Any chance we'll get job security back once this whole buyout and layoff that is sure to follow thing is over?
Is there really an actual number Verizon is aiming for or will it just keep moving down and down and down again?
There has to be a point at which it will stop, right?
@scg. They can of course. But they generally don't do that. They have one or two rifs per year (the bigger one seems to be for Dec the past 5years). So if you dont get a notice in Nov, you should be fine till the next RIF
Please help me understand... they will be sending out notices if you were selected on 12/10. What if you your email states NOT selected, can they say "just kidding" anywhere between then and Jun?
On November 5-6 there will be a meeting with 230+- of our fearless leader executives at the Ridge. Was told that 6700 +- already checked yes, thats not nearly enough for what they are after. The 10 billion figure is real, and further more, 3-4 billion of those savings are going to come from this so called volunteering option and future riffs, which is mostly to go after those with 15 years or more. They are going to meet that 10 billion number regardless of how much OT you performed, how much you think the company can't live without you, they will. Then for the poor soles left behind after so much talent has walked out the door, you will be expected to handle the load. Once the ship stabilizes, and it may, they will then change things again. Betting the farm on 5G is a big risk, not to say it can;t happen, but Verizon could not even finish up delivering FIOS because of all the BS red tape that has been instituted.
I heard from a reliable source the target being discussed is 30%, x44K recipients = 13,200. Even though they want us to believe when they said no target. Heard there are 16% that pushed the button so far. So expect more to put in last minute, but don't think they will reach 30%. In which case, they are going to RIF the balance. Also heard they will RIF and allow this offer to be taken. Which goes against what they said in the FAQ, which was, ONLY if you volunteer and are declined, could you then get it with a RIF that has off payroll by 6/28. So are they backtracking to cover potential lawsuits?
Job security? lol There has been no such thing in many, many, many years.
"Our genius management still hasn’t figured out a strategy beyond “it's the network”, which consumers no longer believe"
That is because there is not a telecom engineer at the top so they don't get it and never will. These guys are about numbers. They don't understand that if you take care of the network and the customers that's what makes all those little numbers grow bigger.
Hans already told you in his email that he will be making verizon VERY lean. Do you think he sent out his email as a joke?
Yes, of course there is a target or perhaps a speculated or hoped for number. A number that comprises an overall look and a specific look at certain groups.
There is a lot of 'dead wood' in the company. There are groups that have created their own little kingdom, telling upper management that this kingdom must exist because it provides these high value services to the company.
I expect Hans is well aware of such worthless kingdoms that provide worthless data and decisions that support a 'fear factor' reason for their existence.
Expect those kingdoms to go away, be reduced in size and their ability to produce worthless documents and decisions to be greatly curtailed.
The employee base will continue to shrink as our customer base does. Management hasn’t figured out how to compete against T-Mobile without affecting the 46%+ profit margin that Wall Street demands. They’ll cut costs (payroll) each year to keep the profits where they need to be. We could get as small as Sprint one day. Our genius management still hasn’t figured out a strategy beyond “it's the network”, which consumers no longer believe
No targets, no plan, they just tossed it out there without any planning or forecast. Pure corporate whimsy.
They are heavily targeting operations and Program Mgmt.
Layoffs and downsizing in telecom companies since the late 90’s. I doubt it will ever stop.
Hans target is 153k employees.
Verizon has been in contraction for over a decade. Other companies cut the bottom x% of performers we excise arbitrary chunks out of various silos, undermining employee morale by placing everyone on uncertain footing. The best leave, the fearful clingers stay focused their retirement date.
To follow up my last post, the company will continue to lay off employees. We have already lost 100k employees since I started paying attention and there is no reason to think they would magically stop when this has been ongoing for decades.
Yes. 10 billion over 4 years is the public target. That equates to 12,500 employees, assuming an average cost of 200k per employee. Remember to factor in medical, sti, HR overhead, etc, on top of salary.
That means 12% workforce reduction, which is in line with previous RIF targets.
The rebadging situation is happening concurrently, which makes it a bit more difficult to gauge: they assumed they could offload 2000 employees to Infosys at 67% sti, but now they are giving 2 year guarantee, 30-50k bonus to stay 6 mo, and also offering them the 3 week/year VSP. This means losses for the company that might be rolled back into offloading a few hundred/thousand employees to even out original estimates.
"Any chance we'll get job security back once this whole buyout and layoff that is sure to follow thing is over?"
No.
They will keep replacing regardless of the number. Been happening since 2001