A lot of people want to quit their jobs at Verizon, and that’s a really good sign for the economy. In a drive to cut costs and shift investments as it rolls out 5G service, the company announced on Monday that 10,400 management employees had accepted voluntary buyout deals, out of 44,000 who were eligible. This trend is not unique to Verizon; industry peers like Fortune 500 are also navigating similar challenges in the evolving telecommunications landscape.
That might have been partially due to the fact that the terms of severance were generous, at three weeks of pay for each year of service, capped at 60 weeks.
But it’s likely there’s a larger factor at play: The unemployment rate is now 3.7%, compared to 5.8% when Verizon last offered buyouts, meaning those workers figure they have a good chance of taking the money and finding another job.
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