To all employees rebadged to HCL from Verizon: Our leadership has just informed us we WILL be getting a VSP "like" offer later this week. It will be discussed on tomorrow's all hands call with VP "She* Ash*".
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@3tnz+1sRRMUe1
Severance is for much lower-banded employees, call center, shared positions, etc. The RIF packages that have been given for years(some 2 or 3 weeks employment for each year of service, etc) IS NOT severance!
What do you call a RIF package, if not severance???
Please read what VZ's severance is about. It's not anyone who is a PM or MS, those bands are higher than what VZ's severance is. Read it.
Out of all the drivel regarding the HCL deal, these comments regarding the VERIZON Severance package are blatently untrue. I don't know what you are reading where, but ALL non-union employees band 5V and below (director and below) are eligible for severance when they are selected for a reduction in force. I am talking about VERIZON employees here, not those rebadged to HCL.
Vz did not sell to HCL, it was an outsource, takeover resources, billback to Vz for a term.
EXPECT Vz Wireline to be sold in 2024 IMO. In the past before Vz dumps a divison they write down the value, that happened in q4 23. Look no further thank Yahoo, AOL, Blue Jeans and possibly Terramark.
just a side note, the 'severance' you are referring to, i'd suggest you read Verizon's Severance info on VZ's page. It is NOT what I think you are thinking about. Severance is for much lower-banded employees, call center, shared positions, etc. The RIF packages that have been given for years(some 2 or 3 weeks employment for each year of service, etc) IS NOT severance! If you think HCL is going to give you something for years of service that you voluntarily terminated your employment from when you signed the HCL deal you are sorely misinformed. The 'years of service' carryover to HCL was for 3 distinct legal things:
- You need to have 1 year w/VZ in order to qualify for 401k matching; HCL agreed to match those who are over 1 yr w/VZ before being sold to HCL.
- HCL agreed to give vacation for 1 yr based on VZ's vacation policy for years of service. 1 Yr. VZ paid the back vacation accrued and got the slate back to even, then HCL said that they would pay our salary and vacation for 1 yr.
- Retirement, especially relating to the ability to keep health insurance(total 75 yrs ago + yrs of service). Again, this is for the 1 yr that HCL and VZ had agreed on in their contract. Once people are cut, they can keep it via the COBRA arrangement.
That's it. NO, HCL is not paying out people based on years of service. They are obligated to pay out until October 31, then they have free reign to re-assign to non-VZ projects or simply fire. VZ didn't want to do it so they hired HCL to do it.
Please read what VZ's severance is about. It's not anyone who is a PM or MS, those bands are higher than what VZ's severance is. Read it.
VZ su**s. They dumped us to HCL so HCL can RIF us in 2 years with no severance (we have a 2 year severance guarantee only). I wouldn’t be surprised if HCL tries to cut our pay at the one year point on 10/31/24 since our salaries were only guaranteed for 1 year. The only good thing about HCL so far has been same salary and no one knows or cares what we do.
The whole HCL deal Is BS! Shameful really.
@1hhl+1sRRMUe1 bunch of BS. There is NOTHING on the HCL layoff board about this. Only recent post is about a 600 person layoff in India.
@2blh+1sRRMUe1 this is the right answer
Yes, I've seen the HCL email, not related to anything w/VZ rebadges. It is also confirmed that many of the VZ VBG folks who were not sold to HCL 11/2023 are being offered a package, and it seems most who have received it are longer-tenured. If they still need a RIF after that they will, they are selling VBG. I do not believe that any former VZ, now HCL employees will be getting a package from HCL. The whole reason they were sold to HCL is so HCL can get rid of them. HCL will continue to be the PM/MS vendor for VZ for 5 yrs, but after yr 1 HCL can use whoever they want in order to increase their deal margin, and VZ has no say in it. SO, I don't believe there will be any package for former VZ, now HCL employees. They will be put on the bench to run out the 1 year they had agreed to VZ they would pay them, and then maybe a few will be reallocated to other projects, but doubtful. And of course, VZ is NOT going to pay a package to former employees who voluntarily, in writing, terminated their employment at VZ when they signed on w/HCL.
The layoff HCL there is a post about it, it is possible it is not specific to former VZ but HCL company wide. Check that page for anything HCL.
It came to HCL email
It didn’t happen on the all hands call. For those of you that did get the email- did to come to your VZ or HCL email?
HCL looked at this as an incentive to clean shop and cut heads quicker than their original timeline of 1 to 2 years. Major savings for them.
Rebadged HCL here. Had 30 years at VZ. I just got the offer email. Looks to be identical to my friend who got the VZ offer. Only thing different is HCL is also paying out our retention bonus of 10k in addition to the 60 weeks severance, STI and unused vacation time.
Perhaps you ought to take this to the HCL layoff board.
Just got the email from HCL. Dream come true. 9/13 off the books. 60 weeks pay plus unused vacation and retention bonus.
HCL is paying, not Verizon. Email received!!!
Pipe dream. No way they are going to pay a severance to non-Vz employees 6 months after they were terminated. If they did, they'd end up with a huge lawsuit from all the employees that went to InfoSys in 2018.
The offer will be the same to HCL re-badged employees per my Manager. 60 weeks pay and benefits. Pro-rated STI and unused vacation time and retention bonus paid 100%. Email going out to all employees shortly.
Encouraging, but I will believe it when I see it.
Just heard the same from our Director. Thank god and hope it is the same terms.