Thread regarding CVS layoffs

Intel just cut 10% of its staff, Amazon is cutting 15k managers...don't think that numbers like that can't happen here...they will.

How do they plan to continue operations losing people with business knowledge? Anyone who’s new is d-mb and knows nothing. Vendor su-ks, will take NPS. They don’t make any sense when they speak. Scripts only get so far. AI and machine learning is.. never happening. Our business is too complex and we have SVPs pushing their friends companies and getting no where. These executives have no clue the jobs we do to keep the wheels on the bus moving. AI is not the solution. Quit buying companies. Why do ceo make bazillions of dollars. Many other companies had leaders forfeit bonus and raises to save their staff. Cvs should consider.

I think there's bogus information being posted here. Since when is it not the Board of Directors who determines whether or not the CEO is asked to step down? I highly doubt SVPs, who are at levels below the CEO, would be the ones that decided to ask Karen to step down.

What you're saying is equivalent to saying those reporting to a manager would be the ones to ask their manager to resign.

People confirming it's a joke please add why/ how you know.

I spoke to my EVP who is my cousin’s aunt’s brother who grew up in a middle class family that told me on reddit that this is true.

I can confirm this is a joke. Dont believe it.

Ok, this is a joke, dont believe it guys

The workforce is not reviewed on an individual basis. Instead, the review focuses on departments, headcount, job titles, and salaries. Each SVP is advised on the number of positions and total savings required for their respective departments, as determined by the EVP. The SVP then cascades this information down to my level, where we make decisions on who will be let go. These decisions are then reviewed with HR to ensure there are no legal concerns.

At that stage, the AVP is informed, and if they have any strong objections, they can raise them for further review. Once this final review is complete, we notify directors and below of the decisions. By that point, the decisions are final, regardless of any objections from directors. The rationale is that if an AVP does not raise concerns, the work in question is not deemed significant enough to warrant reconsideration.

If I were to share more details, it would be too obvious to those in that meeting who I am referring to. My SVP is a trusted advisor to the individual who worked directly and daily with the person now in charge. In that meeting, there were multiple SVPs present, and the discussion was focused on the strategic direction of the organization. By the time of that meeting, the decision to let Karen go had already been made.

I will refrain from sharing further details to avoid revealing my SVP's identity. That being said, please take the information I’ve provided as you see fit. This is similar to what I shared last year to help people prepare in advance.

Yeah. I agree layoffs will happen but in addition to that they will definitely need some strategy.

Was there anything else discussed during the meeting?

You have made your point doubtful when you said SVP was part of a meeting where decision to let KL go was taken. I doubt EVP would be part of that body let alone SVP. Solely by EVP levels and above, as if they don’t have more important responsibilities and 10 people will sit down to review the bloated workforce one by one. 2 B savings was not a KL announcement, it was a CVS announcement so that will stay as is, nothing new there. Layoffs will come and likely to the tune of a few thousands. 15k is too many unless they decide to shutdown Aetna or PBM

Following the 5,000 layoffs last year, I shared that additional layoffs were likely around the same time this year, and while some asked for proof, we have now seen this confirmed with the recent 3,000 layoffs. I believe it's important to keep people informed so they can prepare accordingly. That being said, it's ultimately up to each individual how they choose to act on this information.

Based on all the posts, we are now ranging from No US based FTE to about 5000 layoffs to 10 layoffs to 15000 layoffs over 2 years.

Layoffs alone won't help to cut costs

When will this be announced? Where is the proof ?

Was layoffs the only strategy they had to cut cost?