Post by account_disabled on Feb 20, 2024 3:22:37 GMT -5
Hans Vestberg, CEO of Verizon , doesn't believe in philanthropy without a strategic purpose. Instead, he thinks about issues such as climate change, the digital divide and technological diversity as part of the strategy of the largest mobile phone operator in the United States. Addressing those challenges will ultimately benefit Verizon's business in the long term, incentivizing the company to continue investing in them as philanthropic efforts. We love philanthropy, we think it's cool and all that. But… giving away money that is not connected to our overall purpose is not working. Because the first thing you do in difficult times is cut everything that is not part of the main strategy. Hans Vestberg, CEO of Verizon. In an emergency, connections are more vital than ever. So we test our network connections every year in the most extreme conditions we can find. At an emergency testing facility in Perry, Verizon October 9, 2020 Linking the apparent acts of benevolence to Verizon's overall strategy was a recurring theme during the conversation between Vestberg and Fast Company editor-in-chief Stephanie Mehta. And it's a mindset that has guided Verizon through the COVID-19 pandemic, forcing the company to adapt in several ways.
The strategy Vestberg notes, for example, that Verizon did not lay off any of its employees during the pandemic, even as the company closed retail stores across the country. Instead, it retrained 20,000 employees in other areas such as customer service and technical support. Verizon also established a sort of internal staffing market, where if one part of the organization needs support, it can turn to employees from other areas. The plan benefited both the company and its workers. That means that today, I have multi-skilled employees that I didn't have before because Europe Cell Phone Number List they were trained to be in the store. We also expand the opportunity for our collaborators. Hans Vestberg, CEO of Verizon. The same mindset applies to how Verizon approaches its own philanthropic efforts. Over the past five years, Verizon has invested $500 million in underserved schools through its Innovative Learning initiative, which helps schools with STEM education and connects them to 5G technologies. The initiative, while beneficial to society, is not purely altruistic. Of all, broadband is my strategy. Secondly, more boys and girls studying STEM is also part of my strategy because I need them to come to our company, and more importantly, I need women to do it too. So overall it's been the core of our strategy rather than giving it away. Hans Vestberg, CEO of Verizon. Verizon is also involving its own employees in these efforts. Last November, the company set a goal for its employees to volunteer 2.5 million hours by 2025, focusing on three areas: Digital inclusion (which involves helping disadvantaged groups learn technology.
Human prosperity (addressing issues of gender and race equality, especially in the field of technology). Climate change. Verizon then partners with various nonprofit groups in these areas and helps connect employees with them. Just as Verizon's investments in schools can help the company in the long run, so can these volunteer efforts. That's how we need to see nonprofits, moving forward to work with corporations, so they get the most from stakeholders to solve the biggest problems. Hans Vestberg, CEO of Verizon. Even Vestberg's emotional message to employees in June following the police killing of George Floyd ties into the issue of the fit of Verizon's overall mission. Vestberg visibly shook during prepared remarks, in which he assured Black Verizon employees that he cared and wanted to hear their concerns, while directing $10 million to racial justice charities. For Vestberg, it was just an extension of the company's goals around racial equality. It wasn't a big deal that I had to ask permission to say it. It was absolutely part of the strategy, and absolutely part of my background and where I come from and the values that I have.