Their only plan seems to be endless ‘rightsizing’ (as if leadership has a clue as to what a right size would be). I don’t see any other ideas at the top which would keep CVS afloat. Our business model is outdated, and there’s no other avenue but frequent layoffs to keep the money flowing into the pockets of C-suite and shareholders.
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We need whistleblowers to go to CMS! Not serving our members to save money is criminal!
They did say 2 billion after all. It won’t just be jobs but that would require about 12,000 more layoffs. They could space out 6k this and next summer easy. People stopped taking about this 3k quick.
It’s unfortunate because even if the company does well they will go ahead with these anyway right.
Here's the issue. I understand the idea of lightening the weight of a ship to keep it afloat. That said however, CVS' ship is damaged and full of holes and taking on water. and the problem is that getting rid of excess weight, in the form of layoffs, cutbacks, store closures, other facilities closures (like closing Coram locations), hours cuts, etc., etc., helps the balance sheet but does nothing to solve CVS' underlying problems. So basically all these cutbacks do not repair the holes in the hull. They just help keep the ship afloat, and give off the facade that everything is ok. CVS can tell Wall St., "See we reduced expenses by 20%", and then Investors are happy, while not realizing the ship is still damaged. A new paint job on an old car does nothing unless you also fix the engine too. CVS is simply just buying time and kicking the can down the road. It's time to fix the hull of the ship and get under the hood and fix the engine on the car, because the facade of layoffs and cutbacks is quickly wearing off, and Wall St. is catching on to the current state of disrepair. Yes it's gonna cost some dough, but it's either that or one day end up in the history books as one of the once great companies to no longer exist.
I am on the side that this place is bloated and lots of dead weight. While I hate to see people lose their jobs it’s needed. The company will be better off with a lot less people and less politics.
Mental issues with the last poster is beyond imagination. May you get all the help needed.
I hope they don’t stop at 2,900 we need more of you losers to be gone. It was great in the meetings with some of you oxygen wasters gone.
Regular downsizing is now a regular part of doing business in the U.S. Decades ago it was looked at as a last resort, now it’s an acceptable annual strategy. People need to come to terms with the fact that it’s going to be extremely rare to have job security and work at the same company for an extended period of time. Anticipate having to change jobs 5-7 times over a 40 year career.
I’m sure your brilliance will save us. What ideas do you have?