Thread regarding CVS layoffs

Leadership Meeting in CT for all VP's, ED's, Leaders Managing Teams, this week Monday 03/17 to Thursday 03/20.

Discussion Topics:
(1) Workforce Strategy and Management (Layoffs and Who will be kept...)
(a) WFH, Hybrid, Onsite, Relocation Models
(b) Dual Job workers
(c) Job Title Changes (ED to D, D to Manager, Manager to BA, etc)
(d) Rate Cuts for Job Class
(2) OPEX+CAPX Budget for Q2, Q3, Q4
(3) Licensing. Contract Costs
(4) Goals Development for 2026
(5) Decommissioning existing systems and Investments on new Systems
(6) New Hiring Strategy for New Systems
(7) Risk Management and Contingency Planning
(8) Employee Engagement
(9) Training and Development Programs
(10) Compliance and Legal Considerations

Deepti

Say what? We are all expendable, the world doesn’t owe us a job. Beef up your skill set and keep on truckin

Any updates on this meeting in CT?

There are still remote positions opened. Should people even apply at this point?

But the best engineers are remote in random states and operations would get messed up. I’m not saying people aren’t replaceable but management goes insane over any downtime in production.

Yeah, but it's not just engineers in DDAT. Layers of management. Product Owners that just do one thing. Project managers that just do one thing. Directors that only have staff. Directors that are Product Owners. Access databases driving key lines of business. Business analysts that are only on one piece of tech. This isn't even touching the amount of consultants...

DDAT layoffs last year took out entire initiatives and were downsized to scale.

They’ve pulled the RTO for DDAT twice and both times people didn’t do it and didn’t get fired. It would be strange to announce another attempt at RTO after they went out of their way months ago to communicate dropping it.

I always thought that’d be their way to downsize their workforce, it would work 100%. But the best engineers are remote in random states and operations would get messed up. I’m not saying people aren’t replaceable but management goes insane over any downtime in production.

A large portion of the 300k are people that work in stores and distribution centers that have no other option than to commute and show up to their place of work.

And yes pre-covid people would physically relocate from across the country so they could work from their office job in Woonsocket. It wasn’t uncommon to know coworkers that would commute from Boston to Woonsocket M-F.

@Dundee

Yes People did go into the office, People also moved and bought homes during covid and post covid due to their managers guaranteeing remote work. Even if it is an hour commute, a lot of the remote worforce has not gone into an office in 10 to 15 years.

It will be interesting.

@
"...So unless you live in Hartford or RI you're out of a job?
The amount of people I work with live in NC, FL and TX and are nowhere near an office."

Colleagues were working in the office before COVID-19. It's not like all 300,000 of them were working from home. There were many CVS Health Office Locations in each state. Woonsocket is the HQ.

The right people? Who are they? People can be replaced by somone whose buddy needs a job. Or a bot.

Some very smart people were let go by onboarding BK. We've paid for it ever since. Institutional knowledge? BK got rid of them.

I think they already realize strict return to office was a mistake and they'd be shooting themselves in the foot if they cut severance to 2 weeks. The existing policy serves at important purpose- retaining the people they want to retain and improving morale. Fewer people will run for the hills if they know there will be a cushion if they get picked, proportional to institutional knowledge. If things are so dire the company needs to run on a skeleton crew, keeping the right people is essential for survival.

It is not 2023 or 2024.

They are still paying out for those years. They are still paying out parachutes for Executive Leadership.
The cash cow for Medicare enrollments is down this year by over 300k.
Probably getting ready for Federal investigations. Medicare and Medcaid cuts are front and center.
They have retail stores they need to sell.
They are paying for empty real estate.
They are outsourcing to vendors and overseas. They are divesting lines of business.

They know the average years of service for every employee and their age and what payouts will look like and how much it will cost.

Your bonus may equal what others severance packages were from those years, and that is why this is being put out there.

You will be given an option to go to an office.

The bulleted list below is the correct course of action to take.

The 2 weeks severance makes no sense and isn’t in line with the way they’ve handled layoffs in 2023-2024.

@ D: @cq+1jnfzhprp. Your individual performance=18279.19 X .324 (company performance) = 5922.46 (total payout. Column all the way to the right.

It’s not about a job title or who gets paid what. All that matters is what’s coming in the pipeline and how to handle it.

1. Layoffs Expected: The next significant layoffs are anticipated in April-May.
2. Merit Increments and Bonuses: These will be distributed prior to the layoffs to maintain employee morale.
3. Performance Reviews: Employees receive positive feedback in performance reviews, often followed by layoffs.
4. Job Market Challenges: The current job market is difficult, with employers hiring only essential personnel.
5. Cost-Cutting Strategies: Many companies are adopting government strategies for cost reduction.
6. Long-Term Outlook: Be prepared for the next four years; hope for improvements soon.
7. Meeting: VPs and Directors Managing Teams are summoned for a "Workforce Management Meeting" in Connecticut, 2nd-3rd weeks of March.
8. Layoff Decisions: Layoff decisions will be made in April.
9. Severance Pay: Affected employees will receive two weeks' severance pay and unemployment benefits.
10. Reassignments: Some employees may be reassigned to other departments.
11. On-Site Positions: Majority of positions do not offer a remote work option; employees will be presented on-site positions.
12. Responsibility: Decision left to individuals to avoid company responsibility.

How to Handle the Situation:

1. Preparation: Start updating your resume and LinkedIn profile. Highlight your skills, achievements, and any additional training or certifications you've completed.
2. Networking: Connect with colleagues, industry contacts, and recruiters. Networking can help you discover new job opportunities and gain insights into the job market.
3. Skill Enhancement: Consider taking online courses or attending workshops to enhance your skills and stay competitive in the job market.
4. Financial Planning: Review your finances and create a budget to manage expenses in case you face a period of unemployment. Build an emergency fund if you don't have one.
5. Exploring Options: If you’re offered an on-site position, carefully consider the pros and cons. Think about your personal and professional priorities before making a decision.
6. Seeking Support: Reach out to career counselors, mentors, or support groups. They can provide guidance and emotional support during this challenging time.
7. Stay Positive: While this is a difficult situation, maintaining a positive outlook can help you stay motivated and focused on finding new opportunities.

“Who said it’s a sr manager”

With it being a director giving the review that’s as high as it’s gonna be. VPs would be giving an exec director their review. A director works for an ED, you don’t give your boss their review.

While some employees may be reassigned to other departments, the majority of positions do not offer a remote work option. The plan is to present on-site positions and leave the decision to the individuals, so the company avoids any responsibility.

So unless you live in Hartford or RI you're out of a job?
The amount of people I work with live in NC, FL and TX and are no where near an office.

With MIP funding level as low as it is… I’m very very very interested...."

Who said the salary and bonus was about a Sr Manager?""

That's Exec Dierctor salary level if not higher. Either way 18k is nothing to whine about...the two weeks of severance and rumored inability to take granted stock is.

"With MIP funding level as low as it is… I’m very very very interested...."

Who said the salary and bonus was about a Sr Manager? Are you still on ESL?

With MIP funding level as low as it is… I’m very very very interested in how someone can get a review from their “supervisor/director” … implying Director is the highest title but possibly lower… and get $18,279.19..

$18,279.19/ .341 = $53,604… let’s assume you got 150% funded based on your exceptional performance making your 100% funding being $35,736. If that’s a 15% MIP target that means your annual salary is 238K… which seems quite high for a sr manager…

What did I get wrong?

@cq+1jnfzhprp Only 2 weeks of severance?

@

"What’s your source or is this your speculation?"

"Fear mongering"

"Is this confirmed or fear mongering? What is the source?"

Just Wait and see...........

All VPs and Directors Managing Teams have been summoned for a 'Workforce Management Meeting' in Connecticut, scheduled for the 2nd to 3rd weeks of March. Layoff decisions will be made in April, with affected employees receiving two weeks' severance pay and unemployment benefits. While some employees may be reassigned to other departments, the majority of positions do not offer a remote work option. The plan is to present on-site positions and leave the decision to the individuals, so the company avoids any responsibility.

I received an 'Exceptional' Performance Review from my Director/Supervisor and was awarded a salary increase of 3%. Additionally, my MIP Bonus amounts to $18,279.19. However, following the compensation discussion, I was advised to seek employment opportunities outside the company and to leave as soon as possible due to an impending mass layoff, which puts the continuity of my position into question for the 2026 budget.

Interesting to know that a handful of well placed bullets would begin to fix a lot of problems we are facing right now.

They did this last year too. Logged on and some high performers were gone right after.
You need to understand business cycles to know when end dates are possible.

What’s your source or is this your speculation?

There are already announced layoffs in February and March in state of MA and RI. So I guess more to come.

Fear mongering

Is this confirmed or fear mongering? What is the source?