Thread regarding Verizon Communications Inc. layoffs

Short Term Incentive

Now that the severance packages for those laid off on 10/27 have been sent out I've seen a few posters write that the STI portion of the agreement will be 67% and paid out at the normal time (March). In the past layoffs I remember this being 100% payout for STI.

I know our numbers and KPI's have been bad this year but I'm assuming VZ picked 67% for those laid off because that will be close to the same percentage that those who were not laid off will receive. I've been with the company for 7+ years and can't remember a year we got below 85% payout. I know each business unit has slightly different KPI's and payouts but 67% seems awfully low.

For those of us who were not impacted on 10/27 I wouldn't expect anything above 70% STI payout regardless of your business unit.

by Anonymous
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Post ID: @OP+1jqpqOZu
Comment! It's anonymous!

11 replies (most recent on top)

@2gjs+1jqpqOZu that is how your severance amount (salary + target) is calculated. You will still receive your STI in February.

by Anonymous
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Post ID: @3glh+1jqpqOZu

I am band 6V with 17 years and getting $0 STI. They combined my base and target STI, divided it by 52 weeks and multiplied it by 34. Effectively giving me a 64% STI.

by Anonymous
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Post ID: @2gjs+1jqpqOZu

For clarification, the STI rule is different if your last day worked is on or before 11/30 vs after. If your last day worked is on or after 12/1, you will receive your full (100% target), with the business unit score applied and paid in Feb with everyone else. If you leave prior to 12/1, I think it's now 75% of target prorated monthly, paid when you leave.

by Anonymous
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Post ID: @2aoc+1jqpqOZu

The VSP offered an ENHANCED severance package: 3 weeks vs the regular 2 per year of service. 3/3 (100%) vs the regular 2/3 of next year’s February STI check.

Since this severance offers the standard 2 weeks severance, I imagine the STI payout is 2/3 of the full amount, not full. But you do still get the Stock Together RSUs so that may make up the rest, depending on pay band.

VZ standard severance for management sounds just like AT&T’s. 2 weeks of service per year of tenure, topping out at 26 weeks total, maximum.

Interesting bit: there are some old and I mean CRUSTY old union titles (that haven’t hired in about 20 years that) get 104 weeks of severance if you have over 30 years’ tenure. This can be found in any AT&T (Legacy T) West (District 3) union contract.

by LongLINES
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Post ID: @1bcs+1jqpqOZu

Sorry no one laid off in 2022 is getting any 2023 severance.

by Anonymous
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Post ID: @yud+1jqpqOZu

enough already. Its 100% STI per the package notes

by Anonymous
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Post ID: @cdc+1jqpqOZu

My HR contact said STI % hasn’t been determined yet. Payment is 2/25/23.

Have you been told differently?

by Anonymous
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Post ID: @ojo+1jqpqOZu

Wow! Do you realize you are only getting 14 weeks pay + STI? Please get your resume updated and don't let HR classify you as do not rehire. Just having that designation can ruin any chance of future employment anywhere.

by Anonymous
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Post ID: @nfs+1jqpqOZu

They should be paying 3 weeks for every year of service, capped at 156 weeks.

by Ripped off
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Post ID: @cgr+1jqpqOZu

It’s 100% for 2022 STI and 2023 STI max would be 67% for someone with 35 weeks severance.

by Anonymous
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Post ID: @qzc+1jqpqOZu

I would expect maybe 50% in consumer. Notice how they stopped sending the quarterly STI status updates. Some of the categories we didn't even hit the 50% threshold

by Anonymous
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Post ID: @nhd+1jqpqOZu

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