In any large corporation big changes are dictated by the markets and investors. Verizon lost so many subscribers while competitors gained. Change was inevitable. The hard truth is laying off the underperforming will bring more profits and increase stock value in the long run.
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But they aren’t targeting underperformers or areas of duplication. They are targeting areas where there is a plan already in place with offshore locations to pick up the work. If any of these layoffs were impacting people on PIPs or were a team focused in, let’s say, optimization that also had 3-4 other groups who worked on the same issue than maybe we would all understand.
The Hunger Games solution in CS should prove how little Verizon cares about who they keep and who is going. It’s a free for all - reapply for your jobs and cross your fingers that you have a job on June 23.
OP is obviously either corp or not even an employee. The same customer service reps performing in the top 1% of the country in stats is in the same position as someone performing in the 65% range. And that top 1% performer gets replaced by offshore reps who absolutely do not care about doing the customer right. Stop lying just to be an *ss
You are not let go if you underperformed you can be let go if you are not good management A$$ Kisser and rub manager /Director the wrong way. If they feel insecure by you or if you doing an MBA or graduated then they decide time for you to be riffed.
Here's a hard truth, there's no guarantee a company lasts forever. Perhaps Verizon is just a dinosaur, they've been sliding downward since they made the decision to buy the remainder of Verizon wireless at the top of the market. For years they coasted on network superiority, all the while competitors were catching up, and leadership was too slow, unwilling or simply not creative enough to come up with the next step. I see nothing from the current management. That makes me think they have any other solutions other than cut people. There's no guarantee Verizon is a standalone company 5 or 10 years from now.
I swear posts like this are from someone in the corporate office trying to make it look like they’re doing the right thing.
These vendors they’re hiring are garbage. They add features to customers accounts without their permission. They lie to get the customers off the phone because they get paid per call. They have zero accountability and they definitely do not outperform reps who are employed here in the states. It’s not a cost savings if the customers all leave because the customer severance blows.
Wake up investors! Change who’s in charge or Verizon is going out of business.
Well Mr./Ms. Hard Truths- let's see if your theory has worked. 10 year history VZ stock price - Jan 2013 : $53 May 2023 closing today : $34.82 Number of employees down :
2013: 177,000 2023: 117,000. Not counting all the the contractors onshore and offshore which has to be in the thousands.
Well, I know of some that were let go and have been performing and leading, but I noticed they also had write ups or some history of poor attendance, etc., It could be just a coincidence from all the ones I know of being let go, but that's what I've seen.
Top performers with tenure are included in this layoff. What an insult to those I know with 15+ years.
Bring back marni and Lowell . They can save the company by buying dead search engines and making a YouTube competitor.
The ones I let go had existing write ups, not sure if that’s the same case across the board. The ones with no issues were kept. But it’s a sensitive situation no matter which way you look at it.
Yeah So far they laid off a high performing sup and a good employee on my team. Sure sounds like they care about performance. You absolute clown.
I was laid off in December of 2022, I was 62, high salaried and a solid performer. If you think this is only about poor performance then your time will come and you'll be as surprised as anyone who's busted their bu-t for Verizon who's now being or who has already been impacted. The company is poorly led at the top with a bunch of yes men and women several layers deep. That's the problem.
The OP is an -as clown if he thinks Verizon is a meritocracy. What a rube.
Hate to say it, but that seems to be the reality. Hopefully those getting the pink slip can see a brighter day.
They are laying off the wrong people. They need to lay off the CEO's, EVP's, SVP's, and VP's. A primary reason they are doing layoffs is so they make sure they get big LTI and STI payouts. They do not care about any of the employees or customers, it's all smoke and mirrors. They only care about money, wealth, and power. Nothing else!
Problem is they aren't riffing the low performer leading the company.
Remember when the Swedish Chef got fired from Ericcson for tanking their stock? Pepperidge Farms remembers.
This post is a slap in the face to all the hardworking, loyal employees who were let go - my husband included. I hope you never have to deal with the heartbreak of knowing that you worked your a$$ off for years for a company that doesn’t give a damn about you or your contributions.
Hold on a minute. Sure some folks who are lumped into each round of layoffs are underperforming but they also lose high performers as well. Don’t lump everyone laid off as an under performer. It’s at the whim of a consulting firm and the desire to stay within DEI framework of who stays or goes. I’d like to see some of these over paid do nothing Directors get the shaft and bring back those that support the customer. DMs and Directors should be in stores and serving customers daily to see how the decisions they make affect the customer and employee. Bring servant leadership to VZ and maybe there would be a reason for a customer to pay 2x what you get from TMo. Doubt it but it would be a great start.
Not everyone let go is an underperforming employee. Some really good employees have been let go as part of an overall strategy to outsource jobs overseas. Judging by posts I've seen here regarding continued systems issues, and the number of complaints related to call center issues paying off employees might hurt the stock price in the form of increased churn.
If this was true they’d layoff the #1 underperformer Hans
life would be great if we can get rid of all of those union trolls who take 35+ paid FMLA days per year.
The company lost its direction when Ronan left.
He and his team was great. They were focused on Customer and the stock price was at 60.
The strategy is confusing at best. How can you increase price to increase revenue while hoping to grow customer count. It doesn't work like that. Short term,m revenue growth comes at the expense of long-term customer loss, which will lead to cost-cutting and gutting of the business. Till the company becomes a utility with next to no growth.
Many of us agree with that concept, but are frustrated because the declines are directly driven by our misguided C Suite making stupid decisions. Thousands let go that did all they could to keep things moving while they keep their jobs when blood is on their hands.
Not all employees are underperforming. They created a Shittty network and now their employees and customers have to suffer.