Unless people are lying, there are many, many employees currently at CVS who'd be happy to take severance and leave. Why weren't they allowed to volunteer?
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Given that offer many with years of experience and subject matter experience will take it. That may cost more to CVS and hurt their bottom line. When such options are given usually lot of eligible top performers will take the package.
I was told they expect more to leave on their own after September, when previous work-at-home employees are forced back into the office. They seem ok with it, sounds like additional attrition after the layoffs could be part of their plan. Even if it's not part of their plan, they certainly don't seem worried about people leaving the company for a remote job somewhere else.
This is strategic in my opinion. I assume they need more than 5,000 to resign, but 5,000 looks better to the press than say 10,000. So they drag this out and cause people to look for other jobs or just resign without CVS looking worse in the news or paying severance. I would guess they real number is somewhere around 7,000.
They are losing, via layoff or forced, some real class act employees.
Bye CVS
Such a cruel way to do it. And bad for the company. The people leaving on their own accord will be those with the most options, the highest performers.
@inn+1o0j3NBF you misunderstood my post. They are paying severance. Their goal is to reduce expenses. If they offer volunteered layoffs, they would have to pay severance. If they drag out the layoff process and thousands leave on their own accord (without severance) and then they axe the remaining people (some of which may have already left), then the net severance payout by CVS is reduced.
The company is paying severance troll. The specifics are on file with the SEC. Long term employees will fet a nice package. There are many people that would have volunteered.
When I worked at another company, we were planning on moving at some point out of the area. They offered buyouts, 55 put in, including me. 50 were accepted and five denied. I was denied, because I could do more work than the older workers. They likely don't want younger people, like say there 10 years, getting a buyout package if they are likely to leave for another job in a few weeks/months.
Because there wouldn’t be any employees left.
They may not have been offered that option, but natural attrition after this round of layoffs may prevent the need for future layoffs. Of course that doesn't include severence, but attrition will still happen.
The company doesn't want to pay severance.