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MarketScreener Homepage  >  Equities  >  Nyse  >  Verizon Communications    VZ

VERIZON COMMUNICATIONS

(VZ)
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Verizon Communications : and Generation partner to close the opportunity gap and reskill workers

10/22/2020 | 10:01am EST

What you need to know:

  • Verizon is investing over $44M in workforce development to significantly increase access to a free tech-focused career training program aimed at reskilling Americans
  • Partnering with nonprofit organization Generation will bring their online reskilling program to 26 cities by end of 2022
  • Initiative will build the foundation to reach the company’s goal, through Citizen Verizon, of preparing 500,000 individuals for jobs of the future by 2030

BASKING RIDGE, N.J., Oct. 22, 2020 (GLOBE NEWSWIRE) -- Today, Verizon and nonprofit organization Generation announced a new multi-year strategic partnership aimed at closing the opportunity gap for American workers and expanding access to digital skills. A commitment of over $44 million from Verizon will significantly increase access to a free, technology-focused career training program to help reskill workers. Most of the funding will help to expand the reach of Generation’s workforce development operation, while the remainder will be provided to JFF, a national nonprofit driving transformation in the American workforce and education systems, which will help with program impact and evaluation. This effort is part of Citizen Verizon, Verizon’s responsible business plan for economic, environmental and social advancement, and will build the foundation to reach the company’s goal of preparing 500,000 individuals for jobs of the future by 2030.

The online reskilling program will provide free resources and access to multiple career pathways and full-time employment in high-demand technology sectors, including Junior Cloud Practitioner, Junior Web Developer, IT Help Desk Technician and Digital Marketing Analyst, with each program taking an average of 10 to 12 weeks to complete. New classes will begin in November and Generation is currently accepting students who are residents of Dallas, Las Vegas, Memphis, Miami, New Orleans, Seattle, Spartanburg, S.C. and Washington, D.C., with additional cities launching in 2021.

“Cutting-edge technology will continue to change how we work and how society operates, and we are committed to ensuring that all communities have the opportunity they need to help advance their skills, their education and their chance for economic prosperity,” said Rose Stuckey Kirk, Chief Corporate Social Responsibility Officer at Verizon. “Partnering with Generation enables us to bring their successful career training program into the homes of thousands of Americans who need it most and who it might not traditionally be available to.”

The reskilling program is designed for workers who are unemployed, underemployed, facing job displacement due to automation, or further challenged by the pandemic; and will consist of technical and professional training. It will focus on vulnerable populations and those facing systemic challenges, giving priority to Black and Latinx applicants, women and those who do not have a four-year degree.

“We are excited to partner with a top technology leader like Verizon to help bring this program to individuals who will now be empowered to create their own pathways for career success,” said Sean Segal, Generation USA CEO. “We are not only providing individuals with the skills to be prepared for jobs in the digital world, but we are also equipping them with mentorship and social support services this population needs, while amassing a network of companies to help place graduates.”

Verizon is also working with Generation on a global scale to bring the reskilling program to Australia, France, Ireland, Italy, Spain and the UK. To learn more about the program and to register for a course, visit: Generation USA | Training and Career Pathways.

About Generation
Generation is a nonprofit that transforms education to employment systems to prepare, place, and support people into life-changing careers that would otherwise be inaccessible. The global pandemic has led to an unprecedented surge in unemployment. Even before the pandemic, more than 75 million young adults were out of work globally, and three times as many were underemployed—and 375 million workers of all ages needed to learn new skills by 2030. At the same time, certain jobs remain in high-demand, and 40 percent of employers say a skills shortage leaves them with entry-level vacancies. To date, more than 38,000 people have graduated from Generation programs, which prepare them for meaningful careers in 14 countries. Generation works with more than 3,900 employer partners and many implementation partners and funders. For more, visit usa.generation.org.

About Citizen Verizon
Citizen Verizon is the company’s responsible business plan for economic, environmental and social advancement. Citizen Verizon empowers Verizon to deliver on its mission to move the world forward through action by expanding digital access and resources, protecting the climate, and ensuring people have the skills needed for jobs of the future. Through Citizen Verizon, and the key pillars of Digital Inclusion, Climate Protection and Human Prosperity, the company is committed to providing 10 million youths with digital skills training by 2030, supporting 1 million small businesses with resources to help them thrive in the digital economy by 2030, achieving carbon neutrality in its operations by 2035, and preparing 500,000 individuals for jobs of the future by 2030. Learn more at CitizenVerizon.com.

Verizon Communications Inc. (NYSE, Nasdaq: VZ) was formed on June 30, 2000 and is celebrating its 20th year as 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 $131.9 billion in 2019. 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.

VERIZON’S ONLINE MEDIA CENTER: News releases, stories, media contacts and other resources are available at www.verizon.com/about/news/. News releases are also available through an RSS feed. To subscribe, visit www.verizon.com/about/rss-feeds/.

Media contact: 
Bernadette Brijlall
bernadette.brijlall@verizon.com


verizon_logo_1300x400.jpg

Source: Verizon Communications

2020 GlobeNewswire, Inc., source Press Releases

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Financials (USD)
Sales 2020 128 B - -
Net income 2020 17 995 M - -
Net Debt 2020 104 B - -
P/E ratio 2020 14,2x
Yield 2020 4,03%
Capitalization 255 B 255 B -
EV / Sales 2020 2,80x
EV / Sales 2021 2,72x
Nbr of Employees 133 200
Free-Float 96,4%
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Verizon Communications Technical Analysis Chart | VZ | US92343V1044 | MarketScreener
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Mean consensus OUTPERFORM
Number of Analysts 28
Average target price 62,46 $
Last Close Price 61,74 $
Spread / Highest target 13,4%
Spread / Average Target 1,17%
Spread / Lowest Target -12,5%
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Managers
NameTitle
Hans Erik Vestberg Chairman & Chief Executive Officer
Matthew D. Ellis Chief Financial Officer & Executive Vice President
Kyle J. Malady Chief Technology Officer & Executive VP
Clarence Otis Lead Independent Director
Melanie Liddle Healey Independent Director
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