anyone remember?
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“ Over the next three years anything that can be outsourced will be. If you have any Verizon stock sell now.”
I don’t know the market seems to love that stuff so could go either way.
We have been told every major group needs to hit the minimum target of 15% FTE reduction or there will be RIF to fill in the shortfall. A stack and rank is happening now to prepare. It will be weighed heavier toward bands 4/5/6 as it is a salary play. Over the next three years anything that can be outsourced will be. If you have any Verizon stock sell now.
It wasn't a RIF that happened at the same time as the VSP, it was the attempted rebadging of 2500 employees to Infosys. Those of us that were retirement eligible threatened lawsuits as we would have lost access to retiree benefits after a year if we went and no severance or bonus if we declined. And so we were given the option of an ESP (enhanced separation plan) to avoid that. I think there were about 600 of us. I am also pretty sure I read somewhere (maybe the severance spd??) that clause was removed (loss of access to retiree benefits) from future rebadging deals.
That being said there will always be RIFs. The good news is that if you were not eligible for the VSP or you are, you volunteer and are rejected and later RIFd before the end of March 2025, you will get the enhanced benefits.
They got the numbers but RIFs occurred a year or so later.
Pepperidge Farm remembers.
I remember a RIF happening at the same time as the VSP and the RIF'ers got the same offer as the VSP'ers.
That Infosys debacle followed it.
search Zack's Equity Research - 10/18/2018 VERIZON Aims to Lower Costs through Employee Retrenchment
No. They got the numbers