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Verizon says to shed 10,400 jobs by mid next year

reuters.com

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Re: Verizon says to shed 10,400 jobs by mid next year

#31

Post by lovich »

mlthoughts2018 wrote: post #12

At least the described severance benefit might be on the correct order of magnitude to be considered reasonable and not totally and odiously evil, “As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon said.” This is why I always advise people to negotiate significance severance benefits up front, on the order of 6 m…

How many of these companies negotiate? Most jobs are take the offer or leave it. You need to be in a highly desired role or high up in management before you get companies willing to alter "contracts". That's especially true when they have roles they are hiring thousands for and do not want to deal with everyone haven't different deals

Re: Verizon says to shed 10,400 jobs by mid next year

#32

Post by ohples »

mlthoughts2018 wrote: post #12

At least the described severance benefit might be on the correct order of magnitude to be considered reasonable and not totally and odiously evil, “As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon said.” This is why I always advise people to negotiate significance severance benefits up front, on the order of 6 m…

What company’s we talking about here and for what positions?

Re: Verizon says to shed 10,400 jobs by mid next year

#33

Post by mindslight »

hayksaakian wrote: post #28
mlthoughts2018 wrote: post #12

At least the described severance benefit might be on the correct order of magnitude to be considered reasonable and not totally and odiously evil, “As part of the separation program, the employees will get a salary of up to 60 weeks, bonus and benefits, depending on the length of their service, Verizon said.” This is why I always advise people to negotiate significance severance benefits up front, on the order of 6 m…

If it's "up to" 60 weeks like they offer "up to X" internet speeds, then they're selling the best case but probably delivering half that.

And while the pay purports to be in US dollars, it's in the form of a prepaid debit card with very low spending limits at non-approved vendors.

Re: Verizon says to shed 10,400 jobs by mid next year

#34

Post by erichurkman »

Spivak wrote: post #25
makecheck wrote: post #4

Earlier quoted context omitted.

Of course they are. Many, many companies offer a “voluntary first” incentive to avoid the bad press and services they might otherwise have to provide to laid-off people. Jobs went away. Sugar-coating the exact method of ending the jobs doesn’t change that.

I don't really see it as sugarcoating, this is way better than the alternative. They're giving their employees a generous heads up, offering an incentive to anyone who finds other employment, and people who really don't want to leave likely won't have to.

And they get to structure who leaves and when. You can wind down projects responsibly, shift resources over time, train people on new tasks. Far less disruptive than a sudden layoff.

Re: Verizon says to shed 10,400 jobs by mid next year

#35

Post by moftz »

rashomon wrote: post #27
root_axis wrote: post #24

Earlier quoted context omitted.

Sounds to me like the rejection is a tacit admission by the company that you're too valuable to lose.

That would be a fantastic way to ask for a raise.

No, they would just tell you that you're lucky to still have a job. Even if they gave you a raise, you just increase your chances of being a layoff target since you cost the company more now. If you are saved from a massive layoff like that, you seriously need to find something new because you are next on the chopping block no matter what.

Re: Verizon says to shed 10,400 jobs by mid next year

#36

Post by C1sc0cat »

sct202 wrote: post #10

I read on the Layoff they had about 11.4k applicants, and 90% of them were accepted. Looks like the first wave is out starting Dec 28th. With such a large cut it would be weird to be rejected, I would feel an awkward mix of jealousy and loss to go back to work afterwards.

When British Telecom did this one of the top complaints to the union was "they wont let me go".

Anecdotally for key skills "radio planners" competitors where known to ask what your redundancy payment would be and offer a golden hello to match an dwe are talking > £100,000 15 years ago

Re: Verizon says to shed 10,400 jobs by mid next year

#38

Post by coss »

Spivak wrote: post #26
sdinsn wrote: post #15

Earlier quoted context omitted.

"voluntary separation" might as well be lay-offs, because if they didn't get enough volunteers they would have laid people off without giving them a package.

Or they increase the incentive until they get enough volunteers. Actual lay-offs can be a last resort.

Equivalent to airlines looking for people to give up a seat on the plane.

Re: Verizon says to shed 10,400 jobs by mid next year

#39

Post by C1sc0cat »

teachrdan wrote: post #22
sct202 wrote: post #10

I read on the Layoff they had about 11.4k applicants, and 90% of them were accepted. Looks like the first wave is out starting Dec 28th. With such a large cut it would be weird to be rejected, I would feel an awkward mix of jealousy and loss to go back to work afterwards.

Wouldn't it be a compliment of sorts to be determined too valuable to be let go?

Depends on the terms I know a lot in the UK who did this got a massive taxfree redundancy payment - then went to work for a competitor or went freelance my old boss went back to fixing COBOL

Re: Verizon says to shed 10,400 jobs by mid next year

#40

Post by JustSomeNobody »

padseeker wrote: post #30

I'm so glad we passed those corporate tax cuts that created all those jobs and helped provide for all those raises everyone got....

There should be a box on our tax forms for "Adopt a Shareholder" so at the very least we can name the person we want to get our money.

Talk about entitlements. These companies seem to think they're entitled to our money.

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