Verizon isn’t hitting the gym, but is has been slimming down for the holiday season; 10,400 Verizon managers have accepted buyout offers.
With wireless service providers revving their engines for the 5G race, Verizon would like to get a head start before someone starts waving the flag. In an effort to increase their investment funds for their future 5G plans, Verizon has been cutting back on their staff worldwide.
Over the year, Verizon has offered buyouts to around 44,000 employees, and almost a quarter of them have accepted the offer and will leave Verizon voluntarily. This figure is around 7% of Verizon’s entire global workforce. A relatively small figure overall, but Verizon is looking to raise 10 billion for 5G advancement, so every little bit helps. Employees who have accepted the buyout will be eligible for up to 60 weeks of salary, as well as benefits and bonuses depending on how long they served with the company.
Considering the fact that Verizon and Samsung will have 5G smartphones out early next year, it makes sense that Verizon would take this action now. Once their phones are out on the market, they will want to act on feedback immediately in order to improve their network functionality. 5G iPhones won’t be around until 2020, so this gives Verizon plenty of time to master 5G before Apple is ready to release their own next-gen smartphones.
