Thread regarding AT&T layoffs

It is in D3 - SE contract, max weekly amount that is matched is $67.00 at what % they determine yearly, it’s been around 56%-80% of the 67.00 for several years. The company match only amounts to approximately $2k max per year. They also put in 1% yearly in the grandfathered pensions for those that have access to it. Any new hires post either 2009 or 2015 don’t get a pension only the cash balance retirement plan with the same cr-ppy match.

It’s terrible and needs to be addressed in the 2024 contract negotiations. The $67.00 max and % match is only for the top craft levels, lower levels get even less of a match. It based on your level and rate of pay.

Top bargained titles only get a yearly 2k company match if they are putting in the max weekly amount of $67.00.

Where is this?

In the West we get matched 80% up to the first 6% so the top paid techs get $4612 matched if we put in $5765.

That's still a stupid small amount to put away for retirement though.

Wouldn’t say doomed, still making a profit and a lot of cash flow but definitely crippled and far from the darling of Wall Street Dividends Blue Chips.

AT&T is doomed! Getting ready to sign it's swan song.

It’s a shame and unethical that RTO is the great ageism management layoff at AT&T, everyone knows that most WFH employees are 50 years plus. Fortunately for bargained employees they can’t do the same thing on any large scale because of work rules, seniority and the contract.

It’s not a secret with the comments Stankey has made in meetings and the exclusion of Boomers in his latest ERG speech of the perennial employees. A Boomer woman challenged him at that same meeting about this exclusion.

Nope. I attended a call with Jason Press yesterday. He said cost cutting expense of more than 10% in teens, his words for 2024. This is in addition to whatever round 2 of RTO brings. Rounds 1 of RTO had acceptance rate of 90% of people taking surplus and electing not to move to a hub city. He said he attended some off location retreat with Stankey and other officers and STankey does not like our culture because of mix of our employees. They want managers to get rid of employees that don't fit, even though he did not elaborate what that means. It sounds to me like they are looking for overall 20% attrition/RTO/surplus for 2024 based on his id--tic statements. The dude who has been here only two years is clueless. Kept saying he finds Stankey very funny with great sense of humor. If Stankey knew sh** we would not be where we are now.

The company has already thinned core bargained ranks in a lot of orgs over the last several years, through layoffs and attrition. In the SE, they have eliminated a lot of support groups, reduced 4-wall ET’s maintaining the CO to skeleton crews, consolidated FT and ST’s in I&M, consolidated System Tech and Special Services. Reducing DEG techs and now consolidating them under the same 2nd Lvl with the CO. Continually bringing in Temporary Workers for “projects” , a company work around instead of hiring for regular employment. The only outside groups holding steady or have slight growth are the Wire techs and Special Services (DT) techs which, is now a glorified Wire or Tier II tech.

There will be more layoffs in Centers, Construction, some in DEG and a few in I&M next year but not to the extent that people are speculating. Without a large skilled bargained work force selling, installing, maintaining the network, equipment and infrastructure the company would go bankrupt quickly. There isn’t a large enough contractor(s) or non-union skilled technicians to fill those essential roles, takes years to get the necessary knowledge and experience in titles above entry level positions. There are quite a few techs ready now or just a few years away from taking SIPP, VTP or retirement, any offer would get plenty of takers.

Bad business decisions, enormous debt, along with the stock drop, is the reason the company is reducing headcount and cutting cost everywhere possible. Bargained has taken the brunt over the last several years, middle to lower management has been getting similar treatment for the last couple years.

Layoffs, consolidation, selling of assets and relocation is the way forward until the company becomes stable and back to consistent growth. Can’t blame bargained for trying to claw back benefits raises, and securing a decent retirement, their 401k company match is terrible. Top bargained titles only get a yearly 2k company match if they are putting in the max weekly amount of $67.00. The old pre-1999 pension plan was double the amount of the newer cash balance plan. Pre ACA Days, the Healthcare premiums used to be zero, low deductibles and low out of pocket, now the plan is almost catastrophic insurance.

You just wait. Stankey gonna try and make a name for himself and play hardball with these contracts. We don’t have the need for as many techs in the field the work has dried up. One exception to this will be construction as we place and install fiber. He will try and contract that out as he is doing everything else in the company. The original ATT did this too and went almost bankrupt. We’ll see but remember that Custer had a plan too.