Verizon Drops About 7% of Global Workforce

AlphaAtlas

[H]ard|Gawd
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According to CNBC, over 10,000 Verizon employees have accepted a buyout offer from the company. While the term "buyout" is sometimes used when employees collectively buy a stake in company they work for, in this case, its an euphemism for asking employees to quit with a nicer severance package than they'd get from being fired. Verizon reportedly made the offer to about 44,000 employees, and the ones that took the deal were given "up to 60 weeks of salary, bonus and benefits, depending on length of service." Thanks to cageymaru for the tip.

End dates for employees who accepted the deal range from year-end 2018 to June 2019. The program was offered to 44,000 employees across all of Verizon's business segments... Verizon first announced the restructuring earlier this fall as part of a larger effort to trim workforce ahead of a push into 5G network service.
 
It’s voluntary - nobody had to take it unless it worked positively for them. And its generous. Most of the people taking it are either retirement ready and got a nice bonus or they work in fields and in places that are near zero unemployment (as in, they are getting better jobs). So yeah, I’d say it paid off for the workers.
 
It’s voluntary - nobody had to take it unless it worked positively for them. And its generous. Most of the people taking it are either retirement ready and got a nice bonus or they work in fields and in places that are near zero unemployment (as in, they are getting better jobs). So yeah, I’d say it paid off for the workers.


Yeah, that's similar to what my company offered when it wanted to ditch it's older workers ASAP.

It was enough to bring a few workaholics in my area to early retirement, and the company makes-out pretty well in the end because those folks are not tempted to keep working until they're 75.

Paying you an extra year or two today is way cheaper than paying you an extra ten plus benefits. And at that age, your productivity is down, so you're not a good value.
 
While this is a far kinder method of culling employees then we usually read about, I wonder about the logic of thinning the workforce just as you are starting a massive roll-out of new tech. Usually the culling takes place at the end of a roll-out. Or has Verizon taken a clue from Microsoft and decided that QA folks are a drag on the bottom line?

Curious about how many folks in the Tumbler unit took the buyout?
 
At least it's a better deal than what the employees of Telltale Games got.....
 
For Verizon its likely about cleaning out the residue of the landline business. Remember that >70% of their bodies work in that old tech.

As for the Tumbler question, I think I read earlier that the Oath (former Yahoo/AOL) people were not included in the voluntary offer.
 
"up to 60 weeks of salary, bonus and benefits, depending on length of service."
What do the others get? How many from what part of the company?
 
It’s voluntary - nobody had to take it unless it worked positively for them. And its generous. Most of the people taking it are either retirement ready and got a nice bonus or they work in fields and in places that are near zero unemployment (as in, they are getting better jobs). So yeah, I’d say it paid off for the workers.

It's voluntary now. Once they get the final numbers and after that exodus they force out the remainder to reach their goal. I know of 4 other major tech companies that are doing or already did the same.
 
Yeah, that's similar to what my company offered when it wanted to ditch it's older workers ASAP.

It was enough to bring a few workaholics in my area to early retirement, and the company makes-out pretty well in the end because those folks are not tempted to keep working until they're 75.

Paying you an extra year or two today is way cheaper than paying you an extra ten plus benefits. And at that age, your productivity is down, so you're not a good value.


You know, the elderly, although slow, and dangerous behind the wheel, can serve a purpose.
 
It’s voluntary - nobody had to take it unless it worked positively for them. And its generous. Most of the people taking it are either retirement ready and got a nice bonus or they work in fields and in places that are near zero unemployment (as in, they are getting better jobs). So yeah, I’d say it paid off for the workers.
It stops now is they reached their target with the buyout. If they didn't they move on to involuntary actions.
 
It was so hard not to take the package. Losing almost 20% of my team with no plans for backfill.
 
You know, the elderly, although slow, and dangerous behind the wheel, can serve a purpose.


I'm not saying they don't. But when you're in your sixties and your productivity starts to decline year-by-year, you;'re less of a value than you were ten years back.

I'm referring to vested folks here. You're making the same amount (or more) than you were ten years back, but your abilities have declined (physical, mental).

There's a point where employers have to realize this, and give you an good offer to cut loose.

They played it off as "Necessary to afford 5G investments," But we all know this is normal bookkeeping, and the PR Department can sell this however they want.
 
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God forbid they make less than a cool $20 Billion in profits this year. Big business out of control!
 
You know, the elderly, although slow, and dangerous behind the wheel, can serve a purpose.

They can.... but young and stupid people can serve a purpose x10 as you put them in the equivalent of slave labor under the prospect of supposed riches.

Young people have souls that are much easier to crush than older folks that have learned their lessons.
 
I'm not saying they don't. But when you're in your sixties and your productivity starts to decline year-by-year, you;'re less of a value than you were ten years back.

I'm referring to vested folks here. You're making the same amount (or more) than you were ten years back, but your abilities have declined (physical, mental).

There's a point where employers have to realize this, and give you an good offer to cut loose.

Sixties and your productivity declines? Shit, I started noticing that when I hit 30's. I don't have half the energy I used to to stay up till 2:00 AM working or gaming. Plenty of crashes during the day, etc...
 
Personally I always liked IBM's model... make them so miserable they'll voluntarily leave. Company doesn't have to pay out anything that way.

Name a consulting firm that isn't that way.
 
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