Walgreens drops discretionary profit sharing match

[wagrxm2000]

Looks like Walgreens is joining cvs on lowering its match, it isn't matching beyond 4% after analyzing where they currently allocate funds and make decisions on how they can optimize their compensation and benefits portfolio. They also are confident that the match is very competitive in the market. Leave it to cvs to lowering theirs and screwing me over.

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[VeeSee]

Walgreens and CVS are two sides of the same coin

They just copy one another

 

[wagrxm2000]

Is this all your going to do on here? They are two completely different companies. I'd never work for cvs.

 

[WVUPharm2007]

Is this all your going to do on here? They are two completely different companies. I'd never work for cvs.

Yet you find yourself complaining about a new policy that mimics what CVS did.

 

[wagrxm2000]

You say complaining, I say informing.

 

[Lnsean]

Is this all your going to do on here? They are two completely different companies. I'd never work for cvs.

The old walgreens of 10-15 years ago? hell yea....that was the Walgreens I interned for. Top-notched company with top talent. I would agree years ago that Rite Aid and CVS got all the walgreens rejects....but these days...I cannot tell the difference between them. Walgreens has gone down the toilet too far too fast while CVS has remained at the same level...so I think WAGS/RA/CVS are all on the same level these days.

 

[wagrxm2000]

What's the one thing people complain about cvs?......metrics. Walgreens practically has no metrics. I can do so much without worrying about metrics.

 

[mentos]

Sorry I'm confused. When you say match, are you referring to 401k? Does that mean Wags matches 100% up to 4% of your contributions? I thought CVS matched 100% up to 5%, did that change?

Or are you referring to ESPP? I know that CVS used to give 15% discount to its employees on its stock, but now it is only 10%.

 

[wagrxm2000]

Sorry I'm confused. When you say match, are you referring to 401k? Does that mean Wags matches 100% up to 4% of your contributions? I thought CVS matched 100% up to 5%, did that change?

Or are you referring to ESPP? I know that CVS used to give 15% discount to its employees on its stock, but now it is only 10%.

Oh so they didn't lower their match? Well that is a little upsetting then.

 

[BMBiology]

Lets see how much this change will cost you in the long run:

Work: 35 years
Starting salary: $125,000 with 2% annual salary increase
Return: 7%
Your contribution: 5%

Balance with 4% employer match: 2,127,149
Balance with 5% employer match: 2,363,499

Difference: almost $250,000 (10% of your balance). Thank you Walgreens

 

[ldiot]

I don't think they are talking about 401k match. CVS is still 5%

 

[wagrxm2000]

Lets see how much this change will cost you in the long run:

Work: 35 years
Starting salary: $125,000 with 2% annual salary increase
Return: 7%
Your contribution: 5%

Balance with 4% employer match: 2,127,149
Balance with 5% employer match: 2,363,499

Difference: almost $250,000 (10% of your balance). Thank you Walgreens

2% annual raise, now that's funny.

 

[Aznfarmerboi]

Cvs is still 5% match. I guess Walgreens took the initiative on this one.

I don't foresee CVS match dropping anytime soon.

 

[Dr Wario]

2% annual raise, now that's funny.

Funny as in low or high? I have never gotten less than 3%

 

[PharFromNormal]

Lets see how much this change will cost you in the long run:

Work: 35 years
Starting salary: $125,000 with 2% annual salary increase
Return: 7%
Your contribution: 5%

Balance with 4% employer match: 2,127,149
Balance with 5% employer match: 2,363,499

Difference: almost $250,000 (10% of your balance). Thank you Walgreens

Shouldn't realistically expect 2% growth for 35 years for those committed to life on the bench. You'll get redlined at some point and given pharmacist supply trends I could foresee those ceilings starting to get lower and lower.

For those unaware of the redline or red circle it's when you've reached the max pay for your position. Typically then raises would be converted to a lump sum which would get paid out with any cash bonus but it's a vehicle to not increase your base any further. At the ceiling you'll continue to get 2% of the max salary as an added year end bonus, not compounded on how many years you've been at the ceiling.

 

[BMBiology]

2% annual raise, now that's funny.

Like I had predicted...cuts will start with benefits because new grads don't understand or care about benefits. All they know is the hourly rate.

Salary increase will then track inflation, even stagnant. The supply vs demand curve never fail.

You can punch in 2%, 3%, 5% annual increase or whatever your heart desired. If you had punched in 5% increase, the difference will even be greater. The % effect is the same...10% off your balance if you contribute 5% toward your 401 k.

 

[BMBiology]

Let me ask you something...what make you think this is it? Companies just don't make one cut. They have a number to hit. The pain is going to spread out to other areas too.

 

[wagrxm2000]

I was actually meaning I thought that was more then we will get. I highly doubt the average will hit 150k in under 15 to 20 years if ever.

 

[mentos]

Oh so they didn't lower their match? Well that is a little upsetting then.

You're upset that CVS didn't lower their 401k match? Okay...

 

[PAtoPharm]

Shouldn't realistically expect 2% growth for 35 years for those committed to life on the bench. You'll get redlined at some point and given pharmacist supply trends I could foresee those ceilings starting to get lower and lower.

For those unaware of the redline or red circle it's when you've reached the max pay for your position. Typically then raises would be converted to a lump sum which would get paid out with any cash bonus but it's a vehicle to not increase your base any further. At the ceiling you'll continue to get 2% of the max salary as an added year end bonus, not compounded on how many years you've been at the ceiling.

Just out of curiosity, do you know what the max salary is at most retail chain pharmacies?

 

[ldiot]

Just out of curiosity, do you know what the max salary is at most retail chain pharmacies?

This is kind of a shot in the dark but for PIC I am thinking it's around 70/hr

 

[PharFromNormal]

Just out of curiosity, do you know what the max salary is at most retail chain pharmacies?

I don't but if you take 120k and put a yearly 2% growth on that, I can assure you the salary at year 35 is much higher than the max.

 

[Dred Pirate]

2% annual raise, now that's funny.

I got 7% this year - biggest raise since I graduated!

 

[wagrxm2000]

I'm kind of curious what the national average is for walgreens and cvs. Not sure if that info is out there. I will say I'd be willing to take less pay and work for walgreens then cvs.

 

[maria1oh]

Cvs doesn't do profit sharing. They do a $1 for $1 401k match up to 5%. I thought the walgreens profit match was something like $2 for every $1 depending on profit. Or $1.50 for every $1 depending on profit.

 

[wagrxm2000]

Cvs doesn't do profit sharing. They do a $1 for $1 401k match up to 5%. I thought the walgreens profit match was something like $2 for every $1 depending on profit. Or $1.50 for every $1 depending on profit.

That's what I meant. It's now just $1 for $1 for 4%, there's no addition amount like in the past depending on how well they do. At that end they mentioned its comparable to other companies and I thought they were referencing cvs but I guess not.

 

[PAtoPharm]

That's what I meant. It's now just $1 for $1 for 4%, there's no addition amount like in the past depending on how well they do. At that end they mentioned its comparable to other companies and I thought they were referencing cvs but I guess not.

Do you get any bonus at all (as either a staff pharmacist or as a PIC) if the pharmacy does really well, you meet metric goals, etc.?

 

[Dred Pirate]

Do you get any bonus at all (as either a staff pharmacist or as a PIC) if the pharmacy does really well, you meet metric goals, etc.?

I once got a $12 bonus from CVS

 

[PAtoPharm]

I once got a $12 bonus from CVS

Really, that's it? I thought most retail chain pharmacies were at least a little more generous with bonuses than that?

 

[wagrxm2000]

Do you get any bonus at all (as either a staff pharmacist or as a PIC) if the pharmacy does really well, you meet metric goals, etc.?

Staff do get a small bonus (not worth caring about if you are staff). Rxm gets a bonus based on tier of store (script count) and goals met (% increase in script count, survey score, staffing hours used, and fe sales increase) plus your review. I believe the range is $3000 to $20000 but don't quote me on that. I don't run those stores though since they are either too boring on one end and too hectic on the other.

 

[Old Timer]

This is kind of a shot in the dark but for PIC I am thinking it's around 70/hr

Clearly a shot in the dark......... By someone who knows nothing.

 

[Old Timer]

Do you get any bonus at all (as either a staff pharmacist or as a PIC) if the pharmacy does really well, you meet metric goals, etc.?

My bonus this year was almost 10K. We had a great year. Beat Budget by more than 7% and hit all the metrics except MCE. But it's a crap shoot. Almost 2/3 of that was due to scripts over budget so I won't see that next year. I do so love Obamacare.

 

[Dred Pirate]

Really, that's it? I thought most retail chain pharmacies were at least a little more generous with bonuses than that?

it was a bad year (actually bad quarter - we received the quarterly) and the max we could get was $300 a quarter. We bought a case of cheap beer and drank it in the parking lot after closing,

 

[ancienbon]

My bonus this year was almost 10K. We had a great year. Beat Budget by more than 7% and hit all the metrics except MCE. But it's a crap shoot. Almost 2/3 of that was due to scripts over budget so I won't see that next year. I do so love Obamacare.

You already know your bonus? I wont know mine until next week .