Am I the only one who is not considering taking the buyout offer? It's been more than two decades since I last interviewed for a job and I honestly don't even know where I'd start. I'd prefer to try and stick it out here if possible.
Am I really the only one who feels this way? The offer is really not THAT good.
It’s not “a” id--t, id--t.
DO NOT BE A id--t. TAKE THE MONEY AND HOPE FOR THE BEST.
The Gen X group tried to follow the baby boomers by working 1 job for their entire lives. Unfortunately they were in denial that the world has changed. Now the only skills they have do not transfer because the entire retail sales industry is mostly minimum wage now.
I worked retail saves during college and had a 3 year run with Verizon. I also obtained my Masters Degree and saw the writing on the wall. So I left for a startup that took a chance on me and now I have 2 years of B2B sales experience with 2 years of technical experience as well as successfully started using a new operating segment. Now I have an account degree, accounting experience, B2C and B2B sales experience, a Master's in IT and IT experience all at the age of 27.
The startup I'm with is doing well but if things didn't work out I gained so much experience I could leave and probably make more. Always continue to improve, understand the market and keep a visual of your current situation.
It's the smart thing to do @VngVgfg-2rlf. I wish I would have had that option. I'm was sold to Infosys. As a "selected" employee I can't apply for any open internal vz jobs. I don't get the lucrative package and am stuck working a year for a company known for HB1 abuse.
Sadly I am part of EUS and if I stay we are next in line to go to InfoSys. I don't want that.....as a highly compensated employee I would be a target to be replaced for someone cheaper. Contracting companies want a certain profit margin per employee and they would not get that with me.
So I don't really have a choice.....I will sign up for the package and take my time finding another job, at a significant pay cut but at least I have the time/money cushion to work things out.
22 years. Last eleven as a 2nd level. 47 years old.
If you have not foreseen this then that is your fault. Been going on interviews past two years prepping myself. I am scared and excited. I am extremely blessed for the time and money from Verizon. This has been coming for years
Verizon’s first green is gold,
Her favorite thing to hold.
Her management leafs a flower;
But only so an hour.
Then leaf subsides to leaf.
So Managers sank to grief,
So layoffs goes down to day.
Nothing gold can stay.
NYNEX WAS THE BEST
“
My VP saying there is nothing wrong in our area and that they expect no cuts really makes me want to take it more but here I sit.
I must take it. I must not take it.
Capped at 20 years I’m stuck in a job with no value outside of Vz with what I think are no transferable skills. Face a 70-80% pay cut with a quick bonus or try and sneak through getting paid too much and just wanting to die every night and every morning until I can retire. Now thinking my boss might go which could change so much for the better.
Not a great choice.
My plan...
Take the package. Payoff my house. Work for $15/hour (anywhere). Actually sleep at night.
The golden handshake or the royal boot. Your choice
Right, the younger generation now working at Verizon are not taking it. The older generation who are being targeted for the separation have been on this ship and have seen far too much to know that the company and culture have changed around us. They don 't value our experience anymore (as if they ever had) and like someone said earlier we are a just line on a spreadsheet (that is all!!!) Scared of the unknown or uncertainty is justified. BGCO is in the house but fortunately I wont be! Gotta take the package to keep my sanity. peace out!
In the Poseidon Adventure, the ones who stayed back didn’t fare so well, I’m climbing up and out before it’s too late.
But I haven’t been on an interview since the 90s either and understand that concern.
We all miss what it used to be. Hope it works out for all who stay, come what may, but not looking back or even considering staying, nothing to stay for anymore.
Take the offer, you'll be sorry you didn't. This is their polite way of asking before telling. When they finally start the RIFFs, no guarantee the offer will be the same.
I never thought it would happen to me. I was with Verizon for 19 years and didn't have the option. Take this time to get a good resume together and get out there. There are jobs available. Don't expect the same pay, but the high bonuses and high pay is part of Verizon's problem. Wonder why the individuals being asked to leave are all over 15 year veterans?
Just my opinion, take it from someone who has already been there....
If you have more than 20 years with the company, close to retirement, a sweet salary, and dont opt in, its just a matter of days/months for you to get RIF. The whole point of this exercise is to get high-paying, high tenured employees off payroll.
With the Trump administration we have great paying jobs out there. Don't be afraid don't be a fool.
Yeah stay. The talent has already left this sinking ship and this giant Verizon turd is circling the drain with all these 30 year lifers clinging to it for dear life. What a sorry bunch of saps. The offer isn't THAT good? Cool, roll them dice and see how long your luck holds out.
On conference call for my work group with our President Tuesday. During Q&A someone asked if there will be opportunity for growth after buyout. He verbatim said “no, in fact there will he less opportunity”. He went on to say that some directors will have more managers then they are used to and some managers will have more associates than used to. When I hear this it’s means the company is in save mode and not back filling minimal or any jobs. I’m only have 13 years I’m gonna give it a try and hope I get selected. Increase work load and same pay doesn’t make sense to me.
For those of you making plans based on the company this used to be, how much has the 'culture' changed around you? I'm sure we can revisit this topic next layoff cycle.
Lets face facts.... this is to reduce some headcount but really to get older, more expensive employees out that have benefited by great pay increases and base bumps due to STI changes. If you survive the purge there will be a vacuum s---ing people up for promotions and into the company from other fields. That is why they don’t want you back if you take it. Anyone with 15 years making >20% of their replacement value should seriously consider the offer. Keep in mind that the people calling the shots only see you as a line on a spreadsheet and don’t care about your specific needs or value. Don’t sign, fine but have a plan and be prepared!!
If you worked all yr 2018 you should get STI. If you get riffed in 2019 it should be prorated. That's what I have always known.
Btw, when they change these things it's never announced, you have to go to the handbook and see when it was updated last.
My thoughts were that having been here only 3 years, the package wasn't great and that if I did get riffed, they'd give me a prorated STI as they have done in the past RIFs. Then I was told today that the policy changed and if they RIFfed you before Jan 1, they don't have to give you any STI at all?!? Can anyone confirm if this is accurate?
at one point on this board everyone seemed to have wanted this to happen, now that it has its a grueling decision and i can see from these posts and many i spoke too they are not going to take it. I for one will most likely not take it and gamble, maybe a trip to Vegas would help calm the nerves:)..20 + years is a good amount to stay with the company these days and looking around the market seems good, but unfortunately depending on the demographics the other company's know this is coming either they will come calling or close the door when you go interview. So its a c-ap shoot overall!!!
I spoke to a few guys that took the one in 2003 and some that recently got riffed they said while the numbers were not as high as they are today, it was not easy to transition back into the workforce after so many years. Some said they ran out of the money before finding a job (terrible on there part). The pay is lower, the bonuses are much less and the 401k is 3 -4 % at best. basically if you can survive the future cuts, the grass is much nicer here.
over the years i have had customer ask me if interested, maybe even start to ask those questions on the customer calls, it wouldn't hurt especially if you have close working relationship with the customer.
Personally, I would not necessarily take "I'm not taking it" from co-workers at face value. There is some downside to telling people you are taking it, if you are later rejected.
OP, I hear you. It is a difficult decision. I'm inder 50, I've been here 20+ years and make more money than I ever thought I would. I'm young enough to restart somewhere, bit haven't seriously interviewed in over 20 years. Nervous about finding something else, but nervous about staying, too.
Bottom line:
Get with your wife/husband and a financial planner and decide what's best for you. You still have over a month to decide. A prayer wouldn't hurt. Good luck.
No, you are not alone.
Most of my workgroup are in their late 40s/early 50s and would rather roll the dice and try to get a few more years in .
what @-vom says... It's too risky to stay, we've already stayed too long.
Guess the misery index is key in this decision, I'm EUS and almost everyone I know is jumping on this.
The cream of the crop if any are left and those very very close to retirement will go. Think fast and hard if you want to stay. Your work load will only increase. I got the offer and I am out. I reached out to a few recruiters I know and have already had phone interviews. Get on LinkedIn and start networking is what I can recommend. Now I get to spend Christmas with the family and hope to be working again by end of January. Labor market it tight in my area which helps
The next package will most likely be worse.
Really? 29 years never interviewed....personally I think that is tragic. Get a resume and get out there. I went 28 years with one company and "interviewed" internally for each new position. As well left and found new opportunities. Need to keep up with job market.
Unfortunately VZ has already determined the number of employees with enough years to qualify/come close to retirement (12k -20K employees) "I don't remember the number exactly" - if they don't get the number of employees that they have in mind those employees will most likely be riffed in November. This is a really good package "the best it will get" after this the targeted employees will get the standard package. Please know that this plan they're executing has been in the works for several years "BH - before Hans" so they already know what they need to do to save 2.5 billion every year & how they plan to do it. This offer is as good as it will get, layoff's will come in Nov "as they've stated if they don't meet the magic number" & all those with tenor who didn't volunteer will be volun-told. Update you resume & start looking because the titanic has stuck the iceburg & the band is already playing...
Stay with the sinking ship if you like but I'm out
yes..there are lot i know who are not taking the offer. Many can afford not to take the mistreatment, there are also some who will be forced to eat this dirt and take the offer.
I've only heard of one person in my org that plans to volunteer. I assume that when they don't get the numbers they need, they will simply put eligible persons on the list even if they want to stay.
You are not the only one I myself have been her 29 years have not interviewd for a job in 29 years very hard choice to make
Relax, plenty are not taking it.