"I spoke with HR senior Mgr. They report a low take rate thus far of just 5%. Expecting more to select it by next Friday. Target percentage is 18 to 22% across and 60% in IT. If not near target, RIF in 4Q."
They did send out the email again...stating if you DO NOT take the VSP and are riffed you will NOT be eligible for the better package.
AND ...they are offering a package to the Union folks too.....
Something big has to be coming
My leadership seems to think perks will save the company. Who needs a network or cudtomer service when they can get a few dollars off Netflix/max.
Watched a strategy session for leaders today. Network is now a secondary priority. It's all about the customer experience in content. GN&T to be gutted at all levels as network is managed by AI and offshore staff.
If they were really concerned about cutting that many heads increased rto would have been far cheaper.
If you did not offer VSP this time.......
Not sure what you are trying to say here, but only if you were NOT eligible to volunteer, do you get the enhanced package.
If you were eligible and do not volunteer, you do NOT get the enhanced package.
If you did not offer VSP this time, but part of RIF from now till March 2025, you will be given severance same as VSP
If the take rate su-ks, maybe they should have opened it up to more groups
@zyr+1tum6exW: define sell off?? The share price to fall further versus increasing higher??
Back to work hans needs a new Ferrari
So I am in IT. And I saw an email from our finance that said that Shanker asked his team to aim for 15% VSP and not over index on it. I am not sure if that was driven by the fact that they would rather do a RIF later versus a VSP because that may be cheaper, or whether it was because he wants to retain a larger workforce in the US. It’s hard to understand what’s genuine versus just political posturing.
Take the VSP. Senior leadership wants 10k by end of year. If not bring on the RIF’s. Total reduction of up to 25% by late 2026. This is the best it’ll get.
Craig Silliman knew about a major downsizing this year, and really didn't feel good about it. He left in advance. The company is at a point where the 5G promise that Hans made 5 years ago has not panned out. You can see the desperation based on the Innovation initiative they just announced. It's like the scene in "The Waterboy" where the coach asks at half-time if any of the players have any good ideas. See, too, all the latest branding minimizes focus on 5G... it's about content and bundles and premium add-ons to consumer plans.
Pambianchi left because she knew it wasn't right to have a riff during COVID - she was against it, so she left.
Manon failed to turn Consumer around after Ronan left, so Hans took it back.
IT is inherently blotted - too many 'leadership' layers to be effective, too many 'Agile' processes, 'prototyping' taking away from real work needed, too many promises to rank-and-file and business execs going unfulfilled.... they talk a good game, but nothing ever happens. So look for IT to have a major shift to contractor/rebadging/off shoring.... esp with a new IT leader on the horizon.
Manon was consumer and it was really fast after they started that Hans became head of consumer for a bit.
Pambianchi was head of hr a few years back and quickly left for intel.
Craig picked a good time to go.
If you can do your job from home someone in India can do it for a lot less money, I heard a Indian Engineer starts at 10k US
I feel they are downsizing as much as possible, and trying to get rid of as many union employees before 2026. Then a sell off. Just my opinion.
Yeah this will probably be the biggest change in the company I've ever seen. I was with the company for 9 years and was part of the May 30 RIF - software engineer. But speaking with my former manager, she thinks it's absolutely not over and there's something major coming down. I know before I left I saw a slide dictating the changes in tech. Essentially a major downgrade in software engineers with no backfill to VZ India, but India will maintain their engineers. US based engineers are going to be moving into solely a solutions architect type role which can also work across multiple apps so there's no need for that many architects.
But there's been too many major shifts in the company recrntly. Craig Silliman "retiring", just before a RIF that was just before a VSP? Silliman didn't retire.. he was either a RIF or he was getting the ef out while he could. Not to mention their was the HR exec, Manon I believe? In her role for a year then split. CFOs have split. I've never seen such high C-suite turnover in a company.. especially a top Fortune company like Verizon.
So idk.. maybe getting RIF was a good thing..