I don't understand those who say they can't wait to grab the package and leave this place... I'm still worried, because considering the state of the job market, I'm not sure how if the severance pay will be enough until I manage to get a new offer... Still, it's better to leave voluntarily, than to count on severance pay and being lucky with quickly getting a new opportunity. Just saying.
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If they want you gone, they will find a way regardless. It's better to be Rif'd than fired or rebaged...those that got laid off are the lucky ones. I for one, one would rather get a severance than not get anything.
It's a small % who get RIFD. I hated looking over my shoulder. When I look back thou most people leave on their own...breathe this one shall pass too. I feel bad for the stress and worry a rif causes for everyone but hopefully it's over quick.
Everyone has a different situation. I took VSP in 2019 because 1) generous offer 2) I have in-demand skills and 3) risk of getting laid off with little or no severence pay. I wouldn’t count on future generous severence layouts. Those are only paid out to make the survivors feel better “I could be next, but VZ will take care of me if I were RIF’d, so I think I’ll just stay put. Maybe things will get better” The risk is that VZ has a large RIF with little to no severence - like maybe because of huge debt service because of higher interest rates plus lower revenue due to recession. If it comes down to cutting dividend or severence payout, guess which wins.
So glad I resigned before the ship sinks. Not fun being RIF’d if you need to find a job, regardless of a descent package
Verizon does layoffs every single year. You’re not working towards your retirement at Verizon, you’re working for your severance. I was with Verizon for 20 years and I was laid off about a year ago. The severance is great, you can also collect unemployment, and the job market is still really good. I landed at a company and career I love making about the same pay I did when I was laid off. I worked at 2 different companies before I ended up at my current company. I changed my mindset after I was let go. I no longer work for not am I loyal to a company, I work for myself and I’m loyal to me. That’s why I left the 2 companies I landed with after Verizon, it wasn’t a good fit and I stayed loyal to myself. Im glad I did because I love my company and job now. Don’t stress, things will always work themselves out in the end.
Just depends on what situation you are in. I know a woman who's retiring as soon as her daughter finishes the next year of college. She'd love a max week severance check. Bonus paid out, stock paid out. Also know people with in demand tech skills that could have a job in the next few months. Would still come out ahead with the severance.
I also agree with the OP and the last poster. I would rather have the steady income and not worry about starting over especially with a family.
I suspect finding anything comparable to what I have now would be a tall order.
Better the devil you know than the devil you don't.
Those who get laid off with a severance are the lucky ones. Verizon is a sinking ship that has been led astray by poor management, bad decisions, and years of brain drain leaving the company a shell of its former self.
Future changes will only make life more difficult for those who remain. Death by 1,000 cuts.
I agree with you, I rather have a steady paycheck than be given a lump sum that may cover 5-6 months if not less and having to start all over again.