The VSP number dazzled me at first for sure. Went on a few interviews these past few weeks; most promising one said they'd get back to me next week with their decision. Ugh, worst timing! -- Decided at 11 PM-ish, after lots of discussion with family and friends whose input I value - not those, "take the pile of cash and run!" folks who don't see big-picture - to unclick the button and stay with Verizon. I had spoken with my director and she said they're letting everyone who's volunteered, go. No one will be held back and forced to stay. They will backfill the positions they need backfilled. As for me, I will continue to interview elsewhere, and if I get a great offer that compares to whatever my post-tax VSP offer was over maybe the course of 2 to 3 years, I will quit and take the new job. That's my plan.
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Excellent plan; at least you have thought it through and are willing to leave on your own terms. You will get another year of benefits, same pay, and between now and June when they may toss folks another package or a RIF you have time to hunt elsewhere for a job.
Best of luck to you and your family; there is no doubt you can make this work to your advantage.
@5bqx severance is paid only in the US. Terminations in international companies are handled according to local law.
why they are not giving VSP to india? when company says equal opportunity employer? atleast rather than forcing and pressurizing the employees give some open offer ? this is for VDSI...
Not wanting to work at Verizon can easily be fixed by giving more money. Thats how everything works in good ol capitalist America
Good plan ..
@xfi it really depends on the job function
Yes I am HCE and thankful to have worked 25 plus years. The underlying issue for those left will be the s---ing sound of experience walking out door. The experience level that will be lost will take years to replace. Does anyone really believe VDSI or Infosys can really support ongoing operations, which is key for current ops and the Hans model, well good luck with that, just not going to happen. The folks identified to go Infosys, are jumping ship , now that they have option for their future. The other ops personnel are , will leave in droves due to the complete lack direction and incompetency that is being retained at the upper levels, just watch.
ALSO , the jobs that are open, are not being filled due to those potential hires not wanting to work at Verizon. This whole notion about wanting to hire and retain competent people, from the Hb1 contractor pool or actual eligible personnel, just a load of bunk. My team has lost 5 personnel , who were highly qualified, smart, and wanted to be a valued employee, but yet upper mgmt, and HR company policies refused to bring them on. Those folks are now actively employed elsewhere.
The problem here is with who is at the upper echelons , that continue to bring on incompetent mgmt, at all levels and with no telecom experience, or bring on folks from their hometown or even worse a family member. The proper solution is to look at those that have worked tirelessly, are mentoring the next leaders and getting rid of outdated thinking and direction.
SURE this is a bittersweet posting, but frankly having this opportunity to take my wares , and skills elsewhere to provide a benefit to companies that desire and value experience , while being a mentor for their next generation of leaders ,is just an opportunity for me personnaly and professionally. The job market is hot, and all my contacts say getting another opportunity will not be an issue. By the way my small group, is well positioned to continue on, they have been schooled in coming up with good processes, knowing how to be flexible and lastly having the mindset and concern to resolve issues as quickly as possible, yet they too will leave once the dust settles.
I wish everyone the best, no matter the individual , family decision made.
What’s typical base salary for band 6
When is the union EISPP??
Here is the next wave, 50k+ wireless call centers and stores reps will be targeted in 2019 as they did not get vsp offer this time. target cut is 15%. Hans is working to change the rif policy to a smaller package (cap at 2-3 months) so he can save more when they rif these reps. Buckle up, folks on the field.
39 weeks is not much more than regular RIF package. The closer the numbers are to 60 weeks the more attractive the VSP becomes.
They knew what they wanted, they wanted the longer tenured folks to leave, the ones like OP that are in the cusp will just be collateral if they opt in.
TBH, I probably would not have clicked if I had less than 17 years.
I am a 13 year "HCE" with similar story but did not "unclick"
OP here - oddly enough, I left this as a comment on another thread. Looks like someone copied and pasted it into a new thread. Which is fine I guess - I won't call plagiarism! We're all in this together and this got some fresh eyes on what I had to say.
I don't make over $120,000 base salary, but just under it. If you add my base salary and my STI goal, yes it would be over that amount.
It's hard to have unclicked a button and saying "no" to a really, really nice chunk of change. For me, the uncertainty of potentially not having a job for some time just isn't worth the money. I also have to think about things like vacation time (I have four weeks, grandfathered from VZW), work from home (basically whenever I want), great benefits, fitness center, and overall a healthy company in a building I enjoy (I work in Basking Ridge.)
What the VSP has taught me is that it's OK to go somewhere else. Interviewing and considering other locations was different for me, considering I've been at Verizon for "so long". But it opened my eyes to other things and I'll continue to do that. For the right compensation, I'll move. This gave me the courage to look.
OP is band 6, likely HCE. It will be harder to find comparable pay.
I have an eerily similar story as the OP. However, I opted to stay clicked. I counted down the hours and minutes until the clock read 11:59 PM ET. I feel relieved as my decision is cemented. The worst part is leaving good people behind. The next hurdle is finding out when my last day is.
You've told us tenure, but I am wondering what kind of wage has you worried. Would you mind giving a range? Or do you fit the IRS definition of an HCE (Highly Compensated Employee) who makes more than $120,000 per year? Please, share just what you're comfortable with, but certainly not enough to identify yourself. :)
Not a bad plan. There will be more consolidation and cuts during this wireless takeover. This VSP deal is just the beginning. Perhaps you are in a good spot with leadership that will survive the storm. For me at 25 years, 60 weeks, knowing I was a target simply because of my wages and tenure; I didn't think that target was going away anytime soon. I'm also not in a key office/hub location so career growth is nearly non-existent. This package is a gift of 60 weeks to help me transition into a new career so I am thankful.