Why is Pfizer increasing our co car charge to 175 month person & 275m for spouse? Also car allowance which avg 500 month going down to 350. Is this part of the cost cutting that CEO Alberto demanded Presidents & VPs to find to elimiate or reduce? Also healthcare going up 20% next enrollment, and looking at 100% TBOs for Bonus in 2021. Just alot of expense areas being cut or passed to employees. Seem like CEO related to expense cut initiative he gave BOD.
I am a DM on the B&I advisory board for 2021. This is true, the Execs have propose this fleet cost increase of Personal Use charge as well as having rep pay year end personal taxes on personal miles. But to the best of my inside knowledge this has not been finalized yet. (The DM advisory board with DMs from different divisions pushed back strong on this. We didnt think another cost cut or more costs pushed off to employees is a good thing given all the recent negative cost changes that the employees absorbed the past few yrs. The major one is medical healthcare prem costs that is going up a little more next year. That has literally doubled in the past 4yrs for reps) While this post is accurate intel, HQ has NOT signed off on anything as far as I know.
I heard this as well from my DM . Pfizer every year cuts costs as the expense of reps or passes along costs to the reps. I get it from a corp finance perspective, not matching 401k but once a Q to make $$ on our money basically, Eliminating Pension that would be 1-2million a yr in 30yrs. Eliminating the lifetime retiree medical & Rx program Doubling and now tripling the cost of our monthly healthcare prem vs 5yrs ago employee costs. Increasing company car charges for personal use. (There are a dozen more cuts Pfizer has done at the employee expense) but just these listed save Pfizer 100s of millions a year globally. Now why other companies do not do this to employees IDK--- maybe because they are increasing sales & revenues while Pfizer has lost every year since Lipitor LOE.
Compare it with folks in your community that work at small companies and are struggling with COVID-19. We have it pretty good and you guys sound foolish griping about stuff that we have better than many many folks. If you know of a company doing it better...you can always try and latch on with them. Your job will be filled here very quickly by someone thankful for the opportunity.
Well thank you for the liberal view on things making the world sound much worse than it is. To answer the question -- yes take the allowance if it breaks even or better. Usually 500 month
What else is new w Pfizer. Passing costs to employees. Its called balancing the balance sheet when you have not grown sales or revenue in 10yrs.
I agree I love it here,and like how they have handled things during this time.Im also sitting here enjoying my free food that they let us expense today!
And the freeloaders Starbucks daily doing 1 VCC a week. Gravy train coming to end though in 2 wks and then bloodbath come Jan Feb. So enjoy the lazy day freebees
You havent been w Pfizer very long. They always increase costs every yr but only give 2-3% merit pay raises. Use to be zero costs for co car, then $25, then 50 then 100 then 150..etc. passing costs to employees will never stop.
All pharma reps have jobs sister. So look at comepetion and compare apples to apples. The entire industry is grateful to have jobs but now compare benefits of each. Pfizer is at bottom on most in nickle and diming employees. Started 7yrs ago when they screwed employees w the Pension while giving CEO $20 Million bonus that same year. Just remember Pfizer can talk and give BS about culture but it is the worse as they only view you as an employee number. 4 CEOs in 20yrs in perfect example
Well when revenue is flat, your biggest product Eliquis is 50% profit sharing w BMS, Oncology products not meeting end pts with too high of quotas, Biosimilar stuck in 1st gear the past 4yrs since launch, IM products flat, Eucrisa not even paying for reps salaries, & Xeljanz cash cow hitting a concrete steel reinforced pier driven mountain of a wall called Rinvoq then you better look to cut costs , expenses & overhead where you can or your stock is going to tank of you do not hit the net bottom line number. Any & All cuts will not take place until 2021.
With lack luster sales & limited pipeline, you will see Pfizer cut back in all areas across the board in 2021. Especially being one of the largest pharma companies with massive overhead expenses. The VCC was an accidental pilot to show how reduce headcount w virtual rep coverage of many offices can work. Healthcare prem will go up for employees. Certain exp likely to be passed to rep like cell phones, etc Co car charge will likely increase. TE will be reduced Merit raises will stay at 2-3% Globally this will be hundreds millions in savings.
$250 a rep for personal use is outragious . Pfe is self insured so they trying to make Tax FREE money off of us. $250 month in 2021 is absurd . I m going be force to take co car allowance now
