Are you a Verizon Corporate employees and are a little upset at the way the bonuses have been paid for 2010? You are not alone! It’s not a secret Verizon will likely lay off 13k jobs this year; Verizon posted a net loss of $653 million, or 23 cents per share, compared with net income of $1.24 billion, or 43 cents a share in the same quarter a year ago. Ivan and Danny’s words last year was that to be number one you needed to hire top talent and do what was needed to retain that talent. I guess it does not apply this year.
To end a long story short, corporate employees only received 75% and maybe .5 to 1. % base pay increase if they had enough luck…not even to cover the growing cost of 2% reduced fat milk now days (and the cheap generic crap not the organic stuff).
Verizon Wireless employees received the same as last year bonuses, clearly a slap in the face for many. I am not knocking anyone level of dedication and loyalty to the company but Corporate Employees work just as hard and just as long as wireless. But the end result is lower pay for Corporate. I am not one for looking in anyone’s wallet, but I am certain the executives got their fare share regardless of how big the Q4 loss was.