Verizon changes the exit package for workers it plans to outsource
Verizon changes the exit package for workers it plans to outsource
After informing these information technology workers at the end of September that they were not eligible for the separation, the wireless service provider is giving them the option to take the departure package or move to Infosys with a guarantee of payment and benefits. comparable for two years.
A Verizon spokesman said the offer reflected the operator's final agreement with Infosys. Verizon, the largest wireless service provider in the US UU By subscribers, he recently signed a $ 700 million information technology outsourcing agreement with the Indian company.
About a dozen employees affected by the move to Infosys said they were initially surprised and disappointed about the transfer to a new company, instead of being offered the same compensation packages that many of their colleagues received.
Their frustrations were due in part to the date of the subcontracting agreement and to a separate voluntary separation package that was offered to more than 44,000 managerial employees.
On a morning in late September, Verizon informed some 2,500 information technology workers around the world that they would be transferred or "renamed" to Infosys.
Hours later, Verizon offered a compensation package that was one of the most generous in years for a large group of its colleagues. The package offered beneficiaries three weeks of payment for each year served in the company, up to 60 weeks.
Initially, IT workers were informed that they would be transferred to Infosys that they were not eligible for the separation, according to the materials distributed to the workers and reviewed by The Wall Street Journal. They could accept the new job offer with a guarantee of benefits of similar value for one year or reject and lose access to their 2018 bonus and a special stock prize awarded after this year's fiscal review.
The IT staff that transfers to Infosys work at Verizon offices across the country, including in Texas, Virginia, Georgia and New Jersey. The projects in which they work focus on applications used in call centers, support of supply chain systems, data management and network security support.
According to two people who attended a meeting at Infosys City Hall in an auditorium in Irving, Texas, in the last few weeks, two people attended the meeting.
Many employees affected by the agreement consulted with Sara Blackwell, a lawyer with The Blackwell Firm, a firm based in Sarasota, Florida, which focuses on labor legislation. Ms. Blackwell was exploring a possible class action lawsuit.
An employee conducted a financial analysis of what would be the difference between Infosys and Verizon benefits for a worker earning $ 125,000 per year for 20 years. The analysis was sent to executives, including Chief Executive Hans Vestberg and President Lowell McAdam.
Executives from Verizon and Infosys had tried to calm concerns.
"Our biggest commitment to Verizon is to provide a long and satisfying career," reads a presentation delivered to employees during city meetings with Verizon and Infosys executives. An email from a senior executive told the affected workers that the company thought they were "the most qualified talent for the transition."
Now, employees have until October 29 to consider the final offer of Infosys, which will come with an "enrollment bonus". If workers do not accept a role there, they can continue to work on Verizon until the negotiated end date and are eligible for the compensation package.
"We appreciate and respect the concerns you have raised regarding the transition to Infosys," Verizon executives wrote to affected staff in a revised note on Thursday in the Journal.
"Everyone is really happy, they're happy it's fair," said Kathlyne Le, 44, who has worked at the company for 13 years.
Verizon faces intense competition as the cell phone market passes the saturation point. Wireless network providers are looking for revenue from new devices, multimedia content and businesses that use wireless technology in factories, farms and cities.
Verizon is betting heavily on faster 5G networks for future growth, a path that will require large investments in infrastructure. Mr. Vestberg, who succeeded Lowell McAdam in August, is in the middle of an effort to cut $ 10 billion More than four years to free resources for that investment.
The subcontracting agreement and compensation packages are part of that initiative.
Write to Sarah Krouse in sarah.krouse@wsj.com
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