Not that long ago Verizon was the industry leader. It seemed that nothing could de-rail us, customers would rave about the excellent quality and best customer service. It seems like a nightmare to look at our results over the past two quarters. I'm at a loss to explain how we got here.
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Virtue signaling became more important than business results.
Verizon got here when they committed to saving $10B by dumping 10,000 of their most experienced, loyal, and productive employees in 2019 thru the VSP (Voluntary Separation) to trim the old folks. The company has never recovered and has declined ever since, unable to replace all the top talent that walked out the door suddenly. Verizon tried to replace by hiring and promoting based on skin color, genitalia, nationality, and wokeness instead of selecting the most outstanding talent, so they are going broke! Great companies are run by great leaders and great employees! Verizon has neither now, but they are diverse and inclusive. When the most talented, knowledgeable, experienced employees leave in mass, it’s impossible to replace and recover, but hey they saved $10B. How’s that working out?
The collapse began when VZ brought in a Socialist Euro leadership team that hates America.
Many people have said to me that they felt our cell service was above other providers but, lately, people are saying they previously had good cell service at their home but now it’s spotty or they have no service at all.
Many also sing the praises of FiOS but I’m afraid we’re now going to start losing customers because repair turnaround times are in the toilet - too few people and too many poor decisions by some lower tier managers.
Were customers really raving about it? Or were they just pretty happy with their utility service? It's time to be realistic about what we are, a utility. This idea that we could be some engaging part of consumers daily life leads to so much wasted money on frivolous projects. The formula is best network and good customer service. It's that simple, everything else is a distraction.
How could a CEO who learned the business, starting as a union splicers helper and rising up through the ranks, possibly be a good idea?
They got rid of forward thinkers like Ivan Siedenberg, and replaced him with less than average CEO’s.
Most stupid CEO and board ever as all should resign or be removed. Not one good move on past several Years to decade. What is the stock down like $10 past decade
A haircut on the dividend would be a disaster for the stock price.
The downhill motion started when VZ paid $120 billion for Vodaphone's 45% share of VZW. They had multiple opportunities to buy earlier but thought the price was too high. Waited until market was almost saturated & then paid out the nose. Think of VZ current debt level which drives so many decisions, it's all basically $$ spent on that purchase.
Hans needed to be gone 2 years ago. Lay-off after layoff and then outsourcing to people that have zero clue. Our POS is a joke and so are the people that support it for us. The consumer channel is probably selling over 50% of the SMB. Oh and to thank us for doing such a good job- VBG gets to keep their jobs but VCG gets 10% cuts. Why is consumer channel selling SMB???????
@mlb
Worst than not knowing if you'll be employed tomorrow is not even knowing what you can do to protect yourself. In our meeting yesterday, our DM said he had no clue how the decision was made, he was just given a list and communication guidance from HR. We lost four of our best team members, people who kept the lights on. Probably the most valuable people in our whole district. It made no sense to our DM. And it makes no sense to use, we don't know what to do to keep our job.
Distractions. Distractions everywhere.
How many people are involved in resource groups or diversity planning instead of the core business. You can be diverse, support all your employees, and not have thousands of employees in charge of pep rallies for these every day. Just act right, don't wear it in your sleeve.
They need to focus on the core business again. What do they sell, who supports those who sell it. Period.
All i know is it's very scary to work here at Verizon now. You never know from one day to the next if you will be employed. It's very hard to live like this, it doesn't seem to matter if you are a good worker or not.
Victim of success. Verizon had great strategies through 3g and 4g. It was taken for granted just how much of the "great leadership" that came up the org chart in that time we're really just taking advantage of the cell phone good rush. You could have been illiterate and made money in wireless in 2005. Now 15 years later they are all VPs and above and aren't actually any good at business leadership.
Poor leadership, and then more poor leadership.
It really started in 2014 When Blowell bought Verizon Wireless from Vodaphone at its PEAK value. An awful decision. To make matters worse, he then started selling off pieces of VZComm in California, Texas and Florida to pay for the boondoggle. There has been no upside since. Only downward spiral.
Lol our results. If we wanted more FiOS growth perhaps we shouldn't have actively stopped building the network, or maybe actually build out where we PROMISED to ( ahem western PA, etc). Funny how the shareholders never take a haircut on the billions we pay out in dividends, but you can be sure they'll use this as a excuse to lower our STI.