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Verizon is Offering Buyout Packages To as Many as 44,000 Management Employees; Some IT Employees Will Be Transferred To Indian Outsourcing Firm Infosys [Update] (bloomberg.com)
Verizon Communications is offering buyout packages to as many as 44,000 management employees as part of a cost-cutting drive, potentially eliminating more than a fourth of its workforce. From a report: The offer, which excludes executives in sales or crucial company roles, is part of a four-year, $10 billion cost-reduction program that Chairman Lowell McAdam put in place last year. A Verizon spokesman declined to say how many of the 44,000 managers are expected to take the offer and leave the company. Update: The Wall Street Journal adds: Verizon notified many information technology employees that they were being transferred to Indian outsourcing giant Infosys as part of a $700 million outsourcing agreement. The pool of employees who either received the severance offer or are affected by the Infosys deal amounts to about 30% of the 153,100 employees that Verizon had globally at the end of June. "Strategically we are going to invest more in transforming the business versus running the business," materials detailing the outsourcing agreement said. As part of that pact, Verizon is transferring about 2,500 employees in the U.S. and overseas to Infosys. Those employees aren't eligible for severance payments and won't receive their 2018 bonus if they are offered a job at Infosys and don't accept it, according to materials given to the employees.
44,000 managers? Da fuq?!!
They only have 160,000 employees, so 1 out of every 4 employees is a manager? No wonder they want to lay them off.
Maybe the forklift driver in their warehouse is a "multilevel logistics manager". Title inflation. I did a gig for a bank once and you couldn't throw a keyboard across the room without hitting a "VP of something", but most of those weren't even what you'd consider a manager of anything.
If construction was anything like programming, an incorrectly fitted lock would bring down the entire building...
Yes but not the way you think. I work for one of the big four telco's and everyone in a lvl3 or 4 Eng position is over the age of 40 half over 50 (yes I'm in Eng).
You do not leave important things like mimo/massive mimo/DC's to a bunch of kids and no one wants to supervise them long enough get get them up to full self sufficiency.
This is just normal business all the telco's do it every decade or so. Offer a buy-out during a re-org and if you don't hit your numbers then the dreaded layoff happens.