When companies sail rough waters, it’s usually non-essential employees that are first to be forced to walk the plank. Sprint, still reeling from a dismal Q3 2008 that had it losing $326 million and 1.3 million subscribers, has reportedly extended its “voluntary separation package” program to most of its employee-base. Rather than simply handing pink-slips during the holiday season, Sprint is offering some of its employees compensation in return for their voluntary resignation.
“What is happening is Sprint is offering a personal decision for employees to take advantage of a voluntary separation package,” said Lisa Zimmerman-Mott, a Sprint spokeswoman. Sprint Nextel employees willing to trade potentially on-going employment for a compensation package will have until December 3 to make their interest in the program known.
To be fair to itself, Sprint won’t be allowing retail store employees or managers to partake in the voluntary resignation compensation program. Likewise, administrative and executive assistants will be barred from the program.
The move will hopefully help Sprint pare down costs enough to avoid a more widespread wave of lay-offs. Although, voluntary separation package programs are usually proceeded by extensive employee cuts.