oops! GSK Fuzzy Math...hundreds? silly you meant thousands

So...GSK would prefer not to state the actual number of layoffs but the quote is "hundreds". Ahem. It's 900 in RTP alone (funny joke, Deirdre, indicating layoffs would be similar between Philly & RTP).

Pharmacy, Med Ctr, ICT, IDN, RCE, CML divisions have been obliterated. I think it adds up my little Glaxo Math Wizards.

I am sad. The few things that actually were starting to make a difference from a Pt First perspective are what has been cut. I know there are many hateful, ridiculous posts on this site but I will tell you that the majority of GSK reps that I know are hard-working, dedicated to their customers and loyal to this company despite the stress and poor treatment.

I hope your hasty approach of only slashing prices works for you. We need to be competitive but if you make it only about price, you will lose. Someone else can always go lower. Good Luck.

P.S. Really poor form to clap and smile at the end of the broadcast announcing massive layoffs. Just saying

 

Agree, the numbers don't add up. There are (were) over 2000 people in R&D at RTP. DC also said "about half" of the 600 cuts in NAP were coming from RTP. And the target numbers for support functions haven't even been announced yet.

It looks to me that the final number of job losses will be far greater than 900 (which is the number published in the WARN letter for Q1 only). When all is said and done, it looks like RTP will shrink from 4500 now to half that size by the end of 2015...

 

Dierdre wasn't counting on all of us to be able to do math. That's really sad when you catch people lying to your face in trying to "spin" things. And totally agree about clapping and smiling. Especially at this time of year. By the way, you guys think we will be getting a Christmas bonus?

 

Also, the 900 in RTP does not include the 450 being offered jobs at Parexel.

 

NEW YORK, N.Y. (AP.com) - GsK will reduce its workforce by
an unprecedented 120 percent by the end of 2014, believed to be
the first time a major corporation has laid off more employees than it actually has.

GsK stock soared more than 12 points on the news.

 

The reduction decision, announced Wednesday, came after a
year-long internal review of cost-cutting procedures. The initial report concluded the company would save $1.2 billion by eliminating 20 percent of its 85,000 employees.

From there, said a spokesperson, "it didn't take a genius to figure out that if we cut 40 percent of our workforce, we'd save $2.4 billion, and if we cut 100 percent of our workforce, we'd save $6 billion.

But then we thought, why stop there? Let's cut another 20 percent and
save $7 billion.

"We believe in increasing shareholder value, and we believe that by decreasing expenditures, we enhance our competitive cost position and our bottom line," he added.

GsK plans to achieve the 100 percent internal reduction
through layoffs, attrition and early retirement packages. To achieve the 20 percent in external reductions, the company plans to involuntarily downsize 16,000 non-GsK employees who presently work for other companies.

 

"We pretty much picked them out of a hat".

Among firms GsK has picked as "External Reduction Targets," or ERTs, are Quaker Oats, AMR Corporation, parent of American Airlines, Lockheed, Boeing, and Charles Schwab & Co.

GsK's plan presents a"win-win" forthe company and ERTs, said the GsK spokesperson, as any savings by ERTs would be passed on to GsK, while the ERTs themselves would
benefit by the increase in stock price that usually accompanies personnel cutback
announcements.

"We're also hoping that since, over the years, we've been really helpful to a lot of companies, they'll do this for us kind of as a favor,".

 

"We pretty much picked them out of a hat".
Among firms GsK has picked as "External Reduction Targets," or ERTs, are Quaker Oats, AMR Corporation, parent of American Airlines, Lockheed, Boeing, and Charles Schwab & Co.

GsK's plan presents a"win-win" forthe company and ERTs, said the GsK spokesperson, as any savings by ERTs would be passed on to GsK, while the ERTs themselves would benefit by the increase in stock price that usually accompanies personnel cutback announcements

"We're also hoping that since, over the years, we've been really helpful to a lot of companies, they'll do this for us kind of as a favor,".

 

"We pretty much picked them out of a hat".
Among firms GsK has picked as "External Reduction Targets," or ERTs, are Quaker Oats, AMR Corporation, parent of American Airlines, Lockheed, Boeing, and Charles Schwab & Co.
GsK's plan presents a"win-win" forthe company and ERTs, said the GsK spokesperson, as any savings by ERTs would be passed on to GsK, while the ERTs themselves would benefit by the increase in stock price that usually accompanies personnel cutback announcements
"We're also hoping that since, over the years, we've been really helpful to a lot of companies, they'll do this for us kind of as a favor,".

 

Legally, pink slips sent out by GsK would have no standing at ERTs unless those companies agreed. While executives at ERTs declined to comment, employees at those companies said they were not inclined to cooperate.

"This is ridiculous. I don't work for GsK. They can't fire me," said Kaili Blackburn, a flight attendant with American Airlines.
Reactions like that, replied the GsK spokesperson "are not very sporting."

Inspiration for GsK's plan came from previous cutback initiatives,said company officials. In January of 2005, for instance, the company announced it would trim 18,000 jobs over two years. However, just a year later, GsK said it had already reached its quota. "We were quite
surprised at the number of employees willing to leave GsK in such a hurry, and we decided to build on that".

Analysts credited the short-term vision, noting that the announcement had the desired effect of immediately increasing GsK's share value.

However, the long-term ramifications could be detrimental, said Morgan Stanley analyst Beldon McInty.

"It's a little early to tell, but by eliminating all its employees, GsK may jeopardize its market position and could, at least theoretically, cease to exist," said McInty.

 

Now that's funny right there. I don't care who you are.

 

I don't know who in this company had enough energy and creativity left to come up with the "news stories" but thank you! Nice to find something on here that made me lol after such a crappy week!

 

Only people with a low IQ think this thread is funny.

 

Maybe you should get some FACTS before posting. The 4500 is the approximate total of people in the RTP area and that includes Zebulon. If you LISTENED to DC, she said that of the 600 positions, they were probably equal between RTP, Navy Yard and the Field (that would mean 1/3), yet you could have some offsets from the 120 Mepo positions and we have to factor in other open positions that were posted, so we really don't know the actual amount that will actually get severed until all of that settles out.

 

Factually, there's a WARN notice on file in NC for 900 people already. And that's for Q1 2015.

So...if there are additional layoffs in Philly and throughout the field, the layoffs WILL be in the thousands.

 

Indeed, the PR plant cannot support her facts that only hundreds are affected. It's THOUSANDS.

 

thanks for the laugh...string above is hilarious!!

And yes, I've lost my job but gotta keep a smile on my face as I search for the next job.
I will keep this in mind as I move forward.

 

Read the post again, crybaby. Theerson pointed out what you got wrong. Of course, facts are not something you really care about and math is also not your strongest area.

 

The assertion that the 4500 figure includes Zebulon is incorrect. Zebulon is over 40 miles away, is strictly a manufacturing site, and employs 450 full time and 150 contractors. Not that it matters for purposes of this discussion.

As for getting the FACTS ... we'll never get those because GSK employs careful spin control. I'm reasonably certain that the total number fired from the RTP site (R&D, NAP, and support functions) will be closer to 2000 than 900, but am no more able to prove it than anyone else on this board can prove anything. And, not worth arguing about. It simply sucks for those affected, and those who will remain, on the site.

Thoughts to my friends and colleagues in RTP.

 

You might not like the math, but the WARN notice has the numbers as it is a legal requirement. I know it doesn't matter to you however as you just make up things anyway, just like you did with the 30% cut forecast as well as your prediction that RTP was closing.

Congrats on winning the Jacka$$ of the week award, crybaby.