Alcon is struggling with low margins - a legacy of the burden placed on it by Novartis-sized staffing decisions. The board has now hired McKinsey to execute a comprehensive reorg over the next 18-24-36 months in 3 phases: this will result in 23% layoffs across the board, starting in non-revenue generating functions like IT - removal of middle-layers, outsourcing, getting rid of all 'NBS' personnel, lowering job bands, reducing travel, postponing big ticket capital projects.
Sad but true: Alcon will look very different 2-3 years from now, operating as a lean, low-touch sales digital company. Pensions are already eliminated, and 401k company match will be slashed as well - except, if you are a VP and survive, you will still get $$$
OP is spot on. With Pharma now gone we are way to bloated with personnel. It is sad, but the company is a different Alcon compared to the past. We need to lean out and right size to be financially viable and able to compete without the vast profits delivered by Pharma. The ELT is the best we have had in a very long time, and seem to be making all the right decisions.
I see Alcon acting like scared children since the novartis spin off. As well I see the jockeying on the brand teams to be hostile. We need pharma products back in the mix! Pharma gives a surgical capital equipment company balance. Right now we just have our hand out asking for more money from customers. But buy buy Everyone feels like there neck is getting stepped on and then home office wants field activity. Show me your value to be with us or don’t come bother us. And one more thing they said transparency would increase here. Bullshit.
If you think Novartis didn't make us sign a non-compete agreement as part of the separation, you're smoking something. It will probably be a good five years until we can even think about bringing a new pharma product to market.
No one works. Sales force is a bunch of yards who never leave the house except to go to the gym worthless deadbeats