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Thread: Verizon trims workforce to cut $10 billion in costs to fund US 5G buildouts

  1. #46
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    Quote Originally Posted by Morphling27 View Post
    You are fully cognizant that VZW is one of the richest companies in the entire world? And that they literally serve 1 country, not the 200+ most business operate in, even say Walmart. ONE country. They offer a utility too, nothing even tangible you can hold or keep.

    VZW did this to just make more $$$ for the C-suite.

    Also, if they want to build a network out, take a loan maybe. Don't screw over your current operations. It isn't like they'd be hurt...




    The doublespeak is astounding. 'Rightsizing'. You mean firing your employees?

    Generally it's all about the bottom line of more money and that's their sole responsibility. Except they are a public utility and have regulations on them - and should have A LOT more.
    There is no "doublespeak". Rightsizing is an accurate word for cutting waste spending.

  2. #47
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    Quote Originally Posted by NotABiot View Post
    There is no "doublespeak". Rightsizing is an accurate word for cutting waste spending.
    I think I made it a clear point that it wasn't some routine down sizing - it's a large amount of their total workforce. I didn't see the 2018 SEC filing on total employees, but if they over hired that fast in 1 year, again that's piss poor management.

    Sure, some companies do have to adjust 44k people to stay afloat or move forward. Nothing VZ provided actually shows that. Sure they laud it was to get 5G rolling, but it was mixed with also the blanket 'save money' too. I don't see ATT needing to slash THAT many employees to do 5G.

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    Verizon’s Vestberg Vetting 300 Execs, Considers Leadership Shake-Up

    Looks like their new chief is trying to shake up upper management as well. I've been with companies who've done this when a new CEO enters the helm. He wants to find out who is on board with his vision and who is not.


    https://www.ecnmag.com/news/2018/10/...adership-shake

    Verizon CEO Hans Vestberg is evaluating hundreds of the company’s top-level managers as he looks to form a new leadership team by the end of the year to implement the operator’s 5G strategy, according to Bloomberg.

    Citing sources familiar with the situation, the news outlet reported that Vestberg is personally interviewing Verizon’s top 300 leaders, some of who have described the process as re-interviewing for their position.

    Not everyone is expected to keep their job, Bloomberg noted, as the CEO aims to slim down the company and shift its strategy toward selling unified sets of services, rather than its traditional soiled approach.

    Vestberg, who took over from former CEO Lowell McAdam in August, has reportedly enlisted Chief Strategy Officer Rima Qureshi, human resources chief Marc Reed, and McAdam to help with the evaluations.

    The reviews come as Verizon looks to trim its workforce more broadly as part efforts to cut $10 billion in costs. In September, the carrier offered a voluntary severance package to roughly 44,000 employees. Verizon also transferred about 2,500 IT workers to Indian outsourcing company Infosys as part of a $700 million pact.
    “The Internet wasn’t meant to be metered in bits and bytes, so it’s insane that wireless companies are still making you buy it this way. The rate plan is dead — it’s a fossil from a time when wireless was metered by every call or text.” John Legere 1/5/2017

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    Verizon trims workforce to cut $10 billion in costs to fund US 5G buildouts

    I asked ATT and VZ to give me a better price in the past 4 to 6 years. Both did not, and literally told me to go to Tmob as they do not compete on price. I took my business to T-mob and never looked back. At 95% just as good I am perfectly happy with the way lower price.

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    Quote Originally Posted by mm18 View Post
    I asked ATT and VZ to give me a better price in the past 4 to 6 years. Both did not, and literally told me to go to Tmob as they do not compete on price. I took my business to T-mob and never looked back. At 95% just as good I am perfectly happy with the way lower price.
    I'll be an emt soon so I inquired about firstnet with att. Att seemed more interested in signing me up for DirecTV
    Last edited by themanhimself; 10-11-2018 at 08:22 AM.

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    Quote Originally Posted by NotABiot View Post
    There is no "doublespeak". Rightsizing is an accurate word for cutting waste spending.
    Rightsizing is business gobbledygook jargon, but it works for me.

    Going back to the original headline story, it seems to have been lost in the discussion that what Verizon announced was voluntary severance packages to $44K employees, not quick firing of 44K. There is a big difference.

    The devil is in the details. Who was or will be offered an early out and other factors. I know that when I was laid off I had to agree to not sue them for age discrimination or other wrongful termination to get the "enhanced" severance package. The enhanced package was a whole lot more, like tens of thousands of dollars. You can bet that Verizon will do the same or similar.

    Organizations can become top-heavy over time with too many longer term employees that have accumulated pay raises over the years, but really aren't worth a whole lot more than an employee with a few years experience. I have been in this position. Towards the end of my career I had more skill and experience than newer employees. Even I can agree that my extra skill and experience was not really worth paying me three+ times that of someone with a couple years experience. My productivity was good, but no where near 3+ times anyone else.

    As a Verizon stock owner, I want to know why they were carrying 25% excess, redundant, unneeded employees. That kind of excess expense has a big impact on profit. Making profit is what Verizon is in business to do. It is not a social welfare agency.

  7. #52
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    Quote Originally Posted by themanhimself View Post
    I'll be an emt soon so I inquired about firstnet with att. Att seemed more interested in signing me up for DirecTV
    Congrats dude!

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    Quote Originally Posted by bobdevnul View Post
    Rightsizing is business gobbledygook jargon, but it works for me.

    Going back to the original headline story, it seems to have been lost in the discussion that what Verizon announced was voluntary severance packages to $44K employees, not quick firing of 44K. There is a big difference.

    The devil is in the details. Who was or will be offered an early out and other factors. I know that when I was laid off I had to agree to not sue them for age discrimination or other wrongful termination to get the "enhanced" severance package. The enhanced package was a whole lot more, like tens of thousands of dollars. You can bet that Verizon will do the same or similar.

    Organizations can become top-heavy over time with too many longer term employees that have accumulated pay raises over the years, but really aren't worth a whole lot more than an employee with a few years experience. I have been in this position. Towards the end of my career I had more skill and experience than newer employees. Even I can agree that my extra skill and experience was not really worth paying me three+ times that of someone with a couple years experience. My productivity was good, but no where near 3+ times anyone else.

    As a Verizon stock owner, I want to know why they were carrying 25% excess, redundant, unneeded employees. That kind of excess expense has a big impact on profit. Making profit is what Verizon is in business to do. It is not a social welfare agency.
    This is what I've been attempting to say with the huge excess and the shareholders view.

    Also, the story is wrong or I am not understanding something. According to their SEC filing, they had 160,000. 44,000 of that (assuming 2018 didn't have some drastic change before now), it's well over 25%. And they claim the 25% was just due to their New York operations. The 160,000 total is the entire company.

    While firing 44,000 is 'over 25% of their NYC employmees', I wouldn't write it that way if it's that misleading.

  9. #54
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    Quote Originally Posted by themanhimself View Post
    I'll be an emt soon so I inquired about firstnet with att. Att seemed more interested in signing me up for DirecTV

    They’re being proactive and thinking about when you’re in between calls.

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    I have always wondered why Big Biz like Verizon picks New York City for their Headquarters. No I don't dislike NYC it is just so much more expensive to have a HQ there than in so many other cities. Due to NYC and NY state taxes plus the cost of housing and living employees need to make another $50k to $100K over what they would pay that same person in another area of the country.

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    Quote Originally Posted by shilohcane View Post
    I have always wondered why Big Biz like Verizon picks New York City for their Headquarters. No I don't dislike NYC it is just so much more expensive to have a HQ there than in so many other cities. Due to NYC and NY state taxes plus the cost of housing and living employees need to make another $50k to $100K over what they would pay that same person in another area of the country.
    That's why J C Penney moved to Dallas. It kept them alive a little while longer.
    "There is never a need to bash people with disabilities, or racial groups, or ethnic groups, or engage in any other sort of bigoted attacks in Howard Forums. Refrain from doing so not just to keep moderators happy, but in order to be a decent human being."

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