December Layoffs to be much larger than expected !!!!

[Anonymous]

Amen Brother! Another year closer to retirement and at this point in time (54) I will "Try" and hang on for as long as I can. Medical, Pension and Great Medical benefits are all I need to convince me too tolerate the big blue for a few more years.

 

[Anonymous]

Big correction: "Over 50 - try to hang in there till 55 and its all gravy from there." NOT TRUE. The only reason to stay until 55 is for the primary insurance coverage which is voluntary on the companies part..... meaning since its not a contractual agreement if the age/time in employment is met.....it can be terminated at any time. That will be coming, when Obamacare delay to employers happens in 2015. You can count on that. The only other reason for anyone to stay is if they have a good number of years into the pension and they want to squeak out a few more. Period. Try asking a 55+ how the job market it, esp. in pharma once they get layed off.

The pension is the reason to stay. I'm assuming anyone nearing 55 probably has some decent tenure and is eligible for a pension once they hit 55. It doesn't say "quit" when you hit 55!! As far as health insurance in retirement, is anyone really safe anymore (in any industry)? Never-the-less, Obamacare is making it more affordable for all us all…right? The underlying theme of this message is to get out if you can. If you're 55 and can retire(if you're laid off), your pension can supplement a lower paying job if you unfortunately get laid off (and have to continue to work). Hopefully, you have built up some good tenure (20-30 years) and will get a good payout (lump sum or annuity).

 

[Anonymous]

Amen Brother! Another year closer to retirement and at this point in time (54) I will "Try" and hang on for as long as I can. Medical, Pension and Great Medical benefits are all I need to convince me too tolerate the big blue for a few more years.

Good luck! I know how you feel. I sweated out the last 5 years and made it. Its a beautiful thing once you get there. We are the lucky ones.

 

[Anonymous]

The pension is the reason to stay. I'm assuming anyone nearing 55 probably has some decent tenure and is eligible for a pension once they hit 55. It doesn't say "quit" when you hit 55!! As far as health insurance in retirement, is anyone really safe anymore (in any industry)? Never-the-less, Obamacare is making it more affordable for all us all…right? The underlying theme of this message is to get out if you can. If you're 55 and can retire(if you're laid off), your pension can supplement a lower paying job if you unfortunately get laid off (and have to continue to work). Hopefully, you have built up some good tenure (20-30 years) and will get a good payout (lump sum or annuity).

All true. I'm one of the very lucky ones at age 59 with 30+ years of service. Now I'm hanging on as long as possible but a layoff package would be OK too. Sadly, most people here aren't that lucky.

Pfizer leadership will dump the retirees onto the new public healthcare exchanges as soon as they can. That might end up being a good thing for the retirees as well as the company.

 

[Anonymous]

Ian Reed needs to be called out that when he says their will be minimal disruptions to the business he really shows his naïveté and cluelessness of how the businesses run. When department leads make their changes (mark their spots) there is a trickle down affect that can end up being a loss of knowledge/talent and ultimately results. Unfortunately, the musical chairs will continue and there will be too many people than chairs and critical commercial knowledge will be lost. I recommend Ian be honest and just say we will make changes based on the new leaders, which is the we've always done it and will continue to do it. We keep making our earnings targets, so who cares. The cold heartless Fortune 500 company's mantras.

Ian Reed is being honest, and if you knew anything about the numbers, you would see that.

In the doom-day scenario, say 1000 reps are laid off, at an average cost of $200k per rep, that is $200 million in costs.

Pfizer's revenue is estimated to be over $50 BILLION in 2013, so that rep cost savings is really less than 1/2 of 1% of revenues.

In the grand scheme of things, you and your rep buddies are a "minimal disruption" when you are dealing with numbers this large.

Your opinion of your value and your strong sense of entitlement are laughable. The fact of the matter is, you are less than a rounding error.

 

[Anonymous]

No sympathy. You've dogged bullets for years. eventually you're going to get caught. If you are still a rep and haven't moved up the corporate ladder, you're an idiot if a lay-off cathes you by surprise. Get promoted or get out. idiots

 

[Anonymous]

No sympathy. You've dogged bullets for years. eventually you're going to get caught. If you are still a rep and haven't moved up the corporate ladder, you're an idiot if a lay-off cathes you by surprise. Get promoted or get out. idiots

Getting promoted diesn't save you. I have friends who moved on a promotion only to get let go 3 months later. Never move your family for this co. You are a number and nobody cares when the axe goes down. Pfe has mo products and too many employees. Period!

 

[Anonymous]

All true. I'm one of the very lucky ones at age 59 with 30+ years of service. Now I'm hanging on as long as possible but a layoff package would be OK too. Sadly, most people here aren't that lucky.

Pfizer leadership will dump the retirees onto the new public healthcare exchanges as soon as they can. That might end up being a good thing for the retirees as well as the company.

Remember, interest rates are at all time lows. If you are eligible for a lump sum you will NEVER get a better payout. Working a few more years with rising rates may mean a smaller lump sum (and therefore working for nothing). Severance is your golden parachute. Good luck.

 

[Anonymous]

Interest rates are not at an all time low, they were about 9 months ago.

 

[Anonymous]

Interest rates are not at an all time low, they were about 9 months ago.

True-but do you think they will go lower or higher in the next few years???? The key to the message is that interest rates will be rising and your payout will more than likely be lower 2/3/4/5 years from now than they are now. Hence-working for nothing with the lower payout. It may not be the all time low (I guess that was around March-April-May), but they are still low. It was just some friendly advice. If you are near retirement age and have been checking the calculator (and talking to people who know how it works) you know what I mean.