Spoke to many. If severance changes, that would be a new low for corporate. From what was gathered, the old saying goes, for every action there is a reaction. Overall thoughts of the query: probably wise to keep status quo with the policy. Teetering on rogue.
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I believe the target expense number to cut by 2030 is $3 billion. At an estimate of $125,000 total average cost per per employee (salary + benefits) that would be 24,000 people over the next few years.
This is obviously back of the envelop math and I just estimated the average total employee cost, but it gives you a sense of the scale of cuts. And this is on top of the thousands who have already been laid off. Grim times ahead people.
@OP It’s pretty obvious that Cigna deliberately waited until after they changed the severance policy last year to pull the trigger on the many layoffs that have happened this year.
By cutting out vacation payouts, they saved themselves a massive amount of money at our expense. They knew exactly what they were doing. So many of us save our PTO for the end of the year as an emergency safety net, or couldn’t even take time off earlier because the workload was so overwhelming.
Because of that policy swap, a ton of people completely lost their earned, accrued vacation. What makes it even worse is that people lost the extra vacation days they actually paid for out of their own paychecks. It’s incredibly shady, so don't be surprise if the new policy updates are even worse for the employees next year.
This place only does things that benefit the SLT and shareholders. I'm surprised we get vacation days.
@cg
~20,000? Can you please elaborate? We weren’t provided a number of potential layoffs and interested to know if you know more.
That wouldn't make any sense to change the severance policy.. particularly with the economy crashing... ~20,000 desperate sc--wed people would be very destructive.
Yeah that would be the lowest of lows to pull. Waiting until the new year to have 1/1 run smooth and then being able to change the severance policy to something far less than the current policy and ONLY THEN conduct your mass layoffs.