Verizon releases its first-ever Human Capital Report
Verizon details how it retains, trains and builds a workforce ready for the future
NEW YORK - 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,