Severance Package

[Anonymous]

Heard from a very reliable inside source that Primary Care field representatives will be cut 30% and managers 40%. Will happen either the end of this year or the beginning of 2012. I'm hoping to be cut- I've had enough of this and want to get out of this dying industry. If I could, I would walk away from all this. I'm currently looking at career alternatives- maybe going back to school or starting my own business. Trying to figure out what the current severance package is and how much time I'll have to get started in something else. Can anyone help? Can you explain the severance package? I've done some research on FSnet, but nothing is real clear. Maybe, I'm looking in the wrong place. EVERYONE WHO WORKS AT MERCK NEEDS THIS INFORMATION! If you make it through this cut, there will be another. I predict the future of pharma sales: all contract reps.

 

[Anonymous]

Heard from a very reliable inside source that Primary Care field representatives will be cut 30% and managers 40%. Will happen either the end of this year or the beginning of 2012. I'm hoping to be cut- I've had enough of this and want to get out of this dying industry. If I could, I would walk away from all this. I'm currently looking at career alternatives- maybe going back to school or starting my own business. Trying to figure out what the current severance package is and how much time I'll have to get started in something else. Can anyone help? Can you explain the severance package? I've done some research on FSnet, but nothing is real clear. Maybe, I'm looking in the wrong place. EVERYONE WHO WORKS AT MERCK NEEDS THIS INFORMATION! If you make it through this cut, there will be another. I predict the future of pharma sales: all contract reps.

You are smart to abandon pharma ASAP...it is as you say, a dying industry...(It will never of course, go away, but its good days are long, long gone...)

I too am either going back to school, or starting my own business...Going to reduce my expenses dramatically, and live a very different lifestyle than I was used to...

But hey...no more field visits...no more dopey managers....I AM FREE OF PHARMA THANK G_D!!

 

[Anonymous]

You are smart to abandon pharma ASAP...it is as you say, a dying industry...(It will never of course, go away, but its good days are long, long gone...)

I too am either going back to school, or starting my own business...Going to reduce my expenses dramatically, and live a very different lifestyle than I was used to...

But hey...no more field visits...no more dopey managers....I AM FREE OF PHARMA THANK G_D!!

You sound clueless...or maybe you are a rich dude.

Either way going back to school requires big $$$$, starting your own business requires big $$$$ and you need someone paying the living expenses, health insurance, car, food etc...Expect to have NO income during school and NO income during early years of any business. Even after a business is running its a constantly needing new customers and new business, running costs...Then watch how tough it is to collect $$$ from customers. Ain't what you think it is pal. Nice to dream but get in touch with reality.....

Reducing expenses is good for everyone....if you can dump a house with a big mortgage or escape the living in areas of the country that will kill any homeowner with mega property tax!!!

I just want a job and steady income.....that is being in touch with reality.

 

[Anonymous]

Suzie Orman says, you better think twice about going back to school and getting deeper in debt. It only compounds your misery. Getting another degree is not the problem, its the economy, she says. You're only digging youself into a bigger hole than you're in and you many never recover!

 

[Anonymous]

Suzie Orman says, you better think twice about going back to school and getting deeper in debt. It only compounds your misery. Getting another degree is not the problem, its the economy, she says. You're only digging youself into a bigger hole than you're in and you many never recover!

Agree....put myself through school including grad degree. More than 20 years later I am still paying. It's like another mortgage...another big weight to carry. If I knew what I know now I would not have done it, has not paid off...could have used that money for my mortgage!

 

[Anonymous]

Suzie Orman says, you better think twice about going back to school and getting deeper in debt. It only compounds your misery. Getting another degree is not the problem, its the economy, she says. You're only digging youself into a bigger hole than you're in and you many never recover!

If you are with Merck, deeper hole to climb out of.

 

[Anonymous]

Suzie Orman says, you better think twice about going back to school and getting deeper in debt. It only compounds your misery. Getting another degree is not the problem, its the economy, she says. You're only digging youself into a bigger hole than you're in and you many never recover!

Well no wonder you are in a financial hell hole if you are depending on Suzie O to guide you through your career. Balls up: Get a financial guy in YOUR town and pay them the $$ to help you, not some cable TV floozie with big hair and white-as-the-driven-snow-teeth. No wonder you are in trouble.

 

[Anonymous]

How is it bad advice, regardless of who is giving it, to not sink money into graduate school right now? Many business and law school grads are coming out with a ton of debt and aren't getting the jobs they did even a decade ago - and are saddled with that debt for decades. Frankly, I probably didn't need my business degree and wish I had a crystal ball. Yeah, I don't mind paying my mortgage but that student loan bill is one big check I hate writing every month. And I make too much to write off that interest. Unfortunately.

 

[Anonymous]

People need some self awareness. I didn't feel Merck paid me particularly well so I looked at other benefits that would make up for that. They paid for my master's degree, which I like to think of as my $40k credentials bonus. No student debt and it's all mine, even after being severanced out, I still own it.

Boom times at any company rarely last for very long. When you go to your next employer make sure you not only give them what they are paying you for, but make sure you are availing yourself to all the benefits they offer that are of value beyond your tenure with them.

 

[Anonymous]

Suzie Orman says, you better think twice about going back to school and getting deeper in debt. It only compounds your misery. Getting another degree is not the problem, its the economy, she says. You're only digging youself into a bigger hole than you're in and you many never recover!

Suzie Orman is a fake. She give you investment tips and has 95% of her money in bonds for the last 15 years. Companies come and go but a degree will always help. You can't go wrong by betting on yourself. It's the best investment.

 

[Anonymous]

Suzie Orman is a fake. She give you investment tips and has 95% of her money in bonds for the last 15 years. Companies come and go but a degree will always help. You can't go wrong by betting on yourself. It's the best investment.

Despite the poor English (not your best investment), this is very good advice.

 

[Anonymous]

I have to agree. Education is the best weapon against all the bullshit going on in this economy. Yes, you will take a hit financially, but in the long run it will payoff. I was in student loan hell for years, but when I started to get the experience I started seeing the payoff. I was lucky enough to start doubling up on my payments for a while which helped. If your relying on Suzie Orman for financial advice you're in trouble.

 

[Anonymous]

Education equals opportunity, always.

 

[Anonymous]

You should find out who your HR person is and call and ask about the severance. They are expecting the calls, so dont be shy. I thought the Merck severance is 1 month plus 2 weeks for each year of service. That does not include the 60 day WARN period, so you can add that.

 

[Anonymous]

Education equals opportunity, always.

In this economy, I'm not sure I agree with that completely. As we've seen recently in the news, there are many college graduates with high loans who can't get jobs. So when you deceide to go back to school, make sure it's for the right degree. Also, it's been difficult to get Merck to pay for any degree over the last couple of years. Your SD has to approve it and there's ways around it. But, if you can, get Merck to pay for a degree but make it in an area that will be profitable for you.

 

[Anonymous]

Extra degree...all depends on what it is. MBA or Law must be a top school. Any PharmD is valuable, MD from anywhere on earth is good, PhD in Chemistry or Biochemistry is good.
Masters in Engineering or IT is valuable. MA or MS in English, History, Psychology, Sociology, Math, Chemistry Teaching...are all a big question about jobs.

Think long about it.....Steve Jobs had no degree. My blue collar neighbor fixes cars and is cleaning up with his businesss....awful lot of highly educated on unemployment.

 

[Anonymous]

Yeah, education in general equals opportunity. One of my best friends, however, is one of the deans at a a top 20 law school. The jobs have shriveled up for those people - very few of them have the jobs waiting for them that they did a decade ago. That is the point - if you think taking on six figure debt is a smart idea right now, you'd better be sure you are in the top percentages of the top percentages. Or that you can get your company to pay for it while you're working. I think I would be where I am without the additional graduate degree. I may not, but I think my work ethic and broad experience has gotten me jobs, not the degrees.

 

[Anonymous]

Education equals opportunity, always.

Always???

Boy, time to tune into reality!

Marketable skills are where its at now and down the road....

not all education will get you ahead unless there's a big market and few candidates in the pool......do your research before you invest (in yourself)....."past performance is not a guarantee of future performance."

Some phDs, MBAs are making way less than many AA and BA degreed.

 

[Anonymous]

Heard from a very reliable inside source that Primary Care field representatives will be cut 30% and managers 40%. Will happen either the end of this year or the beginning of 2012. I'm hoping to be cut- I've had enough of this and want to get out of this dying industry. If I could, I would walk away from all this. I'm currently looking at career alternatives- maybe going back to school or starting my own business. Trying to figure out what the current severance package is and how much time I'll have to get started in something else. Can anyone help? Can you explain the severance package? I've done some research on FSnet, but nothing is real clear. Maybe, I'm looking in the wrong place. EVERYONE WHO WORKS AT MERCK NEEDS THIS INFORMATION! If you make it through this cut, there will be another. I predict the future of pharma sales: all contract reps.

That can't be true. My manager told me that only non-revenue generating positions would be affected! Is it possible that Merck considers sales to be non-generating? Or is it possible that they're lying to us....again?

 

[Anonymous]

Yeah, it is funny (laughed long and hard about it).....former Merck "friend", now trying their hand as a healthcare provider. Shitty Merck rep = shitty healthcare provider, no matter how educated. Can't wait for the first patient reviews to start being posted online.