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Johnson & Johnson Is there any news on pharma giant layoffs and freeze-hiring? AbbVie Biogen Bristol Myers Squibb Eli Lilly and Company Gilead Sciences Johnson & Johnson Intellia Therapeutics, Inc Pfizer Novo Nordisk Merck Roche Regeneron Merck Teva Pharmaceuticals
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As someone who is at a company that just did VSP (voluntary separation packages) it has been awful for morale, all anyone can talk about is the VSP deadline, and if they are taking the package or not. I think because a lot of this is because the runway to take the package was over a month, and there was little to no communication on what the goals were w/VSP and what the team would look like after.
My advice, make the window to choose 2 weeks max, tell people you’re looking for x% of the team to take it, and explain clearly what the team will look like when it’s over.
Know that’s not exactly what you were looking for, but hope the perspective of being on the receiving end is helpful. 🙏
This was very helpful, thank you. I appreciate your perspective.
My stepmother’s company just did voluntary separations for anyone that had been at the company for a certain amount of time and in their case were over 50 years old (as a large portion of the company was). They ended up having way more people expect it than expected and entire departments ended up being wiped out. I think if the parameters are really tight, and you roll it out in phases until the amount of people you would need to let go of is hit, it probably would be better than how they did it, just all at once. I do think; however, that you’re probably going to find some top performers leaving, because they’re the one’s that know they’re going to be able to find other jobs right away. I think it’s definitely an interesting approach that is probably better for morale, but could have some lasting impact in the long run
Very true! Also thinking about ways to retain top performers, so they don’t think “they’re next”.
I feel the lay-off can be more lucrative for the employer and affected employees in that you can offer severance pay, schedule the layoff at the beginning of a month so they have the remainder of the month to get appointments in (our insurance ends the last day of the month, not the last day worked), offer placement assistance by connecting those laid-off with a placement company. The employer is making decisions to keep high performers rather than being left with those not capable or skilled for that level of work.
Thank you, appreciate your feedback!
In my experience, lay offs are better for moral in the short term but if it hits one team hard (leaving them understaffed), people will be upset and more likely to leave.
Depending on your situation and how long you have to make these decisions, I may limit internal mobility and take away other perks to kind of send bad apples/ people who are unhappy over the edge and force them to leave on their own. If you don’t have that kind of time, I think lay offs are better.
With VSP, you have no control over who leaves and it could burn you from a perspective. I would leverage last years performance review or mid year reviews and get rid of the lowest performers, but be mindful of trimming down teams too much.
Whatever decision you make, do not limit internal mobility or take away perks. Theres tons of factual evidence and feedback from companies who tried this and it is that you do not lose the bad , unhappy employees, you lose your top performers and up coming employees. More than that you can hollow your middle, create bad public press for the company, damage moral for years and spend tons of money trying to come back from it all. Please do not do this, and look at real research out there before you make whatever decision you decide. There are tons of great credible sources online that will help you make the right move for your employees. This is a tough decision, sorry to hear that this is happening!!
You can do a combination of the two. Advise there are layoffs coming, and tell people what percentage you’d like to meet overall. Open up for VSP, and also advise that they might not be able to accept the voluntary request if it has business impact on the team. You get the list of those that would like to be considered, evaluate against the goal and select others if needed. Then, it’s done and you’ve been clear that you tried to lessen disruption, not have multiple cycles of attrition and hopefully you can hit a number where more self selected to leave, which helps morale. But, you need to make the process short and quick because no one will be working during this time. They will be consumed by the decisions and how it will impact them. Try to ensure all parts of the business be a part of it if that’s possible. Otherwise, be very definitive about why they aren’t impacted.
Thank you for this insightful feedback, much appreciated!
When we did layoffs we made choices and communicated to teams how it was our new org chart and for what reasons. One person wasn't let go that I expected to see bc they were an under performer - but once I realized it was about headcount I realized we needed someone in their role long-term and I was glad we didn't give up the spot in the layoff. It was hard on morale in some areas, but not in my function bc the reasoning was solid and people understood clearly how life would go on.
Thanks for the feedback!
My company tries its best to avoid layoffs, even though they’re always sensitive about and generous when they’ve had to do. Anticipating headwinds, the company did a VSP this year, with a six month lead up (announced & took submissions in Oct. ‘23), advised employees if approved in January, and last day in March. Only requirement was having a certain number of years or over a certain age. It was a very, very generous package and I think they got more than the 600 people needed. Having been here for involuntary layoffs in 2008 and 2021, and other voluntary separations, have to say the latter was much, much better for overall employee morale.
As crazy as it sounds, it’s legal, if that’s the eligibility criteria of the VSP. If age is one of the criteria, it’s usually close to/nearing or retirement age.
You really need to take a look at how you structure the layoff and you always stand a chance of losing your A Team players. For EEOC you could also be at risk for Title VII violations for protected class. I would involve your entire Sr Management team and/or C Suite as well as employment/labor attorney once you have decided what percent you need to lay off.
Many states offer reduced schedule vs full layoff which could also save your workforce if you
Believe the reduction is temporary and everyone is impacted equally and can collect UI benefits for reduced hours. Offering voluntary or early retirement incentives are also good options.