96 billion.
$20B is less than 10% of gross revenue aka chump change...
People think once they land a job they are entitled to that job for life. It's called the "Entitlement Culture" for a reason. A bit of reality check here: You work for someone else, they are in control and if you don't like it, LEAVE! Also if you don't like it, START your own company and hire people and keep paying them even if you are in the red and bleeding cash like Niagara falls spills water! You know there is a pandemic going on so you must keep everyone on the payrolls while they do nothing for you. Go RIGHT ahead, create that company.... GO FOR IT!
Verizon is some 20 Billion in dept. If that debt was called right now Verizon is bankrupt, it's not a rich company with 20 billion in dept. 20 Billion must be paid back, that is a fact. Verizon does not have deep pockets and yet all you entitled think they do.
I don’t think anyone suggested they should be paid to sit around and do nothing, They could be retrained if positions are available. No need to kick someone to the curb unnecessarily, especially during a pandemic. Caring about people doesn’t make you a Commie.
BS - "If Verizon was as socially conscious as it wants the public to believe, it would retrain these employees where there are positions of need."
Socially conscious does not equal paying people to sit around and do nothing. What a rube you are!
@1qfw If Verizon was as socially conscious as it wants the public to believe, it would retrain these employees where there are positions of need.
UM... Verizon does not owe you or anyone a job. If there is no need for those employees because there is a slowdown, then it is within Verizon's rights to reduce headcount. If you don't like it then move to Cuba or China where you can have the job you want for life...