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.

Comments

What. Da. Fuq

[HarrySquatter]

44,000 managers? Da fuq?!!

Re:What. Da. Fuq

[hawguy]

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.

Re:What. Da. Fuq

[hawguy]

They aren't "managers". They are "management employees." Basically, at Verizon any non-exempt, non-union employee at Verizon is considered management.

Source: took my package 4 years ago.

Calling a "non-exempt non-union" employee without management responsibilities a "management employee" seems as misleading as selling an unlimited plan with limits.

Re:What. Da. Fuq

[Lost Race]

They had so many CxO positions that they had to move to a CxyzO system.

Re:What. Da. Fuq

[tlhIngan]

You don't have to call people "managers" for that, in California at least. Here, if you're classified "salaried/exempt", the company is exempt from paying you for overtime even though you're not a manager in title or in fact. Interestingly, you still get paid by the hour if you put in fewer than 40 hours per week.

It's probably not for salary/exempt people specifically, but more for non-union people. Unions are funny things, and for the most part, if you have a company, there will be both workers in the union and workers not in the union. The people not in the union (excluded and generally prohibited from joining the union) are management. So if you're classified as a "manager" you can't join the union, even if you're doing exactly the same thing the union guy is doing. (It also means if the union goes on strike, as management, you cover their duties as manager).

That's how it generally goes - they may have classed the non-union employees as managers to keep them from getting ideas and joining the union

Re:What. Da. Fuq

[Eravnrekaree]

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.

Re:Government

[jellomizer]

Or hair dressers, TV producers, Management Consultants and Telephone sanitizers.