Free Research Paper on Verizon Communications
1. Company Profile
Verizon Communications Inc., has a headquartered in New York, is said to be the leader in delivering broadband and other wireline and wireless communication innovations to mass market, government, business and wholesale customers. Verizon Wireless manages the most reliable wireless network in the USA, and serves more than 80 million customers all over the country. Wireline operations of the company include Verizon Business, which is responsible for the delivery of innovative and seamless business solutions to customers from all over the world, and Verizon Telecom, which brings customers the advantages of converged information, communications and entertainment services by means of the most advanced fiber-optic network of the country. A Dow 30 company, Verizon employs about 224,000 people and in 2008 its consolidated operating revenues was more than $97 billion.
2. Verizon Commitment and Values
The Verizon commitment puts its customers first by providing high-quality service and excellent communications experiences. It is the main goal of the company and the sense of existence. In order to keep this commitment, the company and its employees always honor their core values, which are the following:
Integrity is the most essential thing in everything the company does. Verizon claims to be honest, ethical and upfront because believes that trust is at the foundation of its relationships with its customers, its communities, and its stakeholders.
Verizon understands how critical it is to respect everyone at each level of their business. The company champions diversity, embrace individuality and listens carefully when others speak.
Verizon says to hold itself to a very high standard of performance. Company prizes innovative ideas and the teamwork it takes to make them in reality. The company never stops asking itself how it can make the customer experience better, and even more- Verizon finds the answer on the daily basis.
Verizon takes responsibility for its actions as individuals, as team members and as an organization. Management and employees work together, support each other and never let the customer—or our co-workers—down.
Verizon is sure that outstanding companies are judged by what they do, not by what they say and actions speak louder then words. In order to be the best, Verizon is going to keep pushing itself in new and exciting directions. These values are guiding company’s each step.
Good intentions and strong values are essential but not sufficient for an effective approach to corporate responsibility. Effectiveness demands consistency and discipline, so the company sets definite objectives, reports its progress and hold itself accountable for the achieved results. It is what is done in each aspect of the company’s business. Verizon says: “We have to do the work and produce results!”
There are six priority areas that define the essence of the corporate governance to the company.
2.1 Ethics and Governance
Respect and integrity are core subjects at each level of company’s business—it is how the company interacts with customers, investors, the public and one another.
Company’s goal is to operate its business with the greatest level of accountability and integrity, building on the trust that was earned during many years of successful operation.
2.2 Service and Innovation
Company builds great networks that allow delivering communications, data and entertainment to its customers in ways that not many companies can afford.
Verizon networks play a dominant role in stimulating innovation, energizing the marketplace and improving the life quality for its customers.
Company’s main goal is to make broadband access available to all Americans.
2.3 Empowering Employees
Verizon wants to be a great place to work with a culture that respects the individual and appreciated talents and potential of its employees.
The company is looking for best people with different backgrounds, experiences and knowledge.
Company’s approach is to provide its people with tools they need to manage their futures in the way the want it. In return, Verizon offers satisfying and challenging careers.
Regarding first three priority areas discussed, the following things were accomplished in 2007:
- New online training course was unveiled in April.
- New global Supplier Code of Conduct was applied company-wide. -New training and procedures were implemented to fight with intrusions into customers’ private information.
- Systems with sensitive personal information were identified and comprehensive review was launched for data protection improvement.
- Privacy training for all Verizon employees was completed; poll for all managers regarding identification of the conflics of interests was finished as well.
- New Coupe phone for seniors were launched and “Accessibility Corner” for retail locations was created.
- Videophone service in selected call centers was expanded to assist hearing-impaired customers.
- Governors, teachers, attorneys general, parents and kids were engaged in four online safety forums that focused on tools and behavior.
- Free parental controls tool were launched for customers of Verizon Wireless.
- Funding and equipment was provided for the creation of telemedicine network for rural customers in West Virginia.
- More than $112 million was probided in tuition help for more than 29,000 employees.
- Online service (HealthZone) was offered for employees to manage health.
- The pay differential and other benefits of company’s emergency military leave policy were extended for a new 36-month period.
Then, let me continue with other three key areas of the company’s corporate governance.
2.4 Promoting Community Growth
Verizon network investment creates jobs, promotes innovation and fosters growth along the supply chain.
Company’s goal is the promotion of the broadband access for all people and tapping the potential of Verizon’s wireless and wireline technology to meet great social needs.
2.5 Protecting the Environment
It is responsibility of the company to minimize the influence of its operations by recycling, conserving energy and finding solutions to environmental challenges.
Verizon wants to promote the positive effect of broadband technologies on the environment that contains reduction of energy use by means of using e-commerce, telework and smart transportation.
2.6 Partnering with Communities
Company is committed to using its human, financial and technological resources for the improvement of life quality in its communities.
Verizon goal is to utilize technology on order address social issues that are crutial to its business success and success of its communities. Those issues include literacy and education, safety and family health, and employee volunteerism.
The following things were done in this regard:
- Spending with diverse suppliers was boosted by 20% to $3.1 billion.
- Supplier diversity success was established as the component of Short-Term Incentive compensation.
- Five of company’s largest equipment suppliers were audited on a range of social and environmental factors.
- Reviews of company’s global sourcing operations were conducted in Argentina, India and the Philippines.
- “Connected Nation” partnership was forged for deploying broadband in rural areas.Also 100 of hybrid sedans from Toyota were purchased for fleet.
- Obsolete equipment from more than 400 buildings were powered down and removed.
- Nationwide study on environmental benefits of broadband was funded and distributed.
- 1.1 million of cell phones were collected for donation, refurbishing and recycling.
- Overall carbon intensity was decreased from 81.3 metric tons of CO2 emissions per million dollars of earnings to 80.7 metric tons.
- 550 educators were trained about Thinkfinity.org; the program was linked with 17 state education organizations.
- Spending on domestic violence prevention programs was increased to $5.5 million; 2nd national domestic violence summit was held; over 1 million cell phones were collected with help of HopeLine to help domestic violence victims.
- Online literacy assessment tools were developed and third national literacy summit was held.
Now, I am going to tell about Verizons’ priority areas in more detail to provide overview of the company’s activities.
Partnering with communities
Verizon’s philanthropy involves its human, financial and technological resources to address the social issues that are important to the success of its business and the success of the communities where company’s customers and employees live.
In 2007, company’s philanthropy was predominantly focused on literacy and education, health and family safety, as well as employee volunteerism. Company achieved strong results in each of those aspects that were evidenced by both the scope of company’s support for high-performing partners and its leadership in addressing issues of “silent epidemic” like domestic violence.
The main achievement of the work of the foundation in 2007 became Thinkfinity.org. It required 3 years of hard work and $31 million of commitment to create a free, online learning resource for literacy professionals and K-12 educators. Company’s objective is to make it the most trusted and useful source for educational resources on the Internet.
Verizon Foundation and the employees also responded generously and swiftly during the emergencies and disasters that occurred last year.
The top grants in Verizon priority areas for 2007
Domestic violence prevention (National Family Justice Center Alliance, Joe Torre Safe at Home Foundation, Penn State’s “Workplace Responses to Domestic Violence” project, Peace Over Violence, Rutgers University School of Social Work).
Health Care and Accessibility (American Foundation for the Blind, World Institute on Disability, University of Virginia Telemedicine Program, Korean Health Education Information & Research Center, Volunteers of America Home Guardian Program).
Literacy (American Library Association, LULAC National Educational Service Centers, Inc., The City College of New York, ePhilanthropyFoundation.org, Council for Adult and Experiential Learning).
Civic and Community Support (California Emerging Technology Fund, USO of Metropolitan Washington, Institute of the National Black Business Council, National Chamber Foundation, Leadership Conference on Civil Rights Education Fund)
Education (Thinkfinity.org, World Trade Center Memorial Foundation, Scholarship America, Inc., Pace University, American Association for the Advancement of Science).
Education and Literacy
I would like to tell more about the learning web sie Thinkfinity.org.
• 550 educators were trained in 7 states by means of new Thinkfinity.org training module.
• 17 states established education partnerships with Thinkfinity.org.
• 46 new summer resource activities were added.
• To Thinkfinity.org were also added 184 new lessons, 192 new activities, 61 new interactives, 62 new media.
• 14% increase in usage was observed from 2006 (19.1 million in 2007 and 16.7 million in 2006).
• The Thinkfinity Literacy Network is able to support the work of about 5,000 literacy programs in all 50 states as well as in Canada, Puerto Rico and the District of Columbia.
• More than 18,000 educators used Thinkfinity Literacy Network resources in 2007.
Prevention of Domestic Violence
The Verizon Foundation held second annual Domestic Violence Awareness Summit in State College, Pennsylvania in September 2007, in partnership with University of Kentucky Rutgers University, Pennsylvania State University and the National Network to End Domestic Violence.
The college setting has its own purpose as according to statistics up to 25% of women will be assaulted during their college career. The summit’s focus was on educating the entire community and potential victims regarding their possible actions in case of danger.
Verizon Foundation also funded the following programs:
“Workplace Responses to Domestic Violence”, two-year program for training professionals to identify domestic violence victims and teach techniques to intervene and help them, and
research program at the University of Kentucky created to formulate a comprehensive idea of the influences of domestic violence.
At the end of my presentation I would like to say some words about how Verizon protected environment in 2007.
It is obvious that it takes a lot of energy to keep networks of the company running 24 hours a day 7 days per week. Therefore the company tries to do its best in order to reduce its impact on the environment.
In 2007 Verizon continued to deliver its main environmental goals: increase recycling rates, decrease greenhouse-gas emissions and utilize new, energy-saving technologies in its work.
Environmental Impact of Verizon:
• Company occupies more than 31,000 facilities worldwide.
• It operates more than 58,000 vehicles.
• It consumed 9.4 billion of kilowatt hours of electricity and 60 million gallons of gasoline and diesel fuel in 2007.
• Company’s primary environmental affect: energy utilization, materials involved in the build of the network, disposal of utilized materials.
• Energy conservation measures of Verizon decreased greenhouse gas emissions by 76,000 metric tons in 2007.
• Carbon Intensity of the company is about 8 times below the average of the US.
• Verizon Wireless involved more than 7,000 energy-efficient “thin” computers in 12 call centers during 2007. Power consumption tests in one facility following deployment revealed a 30% decrease in the utilization of the energy.
In the conclusion I would like to summarize that Verizon core values are constantly realized and are the subject for constant improvements and developments.
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