Verizon releases its first-ever Human Capital Report

Rhea-AI Summary

Verizon's Human Capital Report outlines its commitment to workforce development and talent retention. Released on April 30, 2021, the report highlights efforts to engage over 133,000 employees in a competitive labor market, especially in the context of 5G technology. CEO Christy Pambianchi emphasized the importance of attracting diverse talent, with 50% of board members and executives being women or racially/ethnically diverse. In 2020, Verizon invested $203.6 million in employee training, aiming to upskill 100,000 employees. The company continues to embrace transparency and strive for equity and engagement within its workforce.

Positive

• 50% of Verizon's board and executive leadership team members are women or racially/ethnically diverse.
• Verizon invested $203.6 million in employee training in 2020.
• Plans to train and upskill 100,000 employees to meet future demands.

Negative

• None.

Verizon details how it retains, trains and builds a workforce ready for the future

NEW YORK, April 30, 2021 (GLOBE NEWSWIRE) -- Verizon today released its first-ever Human Capital Report, outlining the company’s commitment to attract the best talent, develop its employees to their full potential and inspire employees to build their careers at Verizon. 

The report provides a blueprint for how Verizon keeps its more than 133,000 employees around the world engaged in an increasingly competitive labor market. It also focuses on how it is building on past successes to upskill its V Team to continue to lead in the age of 5G technology and beyond.

“Building a more connected world requires the full support of our greatest asset—our people,” said Christy Pambianchi, Verizon’s Chief Human Resources Officer. “Our first Human Capital Report shows the depth and breadth of our ongoing commitments to attract and develop the best talent that will help us deliver on our priorities and translate directly into growth.”

While COVID-19 served as a catalyst for workplace transformation, it also paved the way for Verizon’s future of work strategy, called Work Forward, to rethink the intersection between technology, people and place by applying learnings and V Team feedback from last year. In addition to work location and spaces, this also includes the tools and resources required to elevate the company’s productivity, collaboration and growth. Many of these changes will continue beyond the end of the pandemic.

Attracting the Best Talent

As the company sets out to build and power the future, it's important to attract and retain employees who see the impossible and make it inevitable. Verizon’s CEO and executive leadership team set the tone at the top to provide a strong focus on the strategic workforce plan, diversity and culture at the company. As of the latest term ending on December 31, 2020:

• 50% of Verizon Board members were women or racially/ethnically diverse.
• 50% of Verizon’s executive leadership team were women or racially/ethnically diverse.

At all levels, Verizon focuses on recruiting a diverse workforce through multiple channels, including robust strategies for campus and military hiring and nontraditional talent pipelines. In 2020, Verizon expanded its partnership with historically Black colleges and universities (HBCUs) and designed a new HBCU executive engagement program. The company also hired more than 400 veterans through various programs and partnerships, and created an apprentice program to reskill and prepare people from underserved communities who are unemployed, underemployed, or need to learn new skills for the jobs of the future.

Powering the Future with Transparency

To create the networks that move the world forward, the V Team has access to world-class resources to maximize their growth potential and remain competitive. Verizon supports their professional development through continuous skill-building that keeps pace with the dynamic changes occurring throughout the company and larger industry.

Verizon invested $203.6 million in curated learning and development opportunities in 2020 alone. The company offers extensive training across sales and customer service, as well as critical data and technical skills, including data science, 5G technology and artificial intelligence. Verizon plans to continue its robust program this year, including training and upskilling efforts for 100,000 employees to ensure team members are ready to keep pace with ever-changing demands of building the future.

“The past twelve months have been a period in our company’s – and world’s – history that we’ll never forget,” said Pambianchi. “But the events in recent months have also taught us that open, honest communication is critical. That’s why we are releasing our Human Capital report and opening our doors on how we care and support our employees. While there’s always work to be done and room to improve, we’re proud of the efforts we invested to drive greater equity, engagement and purpose throughout our workforce.”

The complete Verizon 2020 Human Capital Report is available at https://www.verizon.com/about/our-company/human-capital-report-2020,

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is one of the world’s leading providers of technology, communications, information and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video and voice services and solutions on its award-winning networks and platforms, delivering on customers’ demand for mobility, reliable network connectivity, security and control.

Media contact:
Rebecca Laming
rebecca.laming@verizon.com
(908) 227-7886

FAQ

What is Verizon's Human Capital Report about?

Verizon's Human Capital Report details its commitment to workforce development, talent retention, and diversity among its employees.

When was the Verizon Human Capital Report released?

The Human Capital Report was released on April 30, 2021.

What percentage of Verizon's board members are diverse?

50% of Verizon's board members are women or racially/ethnically diverse.

How much did Verizon invest in employee training in 2020?

Verizon invested $203.6 million in employee training in 2020.

How many employees does Verizon plan to upskill?

Verizon plans to train and upskill 100,000 employees to prepare them for future challenges.