Verizon is laying off over 13,000 workers

"The pride you have for the role that Verizon plays in people's lives is abundantly clear, as is your desire for us to lead the industry. As I shared at our most recent all-employee meeting, we need to change and evolve as a company to meet the needs of our customers and expand our market leadership. Our current cost structure limits our ability to invest significantly in our customer value proposition. We must reorient our entire company around delivering for and delighting our customers."

"Today, we will begin reducing our workforce by more than 13,000 employees across the organization, and significantly reduce our outsourced and other outside labor expenses. We deeply value their contributions and are committed to providing comprehensive resources to support our employees throughout this transition. Every part of the company will experience some level of change, and we will have conversations with every affected employee to ensure they are treated with the utmost respect and care."

"To help our people prepare for their future, we have established a $20 million Reskilling and Career Transition Fund for employees departing Verizon. This fund will focus on skill development, digital training and job placement to help our people take their next steps. Verizon is the first company to set up a fund to specifically focus on the opportunities and necessary skill sets as we enter the age of AI."

Verizon will reduce its workforce by more than 13,000 employees and significantly cut outsourced and outside labor expenses to simplify operations and lower costs. The company will reorient around a customer-first culture, aligning teams and resources to create new customer value and eliminate complexity and friction. Comprehensive resources and respectful conversations will be provided to affected employees throughout the transition. A $20 million Reskilling and Career Transition Fund will support departing employees with skill development, digital training and job placement. The fund is explicitly focused on preparing employees for opportunities and necessary skill sets in the age of AI.

Read at The Verge