No more severance

word is 2018 and after no more severance packages.

 

assholes

 

Don't know if you are fishing or not, but it would make sense. Everything AZ is now doing is just expediting the tenured folks out. Historically those tenured people wait for a big layoff in the attempt to get a severance out of it to make it more palatable. 2018 should be interesting if true.

 

The lucky ones are those that were within a few years of retirement in 2010 and 2012 and took the severance package. I, unfortunately was not eligible for early retirement then. Some who did, were paid a full salary for two years plus accrued vacation time and a lump sum pension.
The smart ones took the lump sum and anyone thinking of taking the annuity option is a moron. AZ may not even exist in a few years and if they can cut retiree healthcare benefits then they will come after the defined pension payouts next. If offered, I will take the money and run. I don't expect any sense of appreciation or support from AZ once I am gone. They literally do not care about your well being now so guess how much they will regard us when we are gone.

 

Not gonna happen. No severance at all is just not gonna happen. Many reasons why it is offered. That being said, i would not be surprised in the least to see much, much less being offered in the future. One thing for sure, the more moves this company makes against its own employees (i.e. external hires, benefit cuts, shitty merit raises), the more it illustrates how much they don't care. Sad how far it has sank.

 

$0 copay comes at a price. And the market share STILL sucks.

 

I could see a flat 12 weeks regardless of tenure or position (unless you are a senior level leader that negotiated something else as part of accepting the position).

 

Yep and if you are eligible for a pension payout you had better hire a financial expert or attorney to check their numbers. AZ will screw you either on purpose or by their own incompetence. This is all done by contractors working at cut rate prices to the company and their compensated based on how much they save AZ not how accurate they are. If they make a mistake in your favor they will come back and retrieve the over payment but they will fight tooth and nail if you claim a mistake in their favor.

 

Frenchie has a cash flow problem. He burnt all the furniture to keep the house warm and now he has company coming over for Thangiving dinner. All he can do now is ask his guests to bring their own food and their own furniture. Look at the analysts’ earnings estimate. $0.41/share in 17Q4. That puts earning on a straight line decline for two years. Return to growth? Fancy accounting and one time credits aren’t growth.

Face it folks, the industry is imploding. AZ leadership is going to be forced to admit that they are incompetent. To bad the most incompetent will be the last ones standing. If you aren’t interviewing outside of the organization, you better start. If December 7th comes and goes without major layoffs, so what. The company can’t keep burning through cash and burning its steady revenue base.

CVMD leadership needs to celebrate their meaningless awards. In 2018 they will learn that their two largest trials failed to meet endpoints. Current leadership will have moved on and those left holding the bag will be deer in the headlights.

If you are in a hospital role, start looking now! This headcount will most likely to be downsized first.

 

Sr. Representative here. 14+ years with AZ .I've been hoping for years-YEARS- that my name would be called for a severance. Another year goes by, and after giving up, decide to stay another year, only for the same thing to happen over and over. Yes, that's insane. What's more troubling, is that it's clearly evident now that there's not ONE reason for tenured reps to hang on.
You ALL are sadly mistaken that have enough years here that a severance would buy you many months, even up to a year, of $$ to pay the bills.
Point is, 2016 was THE last year to ever see 2 weeks per year.... yet again I admit to being the fool to believe it would remain the same.
I DO NOT, for the sake of those with less tenure, hope for layoffs. I'm only referring to those here long enough that you'd walk away in a heartbeat for a severance.
So, once again, its decision time.
Common sense says it's time for those hoping to get a severance should do themselves due diligence, own up to the fact that AZ will not continue to offer severance packages, and find another opportunity ASAP!
AZ ,with all these changes to pensions, healthcare....is a crystal clear warning sign of what is yet to come. I wouldn't be surprised if the next layoff we get one last paycheck and screw you for your loyalty.

 

HQ source here. Correct! Severance is a thing of the past. You will get 2 months due to WARN Act and whatever vacation due. This does not apply to senior leadership who have contracts spelling out their dismissal and displacement packages. Pascal has a $400 million earnings gap to close. Only way to meet or beat the street will be to cut payroll and benefits to those left standing. Old timers are needed to drive sales. They will be made to feel meaningless and worthless while the young bloods are brought in and promoted into the new leadership. That is when it will truly become intolerable to the old timers, if we aren’t already there. The young bloods have no respect for experience and age they have no tolerance for anyone thinking differently or independently. AZ will not survive long with the current direction and leadership. If you are an old timer test this theory. Slow down and relax. Don’t push the business hard. Watch how quickly you are put on a performance plan. Or work smart and drive growth. Watch how quickly your success is stripped from you and divided equally among those young bloods around you. Your best bet is to begin looking for an employer who values your experience. Let AZ continue to celebrate meaningless awards for mediocre activity. Look out for yourself. No one else will.

 

I took the severance (62 weeks) and my lump sum in the January 2012 layoff. I was lucky. Your comment about checking their figures on the lump sum is extremely important. Let me tell you that they are NEVER ACCURATE! I challenge their figures by letter, and they sent me another check for $12,000! It’s impossible to get a really accurate number for the lump sum. I had a feeling they were going to eventually change the pension in some way! They really screwed you guys! So sorry to see what AZ has become.

 

If you are legacy Zeneca and qualify for the defined pension then absolutely take the lump sum and walk (no run) away from AZ as fast as you can and don't look back. But the advice above to hire a professional who understands how these lump sum settlements are calculated is critical. Trust me, it will pay you back because AZ will try to screw you. They will and only having an attorney on your side will get them to correct their mistakes.

 

or, when layoffs do occur, don't sign a separation agreement. Hope to get one heck of attorney and you know the rest.

 

Always have a lawyer handy with this organization. Take it from those of us who brought legal counsel to the table. I have always compared the leadership of this company to the ducky boys. Those of your tenured enough understand the analogy.

 

I'd bet there are attorneys that could and would take any number of cases when it comes to severances being unpaid vacation vs getting whats in the AZ handbook i.e. two weeks per year,etc.
Never say never, and don't accept what everyone tells you.
Everything is negotiable.
I doubt they would ever take away the 2 weeks per year. 100% certainty a huge class action lawsuit would follow.

 

Hey snowflake, it is totally up to AZ. They can go to the bare minimum whenever they want to and it would be totally legal.

 

HQ source here. This is true. However, AZ has always followed the lead inside of Pharma and matched what was considered the average severance in the industry. But these are hard times for AZ and cuts are coming.

 

HQ source here. I'm actually a janitor who was outsourced and replaced by janitorial / maintainance contract workers.

 

Not just cuts, complete reorg coming.