Thread regarding CVS layoffs

PBM= pharmacy benefit manager
CVS Caremark

What is PBM?

I support PBM business--this doesn't sound too good...

Can they layoff that software engineer from Burlington who never stops spamming this board?

That does sound very worrying. If you don't mind me asking.... What line of work are you in at Aetna? You mentioned that you work in an area that is cut often.

Maybe people in that area can start prepping their backups.

It’s sad to see many posts on the topic but it’s our reality. I love Aetna and for my first 14 years, I never worried about a layoff. And then when we had a restructure and positions were duplicated, I was let go. It was so surprising and unexpected. I had survived so many of them before. Also, I was rated a 4 in every year except two, won awards and even received 2 off cycle bonuses for different work that I had completed over the years. Not tooting a ho-n here but demonstrating that it doesn’t matter who you are, what you contribute, it’s the bottom line $$. Hits you hard although they do offer continued pay for those laid off at a base level and then you get additional weeks for years of service. I took the time off and eventually applied and came back. It took a solid 6 months and countless interviews to get the offer but had two at once. I work in an area that history shows is cut often so thinking here we go again. When I was laid off a few years ago, it was October. That aligned to what Karen said with difficult decisions for September and also thought the cvs side and Pbm would be hit mainly but not exclusively. She talked about all areas. It’s so stressful because it feels like we have no real job security. If I get cut again I don’t think I’ll come back a third time!!’ Ugh good luck you all it’s like the hunger games at Aetna :-(

Cvs

Unless you are a protected Karen pet or one of her pets pet we all are in trouble.
This leadership only about enriching themselves. Maybe not push out all these expensive new software programs like Collegue Hub if want to save costs. You know someone's son/daughter/nephew/neice etc must have helped sell to CVS so they need to push a whole new employee system.

let's join Google and Meta. !

I see. I joined CVS as an engineer earlier this month in the PBM team and am already regretting leaving my former company!

One thing I was counting on was that layoff lists are usually made months in advance. But if the layoffs happen towards the end of the year, it is possible for new hires like me to end up on that list.

If history proves to repeat they will get rid of higher level, higher paid people. Karen is a product of Aetna and now runs it all. CVS and Aetna both are happy to cut people but have done it differently. Usually it happens end of year.

Back in 2006 the PBM did that and around 2016 or so Aetna cut.

First you see very senior people retire and pursue other interests. Notice the SVP and EVP retirement back around April once they got their options?

At the PBM senior managers, directors and such all got hit and then a few months later the VPs who did the dirty work were 'pursuing other interests'. At Aetna last time they offered an early retirement package.

Both go for the older, higher paid staff as that is were the big dollars are in salary, benefits and even vacation time.