Extreme cost cutting is continuing including upcoming RIF in March / April across the board.
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I’ll never understandthr excitement from so many people about the stretch breaks in web meetings where the coaches came in. I’m sure there is some study about it improving something in a non verizon environment but this is VZ that kinda stuff just annoys those not drowning in kool aid people more.
It is insane that we are paying for things like fitness coaches and diversity officers while laying off network technicians and sales reps.
Today was last day for almost all the coaches in our fitness centers. Got this directly from a coach who was here cleaning out her locker
@5vgn+1ltMmOla I wonder what you union guys reaction is going to be when what’s left of the network that VZ own gets sold and leased back and managed by a third party and all of fios gets sold to AT&T. I wonder if there’s a clause that allows a layoff if it’s no longer owned by Verizon? There’s a reason why the BOD is ok with Hans being on the BOD of BlackRock and investing billions in to AT&T.
Why would a unioner be on a layoff board then? Oh I know, looking for that imaginary EISP handout that will never come. Union Strong!!! LOL...
Not in GNT.
8-3-03 =NO layoffs for Union members . Union Strong !!!!!!
@1mog+1ltMmOla
Yo I recently had 3 deaths in my family and currently now in 27k in debt.... This would ruin what's left of my family.
I think it's true I've already spoken to two people we were directly asked if they are interested in taking a package and that was just this week. Something is brewing, I've been in a few aggressive conversations about cutting expenses which never happens in the first quarter... Something is being planned unfortunately and you know what with all these things currently being forced down our throats and a cr---y bonus, I'd welcome the vacation... Maybe I'll start that venture I've been thinking about for years... Good luck to all!
If its any consolation (doubtful)... I was eventually "absorbed" by Vz and had a total of 23 years across 5 or 6 brands. There were very few happy periods of not being under the threat of a RIF. But what really irritates me is the wasteful binges that Execs tout as great opportunities for the company. Yahoo/AOL is a great example, bought for almost $10 billion and sold years later for almost a $5 billion loss. While employees have to sit and listen to BS from leadership about how Vz will take advantage of blah, blah, blah (to quote Greta Thunberg).
I was lucky though got out in 2019. I still feel for everyone that suffers in large part due to bad Executive decisions and BS. I'd love to see a tally sheet of how many Vz billions have been wasted on dubious ventures.
RIF's aren't all that bad, 2 weeks of pay for every year you worked maxing out at 35... over 1/2 year payout to go find another job or opportunity. Better than being fired.
Let the fearmongering begin!
Wall street wants another $5B cost cutting. More RIFs are coming.
Verizon needs to balance strengthening subscriber growth with generating more free cash flow, said Timothy Horan, an analyst at investment bank Oppenheimer & Co. It will also need to further reduce the company's debt pile and lower operating expenses, Mr. Horan said.
Verizon's long-term debt totaled $140.68 billion in 2022, down 1.9% from a year earlier, a filing showed.
Verizon could benefit from recruiting a CFO from outside the company who can bring a new perspective to cost cuts, Mr. Horan said. "They need someone to come in to look at things with fresh eyes to basically slash expenses by $5 billion, which is just hard to do when you've been inside, " he said.
Given that Hans can't manage through this economy, and that even the latest re-org was panned, expect this year to be the year of rifs - every month, any month. Surgically, small numbers, specific groups that are especially bloated, to avoid making any major headlines.
VGS has had rifs - some were last Dec. Expect more as redundancies are found, and more off-shoring completed.
I'm not buying it. Significant layoffs in back to back quarters? I call B.S.
Do I think there will be more once VGS finishes their analysis? Yes. I think the traditional October "Home for the Holidays" is far more likely.
To be real, they created VGS to reduce redundancy and build efficiency.
Layoffs are definitely part of the goal...
The executives are the only ones that produce results IMHO.
Stupid executives screwed up big time again so they sold their stocks and do RIFs.
3 things are guaranteed in life.
- Death
- Taxes
- Verizon Layoffs
What a horrible existence of a culture they have created with constant layoffs and the anxiety it imprints on the "V teamers".
I was a productive good employee, and I left because of that cultural erosion.
Win in the market, increase revenue that offsets expenses. I mean, this is how a great company operates.
This way you dont have to constantly RIF and Reorg over and over. What's that saying about insanity?
Finally some good news.
At this point who cares. If you didn’t save for times like this. That’s your problem.
RIF predictions were on the spot a while back. After Covid and WFH looks like even members of thos board are slacking
shocking …
Let the guessing begin
Does this include VGS? Seems like we have avoided rifs this year so far...at least to my knowledge.
Yes, if it is not March or April then May or June or July August or it can be September October or Nov December..