Stankey/Santone replace available: here is the takeaway

From the video.

Part 1:

a) We need to do things like everyone else in order to stand out from everyone else
b) Somehow we don't have enough cash to do things like telecommunications 🤔

Part 2:

a) "Touchpoints" is an easier way to refer to stuff that we're cutting
b) Don't look at just one small component of your package; we're cutting them all

Part 3:

a) Please refer to actively punishing 20+ year employees as something else than what it is
b) Having different vacation day allotments for different people is far too complex for our primitive HR IT infrastructure (and oops, we just forgot that international employees already have different holidays 😬)
c) We look at market data to adjust salary ranges. Thank goodness the market has tanked, because now we can pay desperate people even less
d) We think paying someone 120% of the salary midpoint is getting an extreme premium ... but a CEO who destroyed tens of billions of dollars of value getting paid 300 times what an employee makes is pretty much correct
e) We can take benefits from you as an employee, and you have free will to stay or quit. We can also take existing benefits from retirees, because, um, you have a choice whether to remain a retiree or not...NEXT QUESTION PLEASE
f) We are changing our paradigm on everything, but "we have hubs and clusters of employees" in Dallas and even given work at home, that won't change for some reason...um, collaboration sounds good.
g) Having part of the company off one day, and part another day is ineffic...aaaaand I just forgot that we're an international company again.
h) We lead by following
i) F you all for asking these questions.

You just saved an hour that you can now put back into bolstering Stankey's paycheck. You're welcome!

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Still no employee comments on the internal recording as of Friday afternoon.

" that didn't really bother me too much. My death should not be an instant lottery ticket for my family. They are old enough to earn their own way and provide for their own lives. $15 grand is enough to buy a pine box and put me in the dirt. "

Same here...

The true purpose of life insurance is to replace lost income after the earner dies. I'd be a lot more upset if they messed with the active life insurance, as I have a lot more work income to replace if I were to die while still actively working.

In my personal retirement planning, once I retire, my 401(k) and whatever lump sum will provide my income. If have planned correctly, the annual yield should be nearly equal to my working income. It won't stop when I die and the lump will pass to others according to my will. I'll have little need for life insurance.

If you're that worried about it and of a reasonable age in decent health, buy a long level-term (not to be confused with whole life) NOW, and it will remain in effect after you retire, as long as you make the payments.

Many companies today (including T) benchmark their pay and benefits to what other companies offer. The only problem is that T benchmarks to the best pay/benefits for senior executives and to the worst pay/benefits for regular employees.

@ihu+19AVcwBL, that didn't really bother me too much. My death should not be an instant lottery ticket for my family. They are old enough to earn their own way and provide for their own lives. $15 grand is enough to buy a pine box and put me in the dirt.

Received letter in the mail today from at&t. Effective 1/1/2022, the life/death insurance benefit for beneficiaries reduced to a flat 15K. That s—s!

Make sure I get the sales pitch to these college graduates correct. Come work for us because we cut benefits, force you out when we tire of you, no pension, surplus quarterly, sit in overcrowded offices, cut budgets, make you work on no value projects, poor training and limit your growth potential.

2021 revenue growth is within 1%, this is typical of an utility company. For those too young remember, utilities attracted workers by offering good pay, job security, and extensive benefits.

But, we are not an utility company, and doing away with all the old commitments like benefits, compensations, and vacation days. To the poster that said "current benefits paid by the company are not sustainable." You are absolutely right, specially with growth projected that 1%.

Stank and his brilliant mindset isn't going to make the pie bigger to combat raising cost of doing business. He is laser focus on shrinking the employee/retiree portion of the pie, keep paying dividends, and himself.

Sure, there is no loyalty these days, people change jobs every 2-3 years or less and expect pay increases. There is no interest in staying one place for 20 years for the pension, they want higher pay upfront and 401k match. None of these are possible without revenue growth and we are not attracting new talents with minimum 80% of TSR.

He used the holiday example to deflect the real issue, which was pensions. What was missed is that when some of us hired in we picked this job over other offers because of the pension. People hired post pension hired in under different terms.

Keep an eye on the comments there for the replay. There are a couple negative ones. I am guessing this may be tidied up soon, and you'll just have the usual bootlickers thanking him for being so awesome.

The beatings and abuse will continue until morale improves and possibly will continue beyond that just for John's enjoyment. Mean, angry guy who thinks intimidation is the best incentive

I just watched the replay. Commander Condescension seemed to get pinker as the show progressed.

Has anyone seen both the live and recorded versions? Was the recording edited much?

"the company will struggle with debt, mediocre financial performance and growth"

You say that so passively though. He CREATES debt. He DELIVERS mediocre performance. He DRIVES negative growth.

Stankey will be a continuation of the status quo. He’ll talk about grand expectations, but in the end the company will struggle with debt, mediocre financial performance and growth while Stankey enriches himself during tenure!!

@igk+19AVcwBL: Thanks for your input, Mr. Stankey, but it raises the question: why did you hire back Randall for millions if he made such a glaring oversight?

Wake up people, current benefits paid by the company are not sustainable. No one ever promised benefits for life. This should have been addressed years ago by RLS but John Stephens was asleep at the wheel. JTS got dealt a bad hand and has to deliver a sh–ty message to help improve the balance sheet.

You nailed it. And its delivered in a condescending tone by Stankey and in a pollyanna-ish naïveté tone by the young (i. e. unaffected) HR woman.

"g) Having part of the company off one day, and part another day is ineffic...aaaaand I just forgot that we're an international company again. "

Not to mention, bargained-for and supervisors still having different holidays right here in the USA.

Thread regarding AT&T layoffs

Stankey/Santone replace available: here is the takeaway

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