Thread regarding CVS layoffs

Hilarious that she lays off domestic employees while the IT department has been completely taken over by the very consultants she says she's going to trim. Tickets sit open for 6 months that could be finished in a day if Infosys were willing to grant the right access. Stock will only continue to go down, and the fraud will only continue to proliferate.

if karen really cared, she and her directs should forgo their bonus next year so a few thousand people can keep their jobs.

But but.... The dog and the blind man were supposed to make you all feeley and grateful to have ever even had a job. The government grift is over and now we're possibly gone. Who the heck will fix all the offshore mistakes. Good grief this definitely takes a toll on our health and well being. I'd rather have not known.

I recently bailed from Aetna after a 16 year career. I watched the company go through many acquisitions and at times, it was a good place to work. However - after the CVS acquisition, it all went to h*ll. It quickly became the most toxic work environment I had ever seen. I worked in the Medicaid division- made it through so many rounds of layoffs but in the end, I couldn’t take it anymore. I was working the equivalent of 3 people’s job and no one cared. Work life balance? Yeah no. It was all about the bottom line. 80+ hour work weeks. Terrible c-suite leaders and no accountability. I never realized how toxic it was until I left and worked for another company that actually values what I bring to the table.

CVS Health Corp (CVS.N) reported upbeat second-quarter earnings on Wednesday, and said it had begun implementing a restructuring program to cut costs after a recent spree of acquisitions, sending its shares up over 2% in premarket trading….this statement should show the layoffs were all due to Karen’s spending spree.

Fu-k karen

23 yrs with this company. Not surprised AT ALL about the $23 million Karen took home, while my staff struggles to earn a decent living. You're right about the entire corporate level not being in touch with the real world. Preach Help with heart, but put in self checkouts; promise all stores go to 2xHOO by year end, then just not follow through; preach getting a store open during severe weather because "if someone dies because they can't get their medicine they will sue the company", yet let's close the pharmacies on major holidays (guess it's ok to die on Christmas); talk about cutting cost through layoffs but continue to roll out new programs involving useless paper, signage, repetitive processes, and processes that just have absolutely no meaning. There are sooooooo many corporate departments that have no clue what another department is doing it's pathetic (at store level this means "one week we do it this way, next week we do it a different way"). And as for the news stories about se-ual harassment? LMAO.... happened to me (a guy), the retaliation started, CVS left both supervisors in place. Eventually one was fired for illegally doing paid outs. But now works in a CVS pharmacy again!

Good thing we just spent all that money revamping the empty buildings!

Oh boy she’s horrible

My mother works on the aenta side she is an insurance claims adjuster and works customer service. She has been told they constantly talk about the out source/ out of country workers and how efficient they are. ( they get work done fast but over half.is done incorrectly and has to be fixed) so she thinks they just want to cheaper labor.

So 5000k employees will be laid off while Karen took home MILLIONS worth of bonuses?? But she wants us to believe we are valued??? She only cares about lining her own pockets. Damn shame.

Karen has done a GREAT job of adding new layers of upper management since replacing CEO and President Larry Merlo. Let’s see how many of these non-client facing high priced executives are included in the 5,000 layoffs. CVS has spent big bucks buying other companies but has ignored the need to spend money on improving existing, antiquated processes especially in the area of marketing communications. Oh, and I hope those holding the knives give a hard look at all the “Directors” and whether or not they really contribute to the organization’s successes.

I wonder what the criteria for identifying the 5k people will be? Jobs and departments not critical in the next 2-3 years? Lowest performing employees? %reduction of headcount across the board? 5k is kess than 2% of the whole 300k workforce; I'm actually thinking this is just the first wave

That’s a whole he-l of a lot of words to say nearly nothing. Synergy, integration, blurgityblug. Talk about reducing redundancy… how about we start with that email?

I hardly fill my prescriptions at cvs, more expensive. The items in the store are overpriced. Even with employee discount everything costs more

So, we are expected to bug the heck out of our elderly customers (which are the majority) to go digital and give us an email?! I don't think so! We're talking about people that despise technology and don't agree with CVS's values as a company, just saying.

They were late entering the direct care delivery ( other than minute clinic). They need to play catch up to Optum, Walgreens and even Walmart and Amazon.
I get that new tech ( AI mostly) will make some Aetna work more efficient but the catch up on care delivery ( purchase of Oak street and signify) is costly.

Karen is the biggest joke I have seen at CVS. Tone deaf and doesn’t give a damn about the employees. I would beg her to come work in these stores for a week. I’m not even sure she would last half a shift.

So now that CVS used their staff to sail thru the Covid 19 Pandemic,
that are going to toss them out with the bath water. This company is a pariah on
the people it serves, it calculates every move as to how to best coerce it's customers to move through their ugly stores, weaving them through aisles of cr-p no one needs, but sadly, impulse buys. Ask yourself this; if CVS was the benevolent giant in the Healthcare industry they espouse to be, why do they drag their elderly patients through the entire store, to get to the pharmacy?, would that not serve their clients of advanced age by moving the Pharmacy to the front of the store for ease of access? Face it, it's a corporate giant, bent on reducing your wallet, and filling it's coffers. They care not, about You, your Job, your input, your talent, it's a machine, and you are feeding it. I would really love to see the day that the mom and pop pharmacy returns to the fold, and we can ignore these corporations and their menace on us as a society. Shame on you CVS. Worst, I was actually a part of this machine at one time, Shame on Me.

I also feel those 2 acquisitions were not in the best interest. All the Government Covid $-dried up and the hardworking employees will pay the cost.

"Any relation relationship to recent acquisitions?"

I think that I've heard that the acquisitions of Oak Street and Signify went through faster than anticipated and that we didn't have the money on hand so had to take on debt. Not sure if this is accurate but just what I heard. Also, add to the fact that Omnicare loses money hand over fist and is a drain on the company, Aetna losing their Medicare Advantage star rating, and that states/feds are coming after the PBM and looking to chew into that business and you have a perfect $h!t storm.

Personally, I think Merlo has some blame for this. He inflated the company only caring about growth but didn't give a cr-p about sustainability. He bailed before the CVS bubble busted and, well, the CVS bubble is now busting.

Any relationship to recent acquisitions?

I knew that layoffs were coming after Karen's statements during the town hall meeting the other week. She talked about how the company was facing a recession and inflation, but I couldn't help but notice that she herself took home $23 million USD in bonuses last year. It seems like she was more concerned with making the "line go up" for shareholders than with the well-being of her employees. Frankly, I knew she cared about her $$$ only but anyhow...

It's hypocritical. Karen talked about how tough the economic situation was, but she didn't seem to have any problem taking home a massive bonus. It's clear that she's more concerned with her own financial gain than with the company's long-term health.

The layoffs are a slap in the face to the employees who are actually dealing with the very real impact of the economic situation. These employees are the ones who are keeping the company running, and they're the ones who are going to be most affected by the layoffs.

The decision to lay off employees is a clear example of how out of touch she is with the reality of the situation. She's more concerned with making a quick buck than with the well-being of her employees.

She's out of touch. The entire C-level line-up is out of touch.

Ge-z. Bloodbath.

Well written. I'll ask ChatGPT to create a similar one.