End of year Layoffs

So early word is December lay offs. Layoffs will reduce some costs ahead if the merger completion in Q1. Most all sales forces affected. Not sure about hospital as we didn’t discuss that division.

Primary Care and DMs will be slaughtered.

Thanks a lot Brent Saunders

 

You betcha- they never intended to pay anyone’s PTO payoff January 2020. All part of the master plan.

 

Y'all have no idea, as to what in the hell will happen.

 

Yeah, right. No one believes that you're "in the know." You're just a troll offering speculation like everyone else. "Not sure about hospital as we didn't discuss that division." LOL….Get a life and stop scaring people. We are anxious already without you making up stuff.

 

I don’t need a no nothing nobody to tell me this will end in a bloodbath. Everyone already knows that.

 

To prune or not to prune, that is the question... Whether 'tis nobler in the mind to embrace The opportunities and blessings of outrageous fortune Or to sequester oneself in a bounty of dead wood that leads to stagnation...

 

Are they able to make cuts prior to the deal being completed or does the deal have to be completed before cuts can be made?

 

They can do whatever they want. Smart money is cuts BEFORE the deal is set to close.

 

Why are you asking the OP a question as if he/she has any idea as to how this will play out? Cuts before -or after- means everyone should be interviewing

 

In a merger they freeze jobs at both companies but this is an acquisition. Any money saved by laying people off now will be redirected back into the pockets of the investors who pushed for this deal to go through in the form of stock premiums once the final costs of the acquisition are determined.

BS had/has one job, to maximize profit for shareholders. Unless you are co-promoting a drug with another company and there is a contract in place saying you have to have X number of reps selling it, all bets are off.

The whole motive behind this is to recompensate investors who have lost money since the stock has fallen so low.

 

What about the Aesthetic side? Any word on the following divisions: Coolsculpting, Botox, SkinMedica, Implants?

 

They can do what they want, but layoffs would most likely be after the sale is final.

For the regulators, they have to be careful what they start discussing between the two independent companies. Anything that could appear as if they are strategizing as two separate companies would not look good. In the past, not a big deal, but these days, the regulators are looking to hang "big Pharma" out to dry...I would be surprised if there were layoffs prior to the sale.

 

Not true. There are a fair amount of people at Allergan who have worked at other places where there have been layoffs (even Forest and Actavis).

There is a pattern/template to layoffs.

And the Leadership has the template for layoffs. Ask anyone who has been laid off from pharma for 2 or 3 times or more and they can tell you about the timeline and how things happen.

And anyone who knows anything about a merger (which is BS as there are never really mergers - 1 company always reigns supreme) or a purchase (like AbbVie and Allergan) knows that there will be layoffs - you don't need 2 company HR departments, 2 company training departments, 2 company marketing departments, etc. etc.

Good luck and let us know what you learn.

 

I read the change of control document it looks like I would be getting 39 weeks of pay based on my short tenure.
Hypothetical question: Lets say layoffs start in December 19' and we would have qualified for club. Does the Q4 bonus that would have paid out in March 20', and value of a presidents club trip get added to the severance?

Thanks

 

In my experience, for what it is or isn’t worth, you must be working in the territory through December 31 to qualify for Q4 bonus. Once that layoff letter is in your mailbox, even if they continue to pay you through the end of the year, you are out of territory. If they layoffs are on 12/19, no bonus.

If the layoff letters/announcements go out after January 1, which I highly doubt, I believe they legally have to pay out Q4 bonuses.

As for PClub and any associated $ or value, no, nyet, nada. Sorry. And again, in my experience, for those who are still standing, they won’t “adjust” the PClub winners to make up for those who were let go.

It’s all ugly, but don’t take it personally. It’s business, Corporate America, and part of the risk of working in this industry.

Again, my experience. You asked. Maybe some other CP poster out there has another idea.

 

In my experience, for what it is or isn’t worth, you must be working in the territory through December 31 to qualify for Q4 bonus. Once that layoff letter is in your mailbox, even if they continue to pay you through the end of the year, you are out of territory. If they layoffs are on 12/19, no bonus.

If the layoff letters/announcements go out after January 1, which I highly doubt, I believe they legally have to pay out Q4 bonuses.

As for PClub and any associated $ or value, no, nyet, nada. Sorry. And again, in my experience, for those who are still standing, they won’t “adjust” the PClub winners to make up for those who were let go.

It’s all ugly, but don’t take it personally. It’s business, Corporate America, and part of the risk of working in this industry.

Again, my experience. You asked. Maybe some other CP poster out there has another idea.

 

I appreciate the candid answer and this is more or less what I was expecting to hear.
Follow up questions. If we are given the choice to stay on with abbvie or take a severence what would/will you do and why? Or does it even work that way?

 

I’d read through the employee FAQ doc. Seems like they’re going to be honest for once and pay bonus?