Thread regarding Thermo Fisher Scientific Inc. layoffs

Q2 Earnings Call

On the financial call this morning discussing the q2 decline, the CFO stated that $450million in proposed savings through year end will include job cuts.

Looks like more in coming.

by
| 2241 views | | 14 replies (last August 5, 2023)
Post ID: @OP+1nNeIKf9

14 replies (most recent on top)

I’m just hoping any big cuts don’t happen again to my specific role. We took a big hit in June and it worries me because of all the scrambling we had to cover studies, it’s going to look bad on us on the client side. I’m in PV.

by
|
Post ID: @amje+1nNeIKf9

https://www.sandiegouniontribune.com/business/story/2023-08-03/thermo-fisher-cuts-106-workers-in-latest-round-of-san-diego-layoffs

5th round of layoffs for San Diego folks.
98 affected at Carlsbad site including data analysts, staff scientists, marketing managers.

by
|
Post ID: @aruv+1nNeIKf9

BPG has been low this year having called down nearly 1Bill toward plan + resturcting sales territorys reducing people;

by
|
Post ID: @apct+1nNeIKf9

I wouldn’t assume it’s only divisions who aren’t growing that will be cut. If you listen to the Q2 earnings call, Marc Casper made comments that PPD/CRG grew by ‘double digits’ in Q2. Despite this, there have been widespread cuts. For the clinical group, they are/have made changes such as merging countries under the Country Head model - ie Spain and Portugal will only have 1 Country Head instead of 2. There are quite a number of country heads and area heads globally let go, despite we are still growing. There have been similar cuts across project delivery, PVG, regulatory, med writing, Facilities, HR, Finance. You won’t know people have gone, there aren’t announcements being made. I work in HR and can see how poorly this is being handled, it’s exact opposite to have PPD used to be run. The selection processes for staff is also a mess. For locations in Europe where you actually have to follow consultation process before making people redundant, is a complete dog and pony show - they already know who is being cut and financials have been already run on those selected. The consultations mean nothing.

by
|
Post ID: @8zxw+1nNeIKf9

Which call are you referring to? Re: utilization. Anecdotally, resourcing is a all over the place, some people on multiple studies, some sitting around for months.

by
|
Post ID: @7xzf+1nNeIKf9

Call today made it seem like there’s a lot of under utilized team members and upper management is extremely stressed about it. I don’t personally know anything I’m just interpreting their voiced concerns of utilization.

by
|
Post ID: @6wdq+1nNeIKf9

Pure speculation but I think it’s going to be which areas of the business have seen a steady decline. Covid, medical devices, and research most likely. Again, all speculation. I think the CTD division has grown, albeit slightly.

by
|
Post ID: @5rhz+1nNeIKf9

Does anyone have any ideas if further CRG cuts are anticipated? Including for billable roles?

by
|
Post ID: @4wvp+1nNeIKf9

I’ve been on calls with the Chief HR Officer Lisa Britt recently and she’s been 100% unapologetic about any cuts, saying they stand by the decisions to safe guard the companies future. Whilst I understand these decisions have to be made sometime, they have chosen not to treat people with dignity and respect with how they are exiting people and not announcing any departures, and this covers some very tenured employees who gave a lot to the company. Meanwhile she’s on a salary of 700,000 USD + massive bonus + massive stock grants. It’s clear they only think of us as numbers they can extract revenue from, and when we are no longer needed they will drop us like hot potatoes.

by
|
Post ID: @4kuj+1nNeIKf9

Thermo Fisher Scientific is exactly how a team should be managed - with an iron fist and punishment for speaking wrong against your leaders. It’s how I run my company and I make a net profit of ego boost a year with feeling powerful as a bonus.

by
|
Post ID: @3cdn+1nNeIKf9

Marc Casper - an inept manager who thinks he can overcome his incompetence with his arrogance and his lack of humanity towards his employees.

by
|
Post ID: @3jop+1nNeIKf9

Not part of the Q and A it was on the financial call the CFO had in the AM to release Q2 results. Also an article in a local paper to my site stated “they are reducing headcount accordingly”

I’m with everyone else, been looking elsewhere also. I suggest most people do

by
|
Post ID: @2uyt+1nNeIKf9

As a legacy PPD staffer in the new CRG, the writing is on the wall. Upper management isn’t being transparent with their plans and the morale has never been worse. I’m getting out as soon as I can. I’ve been putting applications in for several weeks and have some interviews coming up.

by
|
Post ID: @2mnv+1nNeIKf9

Was this part of the Q&A? I tried to watch the playback but it was very laggy.

by
|
Post ID: @1vay+1nNeIKf9

Post a reply

: