Why did they hire them to begin with? Joe investor would like to know.
Verizon Says 44,000 Managers Qualify for Company Buyout Offer
31–40 of 42 posts
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#32[deleted]
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#33Amazing that they have 44,000 managers
I started my career as a programmer at AT&T and was "management" on day one, despite no managerial responsibilities. The term means nothing more than "non-union employee."
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#34Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#35In past decade Verizon had been rapidly reducing workforce: 224K to 153K. The 44K new cut is massive 29%. So net shedding over a decade is almost 48%. From the look of the graph, the shading had been at constant rate. This short of indicates that the problem isn't over-hiring (which they could have fixed by one time layoffs) but rather attempt to increase stock by risking long term prospects. AT&T for comparison has over 254K employees. I'm now bit worried about verizon's long term future. I have been planning to switch to Verizon from AT&T and now this doesn't give me comfort.
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#36Earlier quoted context omitted.
I believe the intention is to trim cost
Short-term cost though, if whack's thinking is correct. Longer-term talent drains means execution risks sliding even further into mediocrity
Only the short term matters in these cases. Management will already be out with their bonuses by the time the org is a skeleton of its former self.
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#37Earlier quoted context omitted.
Yeah, I worked at a public school district where everybody who was neither hourly, nor a teacher, nor someone high in administration qualifies as a "manager". Pretty much the entire IT team was coded as a manager. It really just meant "salaried, 12-month, no overtime, non-instructional employee". Outside IT most of the people actually did manage people, though.
Is this a tax thing? I've seen this at a few big old guard software companies. It confused the hell out of me coming from startups and seeing the guys next to me were all VPs/Managers (in the Engineering aisles).
It's a labor law thing.
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#38Aren't these buyout offers the worst way to trim headcount? The people most likely to take them are the ones who are good at their job, and confident of landing another one at a different company. The people least likely to take them are the mediocre ones who know they'll never land an equally good position elsewhere. If you want to keep your best people, this seems like the exact opposite way to do it.
They aren’t necessarily trimming headcount. They’re replacing them with Indian workers on H1B visas from Infosys. However, quality will decrease tremendously.
https://m.timesofindia.com/business/india-business/1000-veri...
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#39Earlier quoted context omitted.
Had a friend at a yuuuge company (comparable to Verizon) and their title changed as they spent more time with the company w/o their role or responsibilities changing a lot throughout the years. After 7-8 years at the given company this friend of mine became a "VP" and first I was "WOW, look at you!", but then he explained that he is doing the same sh*t, maybe a tad bit more, but this is how they get their promotions,…
Bank of America?
Not quite, but you got the "financial institution" part right :)
Re: Verizon Says 44,000 Managers Qualify for Company Buyout Offer
#40Earlier quoted context omitted.
Is this a tax thing? I've seen this at a few big old guard software companies. It confused the hell out of me coming from startups and seeing the guys next to me were all VPs/Managers (in the Engineering aisles).
It's a labor law thing.
I'm your run of the mill srSWE just like them, they'd just been around 5-15 years. I've been non-exempt my entire career as a neteng/syseng/swe, etc. Do you mean something else? I assumed it was something like X amount of mgrs/VPs on staff = some benefit (taxes, etc).