They are laying off so they show a profit in Q4 and from an accounting standpoint severance pay won’t impact or decrease profits (different bucket). Then next spring the ELT and leadership - mind you not band 4 or below - will get stupid bonus money for the “profits” of 2023. The one thing they’re absolutely horrible about is trying to avoid displacing employees by giving them the opportunity to automatically get interviews for an open position that they qualify for. They just burnout talent and kick to the curb.
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For those asking why? Earnings review and stock. Go buy some Cigna stock bc it’s about to go up. The story they tell is called “cutting costs” (layoffs) and this makes shareholders very happy. These layoffs make Cigna look incredible.
I’m a contractor and noticed a trend last week regarding layoffs. I decided to research it and here I am. We’ve been told we’re on a hiring freeze so those of us who are contractors are just waiting and waiting to be converted. Learning of the layoffs definitely doesn’t sit well. And my Team Lead is pretty unresponsive so I can’t even bring it up. Am I wasting my time in this role?
They don’t care if we survive. We are all just a number to them. They are making big cuts and would save more if we just left on our own terms.
It's crazy that we are paying 2-3x for everything and they are LOWERING salaries. How do they expect us to survive?
If they are eliminating large groups of people every 2 weeks as mentioned in another thread, then I could see them shuffling around the wording for the job descriptions and then reposting the same jobs but at lower band levels and salaries. Buckle up.
Well that was the point wqsnt it? Layoff and you can repost to the role at the lower rates of pay.
I knew someone who was laid off (not in this cycle). His role was later posted at a lower band and salary, although the title nomenclature was a little different. Same job description and responsibilities, though.
Easy Answer: poor leadership = David Cordani.
What was the point of layoffs?