Why does everyone predict layoffs? Financials look good, what am I missing?
Are we getting a bonus this year? I haven’t seen anything confirming this. If so, is it 100% funded?
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There’s a hyper focus on improving margin across the company. Every time CNC has been in this position previously they’ve simply consolidated roles and cut jobs. That’s not going to be enough this time - so they’ll likely reduce bonus/raises and consolidate departments (which leads to more job cutting).
Bonuses and raises will probably tiny (think $500-1,000 pretax and less than 2% average) this year again (unless you get laid off, because you will get a full bonus). Centene just paid out settlements to the following states:
- Ohio $88.3 million
- Mississippi $55.5 million
- Illinois $56.7 million
- Arkansas $15.2 million
- Kansas $27.6 million
- New Hampshire $21.1 million
and there will be more to come....
They have been looking for a reason to shut down the MHN San Rafael office for a while, especially with the brand new Sac building. Writings on the wall....especially for those based in CA offices not in Sac area.
Oh regarding my previous post below, I worked for MHN..once Magellen takes over I predict layoffs will happen and MHN will no longer exist.
I just got a bonus and a raise like a week before I was one of the 3k laid off. No one is safe!
Activist shareholder who booted MFN and several on the board is there because they saw opportunities for more profitability. Magellan exec is now transformation head. There's a triumvirate tasked with getting costs down Got a clue now?
Magellan duplicates in claims, customer service, audit, sales, provider relations, contracting, IT, behavioral health (we have separate BH on the legacy centene side - all plans are not integrated with medical), high cost dr-g companies (not standard RX) and the list goes on. HealthNet may have some duplication, but legacy centene hits every piece, except NIA.
Magellan duplicates with MHN (Health Net) so most of the layoffs will probably be on that side of the business.
There were no bad financials last year either, all BS. They laid off 3000 people as they are cutting this mess to the bones. They just closed on the Magellan purchase in St Louis, MO. There is total job duplication. Layoffs will happen. The timing is the only unknown.
I don’t know where you’re located , here in Ohio it’s horrible not hiring ppl leaving and not looking back .. complete silence.. lies when you ask what’s going on…ppl doing jobs of 3 ppl or more …lack of bodies means work piling up … if you look at job boards in the ohio, Georgia etc no CS being hired, outsourcing CS and last but mot least ..Opening a East Coast CO in NC with many job posting there.. doesn’t take a rocket scientist to figure out many offices will be closed and shifting to outsourcing and NC