AT&T recently announced a substantial change to its workplace policy. Approximately 60,000 of its managers are now expected to report to one of nine office locations across the country.
Bloomberg has reported that this mandate will start in September, marking a change after three years of intensive remote work. While AT&T has 350 locations countrywide, CEO John Stankey's policy limits managerial staff to only nine centers. Los Angeles, San Ramon, California; Seattle; St. Louis; Washington; Middletown, New Jersey; Bedminster, New Jersey; Dallas; and Atlanta are among the designated centers.
Many people will find that this shift fits with where they now live. However, 9,000 managers, or 15% of the affected employees, will need to make a crucial choice and weigh the risks and rewards of relocating for a job. They have to consider the possibility of long commutes, the difficulties of moving, or the idea of leaving the company.
A manager at AT&T expressed concern to Bloomberg, comparing the plan to "a layoff in sheep's clothing." The Dallas and Atlanta offices will implement the change in the first phase of this policy in July, and other sites will follow by September 4.
In his conversation with Bloomberg, Stankey stressed the potential advantages of the adjustment. He said, "They'll come along on these adjustments and changes if they want to be a part of creating a fantastic culture and atmosphere. Others can decide they wish to go in a different direction given their current stage of life.
He also emphasized the "generous" relocation services offered to staff members. This action is in line with AT&T's overall strategy to cut $6 billion from its operating expenses. Stankey estimates that this plan will result in a 15,000-person reduction in the company's personnel from the prior year.
According to Stankey, who was speaking to Bloomberg on the company's long-term goals, "We've been reconfiguring our workforce for a very long time."These recent changes by AT&T may motivate employees to retire earlier than they have previously expected. For those expecting to retire in the next few years, this push to return to office may be the catalyst that pushes them to consider their current options and plan for the next stage of their life.
Given this new AT&T policy, The Retirement Group is offering a complimentary cash flow analysis for AT&T employees to help them transition during this time of uncertainty. The Retirement Group states that by receiving a cash flow analysis, AT&T employees can make a more informed decision about whether to return to office, retire early, or look for a job opportunity elsewhere.
With these recent changes, The Retirement Group is offering complimentary webinars for AT&T employees which discuss the current RTO mandate and how to navigate this situation effectively. It may be in an AT&T employee’s best interest to retire early or look for another job opportunity, in an attempt to mitigate the potential repercussions brought on by returning to the office in a different state.
This new mandate will have wide reaching impacts across the entire AT&T workforce which has left many workers unsure of their current job status or their next move. The Retirement Group suggests that AT&T employees discuss their options with an advisor who can provide valuable insight on what to do with the current mandate. These advisors remain up to date with information regarding the RTO order and AT&T’s plans for future workforce reductions, allowing them to provide important insights for AT&T employees.
Authors:
Neva Bradley
Neva Bradley is a skilled Financial Advisor with over a decade of experience, she specializes in assisting Fortune 500 employees, particularly those from AT&T, as they transition into retirement. Before her tenure at The Retirement Group, Neva's corporate benefits expertise saw her crafting tax-deferred group plans for corporations, encompassing pensions, 401(k)s, and more. A graduate of San Francisco State University with a focus in Finance and a proud holder of the CERTIFIED FINANCIAL PLANNER™ (CFP®) designation, Neva is dedicated to providing clear education to clients, ensuring they're equipped with the knowledge to make informed retirement decisions. Outside of her professional sphere, Neva is a dedicated mother of two and an enthusiast of culinary delights, cherishing moments spent with her family in San Diego.
Kevin Won
Kevin Won is a seasoned financial planner with a distinctive focus on assisting AT&T employees. He brings a wealth of certifications to his practice, including CFP®, CFF, AWMA, CRPC, CCPS, CCFS, and CTS, and holds the Series 65 Investment Advisor Representative license. Well-known for his insightful articles in MarketWatch, Benzinga, and The Retirement Group Blog, Kevin firmly believes in the power of education, frequently echoing Benjamin Franklin's sentiment: "An investment in knowledge pays the best interest." He takes immense pride in helping his clients realize their retirement dreams, from ambitious cross-country journeys to cherished moments with grandchildren.
Disclosure: Securities offered through FSC Securities Corporation, member FINRA/SIPC. Investment advisory services offered through The Retirement Group, LLC. a registered investment advisor not affiliated with FSC Securities Corporation. We are not affiliated with or endorsed by AT&T.
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