During the earnings call Benefit efficiencies came up quite a few times as a cost cutting measure. What exactly are those benefit efficiencies??
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The biggest racket is the healthcare plan already. United HC insurance told me last year that our plan was "self-funded", meaning that the company withholds our premiums from our paychecks, puts it in a slush fund, and only pays United IF and WHEN a claim is filed, and only for the amount of the claim and a management fee. And this is only AFTER the deductible is already met.
In numbers, I paid $3,000 in premiums per year, didn't have any claims. Times that by about 200,000 employees for demonstration purposes, that is $600 Million collected in cash, per year.
I want to see how much T actually paid out. I doubt it was 600M. They would have dumped that thing a lot sooner if they didn't make money on it.
Soo, very bad optics. T took a huge pile of cash from the employees, paid out little and kept the rest? No wonder we no longer have United; they didn't make money off of T. Ergo, T still has a load of cash sitting somewhere. Not sure what the arrangement with Aetna/BCBS is.. But THOSE are the 'efficiencies' for ya...
Next up: Cut the Pensions. All perfectly legal as per the fine print allowing T to change the plan at any time. Same with 401K matches. Was all junk bonds and stocks anyway..
What do you think the efficiencies are? Stick it to the employees as usual. Make us pay more for less.
One big initiative is replacing the $4,200 annual subsidy to help pay Medicare Advantage plan premiums and replace that with the United Health Care plan with unsubsidized annual premiums that cost between $1,200 and $2,400.
Things like reductions to the healthcare plan, less 401k matching, etc.
They basically think employees have it too good and want to change that for everyone.
CFO of today and tomorrow must be able to take financial data and use it to influence operational decision-making and strategy.
at AT&T our friend CFO Stephens does not possess the technical accounting background needed for the current AT&T challenges, instead he is trying to dazzle the audience with his business jargon undefined terms, the new king of buzzword world, just like with the CEO we got stuck with he was able to purify b—s—
please Don’t be afraid to use plain English at work