5% across the board. My ED and his reports had training from HR on the process today. All communication are to be done by noon on 11/27. That’s about 6000 people RIFed. total.
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Any word if this process will include an offer to us outside techs?
Not all the reductions were layoffs. Some were due to moving employees when assets were sold to Frontier, Yahoo, etc.
To the layoff deniers below. Explain this chart to us please so we may all join in on your oblivious delusions.
https://www.macrotrends.net/stocks/charts/VZ/verizon/number-of-employees
@mtu+1jnNj8aj
STI paid out at a set %
*STI paid at 100% - VZ doesn't want to monkey with law suits
In a standard severance situation, STI is paid at 75% target, prorated for the number of months you are on the payroll the year you leave ~ unless they do some something special like they did with the VSP, which isn't likely.
Verizon has not been laying off 10k people a year. They laid off (voluntarily) 14k people in 2018. There really haven't been any major layoffs since then.
@1pkv+1jnNj8aj... 10k a year? BS is flowing alot these days....
If that's really the number, that's not enough to make a difference. VZ has been cutting about 10,000 every year for more than a decade. More of the same...take the package and run.
Another person posted this on a different thread and they are correct: 2 weeks of pay for each year of service
*35 week cap
All Stock Together awards fully vest and paid out
*Yep
unused vacation days paid out
*Yes but depending on which state you live in personal days may not be payed
STI paid out at a set %
*STI paid at 100% - VZ doesn't want to monkey with law suits
Oh and you will need to sign away any right to sue if you want the above.
If you are frontline sales in wireline and your numbers are not good you will be put on the rif list. Performance matters.
@wut+1jnNj8aj may have been true in the past. Not currently. These reductions are all about reducing redundancies (in the name of efficiency) and outsourcing to the lowest bidder whatever functions they can.
10/27 is true. 6,000 is not. Also the severance policy is still 35 weeks cap if you are below director level.
@gor+1jnNj8aj Lol. I don’t believe anyone told you that. Typical RIFs for last 10 years….the first to go are based off performance ratings from last performance. So you could have done fabulous last 6 months. It’s doesn’t matter. If you were rated Not performing or Developing…Bye.
HR isn't trustworthy.
Today I was old no one, no one at all in our org will be touched, not one single person. That any layoffs that do occur within the company will be purely based on 1 thing and only one thing, the employees performance since 2022. If you are a low performer your days a numbered here. If you come to work and do your job and do it well you are safe, secure and not to be worried at all. I can't disclose who told me this but lets just say... they work in HR. So for the slackers out there, bye bye and may the door hit you in the rear when you exit the company! For the rest of us that actually do out jobs and do it well, keep it up and lets keep on k1lling it!
@oca+1jnNj8aj Might as well take over Verizon, more than half of our company is run by foreigners, we'll let you all take it down, we are almost there already!
Bring it on Verizon! I am ready and willing to go but, because I am a frontline facing sales person, they probably won't RIF me even if I want it. Too bad they don't just let the people that want to go, Go! I will bet that if they did half the sales force would be gone!
Let's all gather 'round the campfire, hold hands, sing kumbaya, and eat smores.
@okr+1jnNj8aj Oh Brother! Don't give up your day job.
I work in BR and keep hearing enhanced severance package. I wish I had more details, I just know it should be improved over the existing.
From a different post.
they will be transparent and done with dignity". Let's see if that is true.
Maybe that's where the dignity comes in. Open up the severance.
@eet dropping the 35 week max pay out is very generous and interesting. Any thoughts on why they are dropping it?
1 full year severance pay and 1 full year Cobra.
My Director said they are dropping the 35 week max on severance pay so you will get 2 weeks pay for every year service without the cap.
@okr your posts are always a waste of time. Give it a rest.
Thank you for sharing this detail. It helps us all out!
Everyone sing along…
When big red says goodbye, you get RIF’d and you cry, that’s amore.
On the dole again, just can’t wait to be on the dole again.
Scar tissue that I wish you saw, skinny man with a Swedish drawl.
This is the end, we’re in such debt my friend. This is the end, here’s 30 days my friend
10/27
So would off payroll date be 12/31? In the past, I have seen that when announcements are made this time of year. 60 days off payroll would be so much better than 30 days…especially right at holiday season.
which departments are going to experience RIF's ??
10/27…. My bad
10/27 or 11/27?