One person in HR decided to do all this before Xmas in 2020. Wonder what their bonus will look like
This designed to drive people away and save the severance and unemployment cost
"Real talk. Is reduction of benefits preferable to a reduction of headcount? I think it is. "
Real talk: you are wrong. If they had proposed a one time short-term salary cut of 10% across the board or cancelled bonuses for all managers that would be preferable to headcount reduction. COVID would be blamed. Cutting long-term PTO, medical benefits, and pensions targeting employees with decades of service to push them out? No so much. Wake up to reality.
@2ljq -
"Real talk. Is reduction of benefits preferable to a reduction of headcount? I think it is. "
Bless your heart.
"Your a fool if you think HR is behind all these changes"
*You're
But you're 100% correct. HR does not make decisions like this. They simply work with the expensive consultants that recommend the changes and then run it by leadership for approval...and once approved the email Bot sends the good news out under Angela Santone's name.
Note: it's interesting to me that Angela Santone, from what I have seen, has never logged on to Q. It's almost as if she hides from everyone. Not terribly accessible for an HR professional. I just wanted to send as note wishing her Happy Holidays.
Your a fool if you think HR is behind all these changes. HR just executes leaderships wishes. Weak leaders hide behind HR and won’t take ownership of making decisions like this.
Real talk. Is reduction of benefits preferable to a reduction of headcount? I think it is.
makes you wonder what is going to happen to the pension in the long run and if they will still be capable of paying it.
They just keep converting retail stores to ar and there will be no union paid rsc left.
I've seen a lot of good information about this on LinkedIn & even met/talked with some good recruiters.
@1lkt+18rh0Woz I saw it on LinkedIn yesterday, you may still be able to find it.
"I went to a retirement group webinar where they broke down these cuts. Apparently on top of all this, with rates going up leaving after 2022 could cost you 5% on your lump-sum."
@1kli, Where was this located at?
I went to a retirement group webinar where they broke down these cuts. Apparently on top of all this, with rates going up leaving after 2022 could cost you 5% on your lump-sum.
Sarcasm font on:
No fear for "craft" the 'Union' cares about you and will step up and make sure you are protected.
sarcasm font off:
The real deal is that the union will call for a strike and craft will walk the line for $25.00 per day and the union bosses will dine on steak and lobster with the company goons. It'll take about a month and all the while the CWA supporting 'workers' will go broke and blame it on someone besides themselves for supporting a piece of c-ap union.
Supposedly all the changes to pay, vacation, benefits are to ‘retain’ employees = retain young people that are part of the Participation Trophy generation. So now we’re all the same and winning in a race to the bottom. Corporate America at its finest. Those of us that have given all these years to the Company are the problem, not bad spending decisions made by short sighted out of touch ‘leaders’.
"5 days of PTO: $3k to $5k a year"
that's AVP salary territory. Boo freaking hoo to you
Can’t wait for the next CWA contract...looks like a strike will be imminent and for a long time! Tech jobs will be replaced by scabs!
Typical that throughout this company's history, they balance the officer's ineptitude on the employees. T-Mobile, supposedly a wonderful effort, cost dearly. Well, let's cut employee staff. Sale of Dish is not a wealth builder. Again, let's cut employee benefits. Keep going back in time and over and over, efforts to grow the company have failed financially. And what about the 2016 training and then the 2020 training. "We need competitive employees to be a success." That failed. And way back when Cingular was acquired the company rebranded everything in the Cingular orange color. Duh. How much did that waste. And then for IT, the rebranding of ITUP to TDUP. WHY, WHY, WHY? Stop doing things that don't contribute to the bottom line. What does it take to manage to success. :(
Craft you are next. Be ready for the next bargaining for a fall down.
Yeah, us legacy DTV guys can't wit to hear what our new Private Equity owners have in store. Our feeling/hope is that the buyout has some clause where the PE firm has to hold to the same wage scales and benefits we have now - at least for one year as seems to be "norm" in such a situation.
After year one - we have no illusions that wages will be cut, benefits cut - heck, many PE firms go straight to the bankruptcy courts for "relief" which allows them to nullify all contracts, unions, wage or salary scales and benefits only to then come back to us with offers of employment as 1099 workers.
The only thing keeping 90% of my group coming to this hole everyday is knowing that our job prospects are nill until the economy kicks back into gear.
Trapped like rats on a sinking ship.
Come on vaccines!
a company with great profitability and ginormous cash flow doesn't do this to its workers.
Yes they can and have done this to craft as well. There is no pension for craft employees hired after 2015 I believe. I might be wrong on the year. Also, my pension estimate back in the bellsouth days was almost 500k as craft. Now it's been cut more than half and is estimated to be around 200k when I retire.
I think someone snaps on this.....all this before x-mas. Obviously hope this doesn’t happen but someone out there may come unhinged on all of this great news,
“What is strange is they haven’t completely gotten rid of pension payments.”
This may be the second of three steps that have happened at other companies. First they close the pension to new employees. Then they modify the rules to reduce the overall pension liability. Right now AT&T’s pension plan is under funded. By different rules 92%, others 80%. With this new reduced benefit, the plan is magically 100% funded. Which leads to step 3: close the plan and sell the pension fund to an annuity company to take over the liability to employees. A prediction for 2022.
Actually they can and will do this to non management bargained for employees. They always start with managers because there is no union to deal with. Within two contracts all this and more will be taken away from union employees while the company continues wave after wave of relentless surpluses. No one at any level is “safe.” AT&T is a fire sale right now and will continue to be for the foreseeable future, the debt and bad leadership decisions may prove to be unrecoverable for all of us here at AT&T
You went into management.
No one forced you to.
Not to sound harsh, but they can't do this to craft.
T cares not...never have...never will.
Expect little and you'll not be disappointed.
What is strange is they haven’t completely gotten rid of pension payments.
I mean they are selling DirecTV for 1/4 what they paid for just five years ago. Not to mention Time Warner not bringing in what they expected.
They are desperate.