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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.
Almost everyone in Sales gets a Manager/VP... Or some sort of title. It makes customers who are dealing with them feel like they are dealing with someone important.
Also to note Verizon is a Union shop and most unions do not cover people in management. So They probably give a lot of poor schlubs manager titles and salaries to avoid the union.
If something is so important that you feel the need to post it on the internet... It probably isn't that important.
you are certainly not immune to the H1B program or whatever they call it wherever you are from. Companies are using H1B program to lay off American engineers to be replaced with cheap Indian labor , or the offshoring trick alternatively. This is why you should demand the program be abolished and that you need to realize that there is no "labor shortage", especially not with 50% of jobs set to be automated out of existance in the next few years. The labor shortage thing is a lie to justify laying off american workers.
InfoSys and the Indians. Takes three or four times for them to complete their work and get it done correctly. There is no savings if it takes them four attempts and they're paid a quarter of their US counterparts.