AUGUST 5, 2024 — 6% ACCEPT VOLUNTARY BUYOUTS
"Approximately 1,000 employees participated, and I'm thankful for their contributions to our company and financial outcomes," stated interim CEO Ben Fowke in the company's earnings report. "We expect to see the program's benefits in the latter half of the year, which will help counterbalance rising interest rates and other inflationary pressures as we continue to reinvest in our business to serve our customers." The company noted that the majority of the employees departed on July 1.
Now we wait to see if the voluntary buyouts produce acceptable results or if the company will implement stronger measures.
JANUARY 29, 2024 — Original post…
Columbus, Ohio-based American Electric Power. a major generator and distributor of electric power, has announced a major reduction in force.
The personnel realignment will impact between 270 and 350 employees in multiple operations in AEP's 11-state territory that stretches from Michigan to Texas. It appears that a number of remote workers, including employees in IT and cyber-security roles were impacted.
According to a company statement, "We are committed to supporting them through this transition. This staff reduction is necessary as we look at the roles needed to best meet the expectations of our customers in the face of higher costs of providing reliable service."
Many are wondering how many IT roles were outsourced to TCS (Tata Consultancy Services).
Change is coming. There will always be a tomorrow, no matter how much you may try to ignore it. There are no guarantees in life or promises for a bright future. We see good people being laid off through no fault of their own. Just because something bad hasn't happened yet doesn't mean it won't. It can happen to anyone, anytime, anywhere. No one is guaranteed to wake up tomorrow and still have a job by evening. Are you now wondering, Am I Next?