First lets VERP a generation of employees who see and understand the total dollar value of the pension. Next we set policy to mandate all new hires be early career professionals less than 2 years off campus. Now we can put a survey in the field trading off 6weeks of vacation that costs us only lost production time to take away a pension worth millions to the employee in retirement. The young and uninformed will help us screw the long term Lilly loyalists, and insulate Dave Ricks and the executive committee from critical feedback. Don’t be fooled, Lilly has turned on it’s once loyal employee base, you are going to get screwed.
They have already decided what they are going to do with our benefits, the stupid survey is a front to make it look like we made the choices that have already been made. Then we will blame our fellow workers instead of those that really already made the decisions. Classic
it doesn’t need to be done, or not like this. Lilly was a place you would give to, because Lilly cared and gave back. Lilly is now a place you take from, the executives are in it for themselves, are “serving us coffee” and killing our livelihood with a fake smile. Now actively trapping minorities and young people with the hope of titles, and stripping away real compensation. Wake up. Those that do the minimum to maximize their pay and personal time are the smart ones now. We all get what we deserve.
Any truth to the rumor of 10 pts to take a VERP and get all active employees off the defined pension plan? Timing?
Yep. Pretty transparent that it was “ooh look shiney things for millennials!” We read some reports that they want flexible work locations! And flex time! Probably to do Xtreme sports! We can give them a car wash to clean their muddy SUVs! Do you want that? Well just sign away your pension! Oh you like the idea of a bigger base pay increase? How about we make it “performance based” so we can screw everyone on yearly raises! And we can take away your pension for a 30% decrease in health coverage costs! Yay!
and yeah “hope” of titles... they haven’t been doling them out to younger folks in my dept while all the higher ups continue to get promoted every 3-5 years.
No. VERP is done, if you didn’t take it you’re screwed. Pension payout will be like you retired today, take a look, you just lost a comfortable retirement. We’ll be greeting at Walmart
100% correct. They did a benefits survey shortly before they changed the plan to get rid of the 80-90 points retirement. When they changed the benefits, it was “oh, you all asked for this in the survey”. Not exactly!! Suckers. I still can’t believe the dopes with 84+ points or in their 60s who turned down the VERP. They offered it to 6500 and wanted all of them to take it.
Pensions frozen with a cash out very likely. No health care in “retirement”. They better not reward the dopes who turned down the VERP by giving another one. It should be gtfo or we are cashing you out and selling your pension to an insurance company.
You idiot - this is being done to you too. You think you’re better off? Those that didn’t take the VERP are not going to leave, they can’t now. They are going to stay and block up all the promotions for younger employees who will leave by the thousands. What is the incentive to go if you are older with a higher salary? None. The game now will be job hop to the highest bidder, which is the game for the 25 - 35 year olds. Lilly will have to “reorganize”, and be very careful of the age discrimination they are flirting with. The pension helps people retire, and move out for the young.
Lilly did a similar survey 10-15 years ago. I remember it well. It was a prelude to benefits being cut, and justified by “that’s what you told us in the survey.” It was a oddly written survey. Questions like “would you rather have a 401K or ice cream socials?” It was bizzare. Bottom line, benefit cuts will be coming soon.
We millennials love ice cream socials. Who needs a freaking 401k. I want something tasty and I want it now.
I believe that’s when they changed the plan from a points based system to an age based system. You still got retirement benefits, but the calculations changed so now you have to work until 65 to get full retirement. Personally, I find it hard to believe that Lilly will employ a bunch of geriatrics [ I say that as 1 who as forced out 2 VERPs ago] versus younger, potentially cheaper labor. Lilly is about cutting costs these days. The pension plan and CC are obvious targets. Gotta keep the shareholders happy. Of course I may just be a cynical SOB.
D.R. is a one-trick pony baby ceo...the cuts shall continue...on health insurance for retirement...maybe Davey boy thinks single payer is coming soon?!?
Let's not forget new/alternate gender categories, bring your comfort animal to work & stripper pole/soccer fields
