AT&T is weighing a long list of plans to cut tens of billions of dollars in costs that will likely result in even more dramatic job losses for the connectivity and entertainment giant's employees. The company previously said it plans to cut $1.5 billion in labor-related costs this year.
John Stankey, the company's president and COO who is widely expected to be next in line for the CEO role, said AT&T is looking at "10 broad initiatives that we believe can generate double digits of billions over a three-year planning cycle" at an investor conference.
In addition to job cuts, the above article says there will be wage and benefit cuts as well. Workers will end up doing more work for less compensation.
Many workers these days are being hammered by lost benefits. They must pay higher premiums for health care, yet receive fewer benefits. If they get sick, the unreminbursed, out of pocket and deductible costs are very substantial, costing the worker many thousands of dollars.
In my opinion, that sucks. I believe companies, with their record profits and tax cuts, can well afford to pay their workers' health care.
The link below is to a 1947 Bell System advertisement describing the trustee responsibility of company management. Unlike today, where managers answer solely to enriching the stockholders, in the past management recognized it served customers and employees as well as stockholders.
Personally, I think about that when I get my Comcast bill. They have increased their rates 10% while removing channels from my lineup and reducing service quality. The company is incredibly profitable.
Lastly, here is a 1952 Bell System ad touting it as a good place to work. While one didn't get rich working for the telephone company, and the workplace was rather regimented, it still was better than today's cutback mentality.