Does anyone know Abbvie's severance package since our wonderful leaders on the conference call told us nothing? Don't you think they could have at least included Shire's severance packages in the merger since they are getting paid millions?
I believe you get a kiss on the cheek, a kick in the a$$ and a warning not to let the door hit you on the way out.
Why are you such a moron? People like you should be allowed to voluntarily receive a pkg to leave. Who said we were getting RIF'd? Abbvie will evaluate the value of both sales forces and make a decision.
Their answer was inadequate given there are many other cogs that keep the machine moving, in addition to Sales. Finance, HR, Facilities ECT are all going to be redundant roles and we all know how much redundancy is loved here. When layoffs happen, why wouldn't severance package fall under the Change of Command policy?
I agree! I thought we would get the Shire severance package with the Change of Command Clause. We need specific answers so we can decide to either start seriously looking now, or hang right here.
I have been involved in two Pharma acquisitions before at a senior level. Believe me, it is NOT an equal proposition. The acquiring company has a higher number of reps/managers/home office/research/manufacturing who will stay and the company who is being acquired has more reps/managers/home office/research/manufacturing that will be let go. Expect a 30% to 40% reduction in force from Shire, maybe a 10%-20% from Abbvie. Sorry, but this will be true. You can bitch, moan, cry, or say it is not so but in 6 months to 1 year, this will be the case.
And we did not get those answers today. I find it *very* difficult to believe they have no idea what the severance packages will be for anyone aside from the chosen 30.
Absolutely correct. The buyer will take care of its own, as it should. The buyers MAY plug in Shire reps to plug any holes. Even then, their days will be numbered. I would expect at least a 60-70 percent Shire, maybe 20 from Abbie...that will be their dead wood. Blood is thicker than water.
They don't really know. On average for the industry expect 2-3 weeks pay/yr of tenure, 6 mos to a year of health benes, and a kiss on the lips. The big boys will take care of themselves and divide the scraps among us peons. Good luck and God bless to us all!
They don't really know. On average for the industry expect 2-3 weeks pay/yr of tenure, 6 mos to a year of health benes, and a kiss on the lips. The big boys will take care of themselves and divide the scraps among us peons. Good luck and God bless to us all!
In this case the buyer has a large portion of Abbott employees with big salaries and pensions to unload. They also have devisions that are under performing. Secondly, you have to consider the financial situation of Abbvie. They need a salesforce capable of keeping the sales coming in and growing. Shire predicted 50% growth by 2017. Abbvie does not have time to train its own people.
Your logic is spot on. but mergers aren't logical. My third "merger", and logic never entered the picture. "Merger" is only a better word for buyout. We were bought and paid for. The honeymoon celebration will last about 90 days. You will see an upper management shake-up leaving most Shire people demoted, or gone. The reps are next. Training is3 days to a week; cheaper to train an experienced rep than keep one with the extra pay, benes, etc. Predictions are just that, pie in the sky dreamed up by an overzealous marketing team keeping their jobs. If the growth prediction is met they take all the credit, if not, the sales force is to blame. I hope your logic is what happens.....but I truly doubt it. You will be very surprised with the amount of cuts in the sales force and who goes and who stays. It will be very interesting to see.
