This whole process was never going to be easy, but it could’ve been so much better if leadership had been upfront from the start. Instead, we’re left to guess and speculate because no one at the top wants to say anything concrete. A little honesty and communication would make a world of difference right now.
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Anonymous Transparency from ousted CEO:
Layoff Communication Timeline
• EVP/SVPs: Notified last week
• VPs: Being notified this week
• AVPs/Senior Directors: To be notified next week
• Direct Managers: Will notify impacted employees on 11/20 via phone call only (no WebEx or video)
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Post-Notification Details
• Impacted employees will be removed from payroll on:
• 12/20, 1/20, or 2/20, depending on state notification rules
• After notification:
• No office visits allowed
• Work limited to transition duties only
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Compensation & Benefits
• Bonuses: Paid out at 100% for the year (no proration)
• Accrued vacation: Fully paid out
• Stock awards: Will fully vest at their scheduled times — no loss of stock value
• Unemployment: Eligible, even if listed as “forced retirement”
• Severance:
• 2 weeks per year of service, up to a maximum cap per job band
⸻
Additional Context
• Further layoff rounds expected over the next couple of years
• Current phase involves 20% cost reductions
• Company undergoing major restructuring — work methods and operations will significantly change
might because of any legal risk they may face without being finalized…you don’t want to sell half baked. I understand leadership.
@aa they pay it. But I believe they prorate it to 75%
Verizon announces layoffs in April and November, almost always. My former Manager along with anyone not in Performing were let go last week of November 3 years ago.
If you’re expecting transparency you got to be new to Verizon, they just never are with layoffs. 3 big severance offers in my department in last 5 years says everything you need to know. A new CEO after the worst Verizon ever had. Sorry everyone, it’s been transparent unfortunately that more layoffs and this company is sinking if you read between the corporate cr-p. For those affected and those not next week I wish you all the best of luck. This company has not given a care for its people since about 15+ years ago.
Feels like a ship without a rudder at the moment
@a9 yes I thought the exact same thing. It’s cruel to leave people without jobs right before the holidays. I heard Verizon is doing that in order to avoid paying bonuses?
Agreed. Even if I'm safe this time, I need to get away from this company. It is despicable to time the announcement right before Thanksgiving and have a ton of people unemployed right at Christmas. They have made this a bad place to work with their bad decisions and we all pay the price. Good riddance.
Agreed. Whose idea was it to make everyone wait?! The ELT has a lack of compassion
At this point, it’s like the elephant in the room. We are terrified and don’t know if our jobs are safe. It’s just better to know one way or the other.