Posted on 10/01/2024 6:06:06 PM PDT by george76
CVS Health will be reportedly discontinuing 2,900 positions at its establishments across the U.S., following the company’s new plan to reduce costs by $2 billion.
A CVS Health spokesperson spoke with FOX Business in regards to the matter, explaining that the layoffs will mostly affect corporate positions, but not all of the cuts will solely be in the corporate sector.
“Employees whose jobs are part of the reduction will receive severance pay and benefits, including access to outplacement services, the company added,” according to CBS News.
The company’s website states that over 300,000 people work for CVS across its segments, which means the cuts only represent 1% of their workforce.
The spokesperson continued, claiming that the layoffs will not affect front-line jobs in CVS stores, pharmacies, or distribution centers.
“Our industry faces continued disruption, regulatory pressures, and evolving consumer needs and expectations, so it is critical that we remain competitive and operate at peak performance. As we previously disclosed, we’ve embarked on a multi-year initiative to deliver $2 billion in cost savings by reducing expenses and investing in technologies to enhance how we work,” the spokesperson told FOX Business.
CVS “prioritized finding cost savings everywhere we could, including close open job postings” prior to deciding to pursue the layoffs, the company noted.
Back in August, CVS Health CEO Karen Lynch said that the savings would be “driven by further streamlining and optimizing our operations and processes, continuing to rationalize our business portfolio, and accelerating the use of artificial intelligence and automation across the enterprise as we consolidate and integrate platforms.”
This economy is booming I tell ya.
This strike could be the last possible thing Harris/Walz
need right now.
That statement right there is word salad that means nothing. Kamala Harris might be impressed, but not the street. Know the doublespeak nonsense and watch for it.
Our CVS is still operating, but they’ve fired most of the staff. Good luck trying to find somebody to help you or open a cash register for you.
The communist’s dream of the replacement:
Now Migrants will have opportunities for betterment.
Let’s look in at little Javier here in the back room filling prescriptions;
“Oxy for this pobrecito, he must be in terrible pain! This medication will help him. Let’s see one for him, one for me…. one for him, one for me…. one for him, two for me….
They closed the CVS that was 2 miles from my house, which was staffed by friendly, helpful, competent people. Now we are stuck going to the next closest one 10 miles away, which has the rudest, slowest bunch of dullards I’ve ever seen at a pharmacy. My employer uses CVS Caremark for our prescription coverage, so I can get 90 day refills at CVS pharmacies but nowhere else (other than mail order), so I’ll stick with them until I retire then find a better pharmacy closer to home.
Bidenomics
AETNA Medicare Advantage and AETNA Part D Prescription drugs are turning into a revnue drag on parent CVS, due to changes in Medicare payments to insurers Medicare Advantage programs, and due to altogther higher Medicare costs to the insurers.
Having changed the Medicare game to try to benefit the Medicare consumer, Biden et al are now tapping - illegally - funds from the “Inflation Reduction Act” to subsidize the insurers for the extra costs Biden et al inflicted on them.
CVS which is vertically integrated conglomerate, from a retail “drug store” operations, to Health Insurance Case Management services, to Presciption Benefit Management services, to prescription distribution, to health insurance - AETNA, is now een considering breaking itself up.
Maybe CVS is like old GE, having to learn the hard way the high costs and disparate returns of a conglomerates units, to the point ivestors would be better owning the parts instead of the whole.
I wonder how much money they could save just in paper (from their point of sale machines)
J6 and abortion is all that matters.../s
The problem with the integrated model is you have to be better than competition at each thing you do. Otherwise the competitors will be, and they’ll eat your lunch. Also, each business unit demands reinvestment dollars and if you spread them out equally you screw the higher performers and carry the poor ones (like socialism). One thing I learned from GE is about core competencies, and that if you’re not #1 or #2 in an industry, you better get the hell out of it.
I think conglomerates only operate superbly in economies like Japan and Korea, where there is so much internal integrated business between the parts of a Korean or Japanese conglomerate, protecting the parts from competition by the price subsidies and contracts handed out between them - they truly operate like a “family” and many have dominite real familiess in control of them. It would be considered “corrupt” in the U.S., and some say that system is corrupt and creates corruption. Ethics and efficiency do not always go hand in hand.
They could save the $2 billion by cutting down the size of their receipts.
I work in healthcare which purged all but a handful of conservatives under the Covid vax. The strike is a positive thing for the dems. They truly believe Harris will make the ceos pay employees better and they love union slavery. I hear them in their rail frenzy f what a wonderful life it will b when she becomes prez.
Didn't Cigna, or whatever hell it's called now, just sell their Medicare business off? Probably same reason.
Our local CVS sucks.
I switched to Walgreens because when a doctor calls in a prescription, they notify me within 2 hours it’s ready to pick up - CVS was taking a day and a half...
CVS fired my friend while she was on leave for open heart surgery. I told her that was illegal and to get an employment attorney and file an action against them.
The two CVS stores near me are filthy and disorganized. The indoor/outdoor-type carpeting in the places is worn and stained, and they kinda smell funny, too. I would frequent them more often (convenient locations and good prices), but avoid them as they’re downright depressing environments. Not related, but possibly related...
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