I have a feeling they will do more layoffs today through optum
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Those spooky feelings... Halloween isn't really over I guess.
On October 26, 2023, Optum, a part of the healthcare giant UnitedHealth Group, proceeded with a second wave of employee layoffs. This development is particularly striking given the company's strong financial performance in the third quarter of 2023. UnitedHealth Group reported a 14% increase in revenue to $92.4 billion, with both Optum and UnitedHealthcare experiencing double-digit growth. Operational earnings also saw a significant rise to $8.5 billion.
Amidst these positive financial results, UnitedHealth Group's CEO Andrew Witty commented, "As a result of our colleagues’ steadfast focus on helping people access and receive the care they need, we are well-positioned to help even more people and continue to generate strong, diversified growth in the coming years."
Despite these affirmations of growth and stability, the decision to reduce the workforce has been made, even as CEO Andrew Witty's compensation was reported at $18.4 million for the previous year. This juxtaposition has led to discussions about the potential for executive pay cuts to avert such extensive layoffs.
The pattern of layoffs at Optum seems to echo a trend identified by Stanford Business Professor Jeffrey Pfeffer, who has termed the widespread job cuts across the tech industry as “social contagion,” suggesting that companies may be influenced to lay off workers because it has become a prevalent response, not necessarily because of financial exigency.
For more information on UnitedHealth Group's financial outcomes and executive compensation, please refer to the following resources:
• UnitedHealth Group's Third Quarter 2023 Results: https://finance.yahoo.com/news/unitedhealth-group-reports-third-quarter-095500107.html
• CEO Andrew Witty's 2022 Compensation: https://www.fiercehealthcare.com/payers/heres-how-much-unitedhealth-ceo-andrew-witty-earned-last-year
To explore the concept of "social contagion" in the context of recent layoffs:
• Stanford News on Tech Layoffs: https://news.stanford.edu/2022/12/05/explains-recent-tech-layoffs-worried/
A feeling? Please, I don't need the added anxiety from your feelings. Do you think you could just have gas?
received word consultant relations was hit with employee reductions
How can you guarantee there will be no layoffs throughout the entire company today?
There will be no layoffs today.
Waiting for any last minute meeting scheduled for today titled "Business operation update" or something of the like.