It’s pretty much what everybody says now. How many people will be affected, what do you think? Which areas will be targeted?
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alright folks. countdown started to the interesting week ahead. please share department and numbers effected and the areas. Hang in there!! good luck
Funny how 5k cuts last year couldn't solve a pricing problem and now this year we will cut even more. Problem is leadership and the lack of credibility not too many people in area xyz.
“Get rid of all executive directors”
It’s funny how top heavy this company has gotten in areas.
My team was affected by the layoffs and we lost people 2 years out of college (so not making very much). Then after their final day our SVP announced a search for an executive director to give our team direction.
That director was hired (from an external source).
Fast forward to spring of this year and my senior manager resigned and they chose to back fill that role as a director….
So we lost team memebers, lost a senior manager who contributed to the team as well….and to replace them get 2 directors who don’t contribute to the team but then scratch their as--s when asking how we’re not as productive this summer as we were last summer.
Get rid of all executive directors. All! Then leave the directors and managers alone since they actually do the work! Everyone above director does not do anything that needs to be replaced.
I agree you don't head count your way out of poor leadership.
Whatever the number is it’s not enough. There is so much dead weight around this place. If CVS wants to control expenses they need to cut 50,000 and you know what will happen, nothing. Everything will run just fine and with less people to come up with cr-p we don’t need to be doing because they are trying to create work out of thin air. Please make it 20% of the company.
"Whoever guessed 5%, that’s 15,000 employees. That’s not happening." They said in their vertical, not company wide.
Unfortunately I think they're going to cut corporate jobs. I'm prepping my resume just in case.
My manager was transparent enough to say our vertical would be have 5% cut.
Yes, on Tuesday 10/1. Likely more than one round through the end of the year though
Someone else on this site said it perfectly that to achieve the cost savings they are mentioning, as well as to improve the balance sheet and invest in the business, they need to pursue structural changes. Closing stores, cutting hours, and head count reduction without said changes are short term and won't accomplish anything. I wonder if a chorus of "break up" CVS as the parts are greater than the sum, will begin soon in the financial community.
Whoever guessed 5%, that’s 15,000 employees. That’s not happening.
For reference only, last year they said 800M savings and got rid of 5000 people. This year they said 500M this year out of 2B over next few years. Do note that, this time they are doing in much later (Oct vs. Aug) , not sure how that translates to savings
Thats what..10,000 employees?
My guess, and only a guess, would be 5% of workforce to achieve the number KL pulled out of her ... hat.