Buyouts official plan announcement

[RTURNSONLY]

Buyouts official plan announcement: new details

FedEx to offer buyouts with up to 2 years' pay as part of plan to cut $1.7B in annual costs | Fox News

 

[MrFedEx]

Re: Buyouts official plan announcement: new details

FedEx to offer buyouts with up to 2 years' pay as part of plan to cut $1.7B in annual costs | Fox News

Not much new from earlier announcements. I think everyone is still holding out hope that couriers will be offered some sort of buyout. That isn't going to happen. At my station, all of the managers are worried that the manager to employee ratio is going to go way up once they buyout some of the older managers. There won't be any replacements, so they'll have to work harder.

 

[DOWNTRODDEN IN TEXAS]

I heard they were going to buy out some small time freight company and make them into a cash cow while dumping b-b-b-billions in a copy and sign shop that can't keep it's doors open while raping and pillaging the original company. Just a rumor I heard.

 

[vantexan]

Re: Buyouts official plan announcement: new details

Not much new from earlier announcements. I think everyone is still holding out hope that couriers will be offered some sort of buyout. That isn't going to happen. At my station, all of the managers are worried that the manager to employee ratio is going to go way up once they buyout some of the older managers. There won't be any replacements, so they'll have to work harder.

You'd think they'd offer couriers 50-55 who qualify for a traditional pension the opportunity to take what they'd get at 55 now, and those 56-59 their full pension to leave now, and replace with them with cheap part-timers, or even not replace them. Between pay savings, and healthcare savings, and portable pension savings it should be worth it.

 

[LTFedExer]

2 years (most likely less) is a tempting offer if you were already thinking of leaving.

 

[IsItME]

Just a guess but I think it's going to be a month per year up to two years.

 

[MrFedEx]

Just a guess but I think it's going to be a month per year up to two years.

How about nothing, and don't let the door hit you in the ass on the way out?

 

[IsItME]

They're not dumping millions into the Kinko's debacle. They are regularly mentioned as part of Services when the buyouts are reported. Those are shipping terminals with a nicer face. Alot of people are saying they could lose up to 1000 people in adminstrative and management positions. Needs a major scaleback, that's what I'm hearing in Memphis. The infrastructure is heavy for what they bring and the print is drying up.

 

[IsItME]

No. They are paying people to leave. You are right about couriers. Not hearing anything is coming for them. Might try for attrition on station managers but many people in Memphis are excited about the buyout.

 

[Cactus]

Re: Buyouts official plan announcement: new details

You'd think they'd offer couriers 50-55 who qualify for a traditional pension the opportunity to take what they'd get at 55 now, and those 56-59 their full pension to leave now, and replace with them with cheap part-timers, or even not replace them. Between pay savings, and healthcare savings, and portable pension savings it should be worth it.

That does make sense but do you really think Fred would do any favors for couriers? Ain't gonna happen "cause when it comes down to us, Fred is too cheap.

 

[vantexan]

Re: Buyouts official plan announcement: new details

That does make sense but do you really think Fred would do any favors for couriers? Ain't gonna happen "cause when it comes down to us, Fred is too cheap.

It would save them money but we aren't salaried workers. Everyone knows the only people who deserve anything get a salary. Hourly workers are chattel, indentured servants, peons.

 

[NonyaBiznes]

Like I said: "Fred wants everyone to be Walmart-Friendly".

PART TIME !!!!

P2 and Express Saver is going to ground. Stay tuned.

 

[MrFedEx]

Like I said: "Fred wants everyone to be Walmart-Friendly".

PART TIME !!!!

P2 and Express Saver is going to ground. Stay tuned.

Yep, nothing has been changed, just delayed a bit. I have a copy of Bronczek's memo on buyouts courtesy of a management friend. One new twist is that some locations can be left out of the buyout plan based on staffing needs. My read on that is that if you're in a Hell station that nobody wants to manage...your stay will be extended.

 

[sweetp]

memo I saw said if you worked for fedex for 26+yrs, then the max you would get is the two years

 

[hypo hanna]

The other twist is it will be phased in over the next two years.
Hypothetical. You accept a buyout but the arbitrarily put you at the bottom of the list to leave. Could you leave earlier? If you wait, those jobs in your field you might apply for would likely be filled by the fedex'rs who left before you.

 

[SmithBarney]

well all the info is out except who is eligible. I doubt you'll see an offer to Couriers, unless of course it is in phases
you couldn't realistically lose up to 10-20%(guessing that's the number of high seniority crrs out there) of your "frontline" employees
and expect to replace them immediately. On the other hand, you could lose tons of management, and the show will still go on, probably without much of a flicker of difference. They keep saying "expect to see a totally new Express" when this goes through. I'm all for it, lean mean, and cut out all the fat up top.

 

[vantexan]

Just got a call from a courier in previous station. He says, and a check on Google News seems to back it up, that all FT employees with at least 5 years are eligible. Managers shared info with them yesterday and there was a chart showing how much one could get. It's a month of base pay for every year of continuous service, capped at 2 years max of base pay. According to Google eligible employees will be notified in February, and it will go by most senior who wants it at given work station with a limit on how many can take it at said station due to staffing needs. I'm hoping it's not continuous service but most likely is as that will limit me to 14 months instead of 24. It must include couriers otherwise why send info to stations and inform couriers by mgrs?

 

[vantexan]

Just got another call from same courier. He was just told it doesn't apply to couriers. His mgr made the announcement yesterday, got some people excited, they were all looking at memo and seeing how much they'd get. For crying out loud FedEx, why send this stuff out without educating your mgrs first, and why send it to anyone that isn't eligible? Are we supposed to be happy for those who get a way out, while we continue to get the short end? Merry Christmas to you too!

 

[55+]

I saw the copy of the buyout info and while it doesnt specifically say couriers it does mention hourly employees..It looks like it will target a lot of employees since it will happen in three waves. It does state it will be for five years or more of continious service and just about every other scenario ie calculations questions and answers faqs and a hotline number..

 

[hypo hanna]

I smell another class action lawsuit.