There was a lot of noise and fanfare about this but there still seem to be thousands of managers in Finance and a lot of spreadsheets…has anything really changed?
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I'm in finance and am actively job hunting outside of VZ. Fortunately, I was able to get my MBA in Finance paid for by VZ and it has been helpful with interviewing. Did get one offer last week that wasn't too exciting and four more in the interview process that look promising. Two of those are hybrid positions with 4 - 6 days in the office per month, which is nice.
Never give up and talk to everyone - might find something you really like out there!
@ar Finance and Network (especially where they seem to overlap for some reason) have MANY departments that have done this. They move at a glacial pace for everything because they are too busy trying to protect their self importance. I can not understand how the department (and smaller group) I am in can somehow have 50-75% more work than when I was hired 10 years ago, with a 3rd less headcount and a pretty flat structure, but you can’t sneeze at BR without hitting 25 Sr Managers all doing the same thing…poorly. But they are there to stroke egos so 🤷♀️
I don't work in Finance, but have friends that do. The I want my own Fiefdom and if I have to have redundant roles thing is real. Failure of senior leadership to get rid of these kings/queens all because they want to be pals.
Where to begin? The legacy finance leaders wanted the coe to fail and never dropped their headcount. A high up leader still there today would go to low level coe employees saying the entire concept didn’t make sense, leaving them to question their job security. Instead of working together to create efficiencies, leaders power hoarded and tried to create their own armies. One has been quite successful and has a huge team today full of overlap and daily chaos. Somehow these leaders that wasted so much money remain in control with zero accountability for their behavior that ballooned the workforce, and ultimately confused the business partners more than ever.
That comment isn’t accurate. Besides, finance isn’t the problem, the problem sales and marketing! Thousands of people all doing nothing!
This is all alleged!!! ;)..... In my opinion, Verizon has made ongoing attempts to streamline their Finance organization. In 2023, layoffs resulted in thousands of Purchasing employees being let go in phases. As a result, these job responsibilities were moved overseas to Ireland. At the end of 2023 the first group was laid off and 1Q of 2024 the second group was released. Later that year, the Company offered a VSP which resulted in a further decrease in staff. Between 2019 and 2024, Verizon's headcount was down by approx. 45K employees. I can't say that the Company hasn't made attempts to transform their Finance Organization but so many of their internal groups are working in silos, using different financial systems across the Company. For many years, Verizon used an Oracle based system that worked well until it didn't any longer (you can read up on what happened with the relationship between Oracle & Verizon). The Company made several attempts to centralize their (financial) systems across all Orgs but this further isolated the teams internally. As of today, some of their organizations are actually outsourcing financial responsibilities. Maybe AI will be the answer to align these systems to truly streamline Finance creating an efficient workflow across all organizations. The new CEO has his work cut out for him.