cvs severance package

[sosoo]

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hi, can someone shed lights on what the severance package are ? i have some night pharmacists friends working in the area getting layoffs, but i haven't ask them too many details...

 

[WVUPharm2007]

Years worked minus one = weeks of pay. COBRA included in this period. Plus a swift kick in the junk.

I started in January 2011. So of course they round down. I got 3 weeks of pay.

 

[NateRobinson]

You got laid off, WVUPharm2007?

Thats so insane. I know offering a new position is counterproductive to what they are trying to do to save money, but God, you would think a Sup/DM who thinks highly of you would offer you a day job somewhere. This company is going crazy with payroll and it's honestly making even me angry.

 

[WVUPharm2007]

You got laid off, WVUPharm2007?

Thats so insane. I know offering a new position is counterproductive to what they are trying to do to save money, but God, you would think a Sup/DM who thinks highly of you would offer you a day job somewhere. This company is going crazy with payroll and it's honestly making even me angry.

He wasn't allowed to. You were put on a list of seniority. If you have hours, you had to give it to the people on the list first. I was in the 20s on a list of 33 people.

No, we aren't unionized. CVS is just afraid of ageism lawsuits.

 

[sosoo]

oh no. thats so sad. 33 people in your area got affected? around here i heard about 5 stores. 🙁

 

[pezdispenser]

I remember last decade we used to talk about sign-on bonuses or which BMW they would get you. Now we are talking about severance packages. How times have changed... 🙁

 

[josh6718]

I remember last decade we used to talk about sign-on bonuses or which BMW they would get you. Now we are talking about severance packages. How times have changed... 🙁

It sadly has changed. I remember first starting as a technician (before PCQ/ready fill/immunizations) and the night pharmacist would talk about recruiters that would call her offering $10k sign on bonuses, drug reps who would always buy lunch, and CVS offering $25 gift cards for people that would transfer a prescription. That was barely 10 years ago- and the store is now no longer 24 hours.

 

[BMBiology]

I remember last decade we used to talk about sign-on bonuses or which BMW they would get you. Now we are talking about severance packages. How times have changed... 🙁

I think we all need to evaluate our own situation.

Why would a company continue to pay a pharmacist with 10 years of experience at a premium rate when it can easily pay a new graduate 15%, 20% less? You can talk about experience but I think most people would agree that the work is relatively easy and you don't need years of experience to do a good job. It is all about having the right attitude.

I am stepping up my game. I don't want to be that pharmacist who is being paid more but is not doing more. I, too, know all good things will come to an end.

 

[WVUPharm2007]

Why would a company continue to pay a pharmacist with 10 years of experience at a premium rate when it can easily pay a new graduate 15%, 20% less? You can talk about experience but I think most people would agree that the work is relatively easy and you don't need years of experience to do a good job.

Yeah...but they didn't do that. They kept the people with 15+ years experience and dropped the newer people.

 

[WVUPharm2007]

I got the official paperwork. Apparently, after I sign I'm not allowed to disparage the company for 2 years. I'm not so sure taking the severance is worth it.

 

[BMBiology]

Yeah...but they didn't do that. They kept the people with 15+ years experience and dropped the newer people.

CVS doesn't want to get sue. But I am pretty sure they know these grave yard, old timers are not going to last. It is a big difference and I expect many of them will look for other positions if they have not done so already.

 

[BMBiology]

I am sure CVS is planning to cut further. So where is it going to come from?

First, they cut tech hours then they close the store an hour or two early. Now they are cutting the grave yard pharmacists. Who is going to feel the blunt of these cuts? The day time staff pharmacist and the PIC. Of course they can't cut the day time pharmacist but they can cut his benefits. If he doesn't like it then he can leave and he will be replaced by a new grad who doesn't give a damn about his 401 k.

 

[josh6718]

I am sure CVS is planning to cut further. So where is it going to come from?

First, they cut tech hours then they close the store an hour or two early. Now they are cutting the grave yard pharmacists. Who is going to feel the blunt of these cuts? The day time staff pharmacist and the PIC. Of course they can't cut the day time pharmacist but they can cut his benefits. If he doesn't like it then he can leave and he will be replaced by a new grad who doesn't give a damn about his 401 k.

They already have in some regards- switching health insurance plans to high deductible plans, limiting pharmacists from hiring full-time technicians vs. part time, and most recently reducing the ESPP from 15% to 10%.

 

[Lnsean]

I got the official paperwork. Apparently, after I sign I'm not allowed to disparage the company for 2 years. I'm not so sure taking the severance is worth it.

does posting online count? Anyway are you in the PA area? How's the job market in your area currently?

 

[zelman]

I got the official paperwork. Apparently, after I sign I'm not allowed to disparage the company for 2 years. I'm not so sure taking the severance is worth it.

Just post everything you can think of before you sign, and reference as necessary

 

[steveysmith54]

I am sure CVS is planning to cut further. So where is it going to come from?

First, they cut tech hours then they close the store an hour or two early. Now they are cutting the grave yard pharmacists. Who is going to feel the blunt of these cuts? The day time staff pharmacist and the PIC. Of course they can't cut the day time pharmacist but they can cut his benefits. If he doesn't like it then he can leave and he will be replaced by a new grad who doesn't give a damn about his 401 k.

In Los Angeles they have already found a way to make cuts in pic and staff hours. Instead of having the staff and pic do 8 hours each daily, they have one of them do 5 hour shift instead. Because only 32 hours per week is considered full time they get away with it. This why is tell the new grads do not bank on getting your 40 hours per week, count on 32 in the saturated areas.