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Verizon Cost-Cutting Efforts See Departure of 10,400 Employees

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Dec 10, 2018, 11:33 AM by Eric M. Zeman

Verizon Communications today said that about 10,400 employees have accepted a voluntary buyout offer and will leave the company at various stages over the next six months. Verizon says the workforce reduction, which impacts roughly 7% of employees, leaves the company better positioned for growth. It aligns with Verizon's recently overhauled organizational structure as it focuses on bringing 5G to market. Verizon tried to put a positive spin on it, saying the changes will "be seamless to our customers" and "better serve customers with more agility, speed and flexibility." The Voluntary Separation Program offered employees up to 60 weeks' salary, bonus, and benefits, depending on how long they were with the company. Verizon's most recent headcount stood at more than 152,000 employees.

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