Hey folks... you will get a VSP reminder again today that the opt-in closes tomorrow. Take rate has been low so far, and I am hearing that on Monday HR will start drafting plans with leadership for a RIF for the significant gap needed to close Salary & Wage expense reductions this year. The business needs cash and lower opex to pay down debt. Either way, those of us left will see a significant staffing drop by end of year. Choose your path wisely and good luck to all!
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@2yvb+1tzdZBeM, "A RIF is happening to any non-critical employees." Questionable
Someone considered a non-critical employee now may end up absorbing the responsibilities of one or more 'critical employees'. The Critical/non-critical designation is not being taken into consideration, especially when the end goal is to get as many people off the books as possible
Unless you hold the launch code for nucle@r we@pons, consider yourself to be non-critical
Yes, leadership meets every week, but now the subject for those meetings are VSP and work. Not every org do RIF’s on Thursday’s.
- my leadership is on multi hour meetings every week, 2) There is always a RIFs in November, whats new?, 3) November 8th is a Friday, RIFs happen on Thursdays, 4) Critical and Non-Critical roles have both been RIFed in recently with no consideration on the current workload, 5) Those who opted have until next week to back out therefore real numbers wont be avl until the end of July -
Do you even work at VZ?
8am numbers are in. You will see your leadership in many multi hour meetings this week. A RIF is happening to any non-critical employees November 8th for 12/20 off payroll date. Expect major announcements in October just after the September iPhone launch. Verizon will blame the soft sales and the political climate as reason to decrease head count. More US based locations to close. Good luck to all!
New CMO at 140 probably wants to shut in house agency down so if you didn’t take package, you probably will be let go
Welp. Does any of that tax money come back out of the machine?
Under three hours to go.
You can always rescind till next friday(?).
Last day of the volunteer and massive global network outage are not related
Do you think the talent in Verizon able to bring the global network
The RIF is coming in 3 dates, first is September 13, 2024, December 20, 2024 or March 28, 2025. Most will be on 9/15/2024. anyone with VSP offer accepted will be approved by company. I myself am still looking at it now but after being contract for 6 years then hired perm back with none of my previous 46 years of service, as legal cut the "5 Year Bridge Rule" to be after 6 moth break in service you will be brand new hire with new hire NCSD. So leaving me at 3.5 years of service!! I have been used for my expertise, doing extensive load work for the whole 6 years contract and the 3.5 hire back date. Shocked about the NCS date but not about RIFS. It has been a culture in Verizon for awhile now, don't have a good business plan and the answer for the loss is always cut heads. Not a good example for a successful company to follow, but I accept reality here. I will lean towards accepting the low VSP plan for me as I am 8 months away from top SS payment amount and struggle like all Senior Level Retired people today. I wish all Good Luck on their decisions and career plans.
Last day of the volunteer period and there's a massive global network outage. Go figure.
My team 3 out of 10 took it.
It depends on the group. In certain parts of my group, the take rate is 55%..
Anyone knows when RIF will or might come? I heard that it is probably the end of Oct.
I’ve gotten no reminders(?). Would be odd if they were being selective.
Sweeten the deal for those of us who are beyond the sixty week cap based on tenure.
No matter what happens, there is one certainty here... there is going to be an exodus of good/great talent and subject matter expertise. Those that pushed the button did so willingly and are prepared to exit gracefully and either retire or start something new. Those that did not push the button will either be riffed / rebadged to HCL or will be stuck in a demoralized environment with more work, continual threats of downsizing, more waiting from leadership to make decisions, more Band 4/5 turnover, and Verizon's continued approach to find ways to cut costs.
Good luck
Ignore the opinion from others,
RIF is always happens even the company is doing good
Just ask yourself
are you ready for retirement ?
If you need a job / medical , Can you able to find a compatible pay/medical in other place
I was told by the hr rep that only two major teams have hit their number. RIF in late ‘24. The goal is to use 90% of the money set aside for the VSP/RIF in 2024 keeping critical system architecture until March if they chose the VSP. Someone else has commented that a sale of part of the business is in play. Based on the hr rep’s candidness about the demand to reduce immediately this is starting to take shape.
Heard the exact same thing. The RIF is coming.
How do u know the take rate is low??