.....however, as with everything CVS, the "Devil" is in the details!
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Mission accomplished...just saw CVS mentioned along with Chipotle and Tyson Foods as the newest companies providing their employees with tax cut benefits. Chipotle will give their employees $1000 bonus or a stock grant, Tyson Foods will give their full time employees $1000 and part time employees $500. Pretty simple.
CVS will have three programs blah blah blah! Improvements in April 2018 blah blah blah! Some benefits in 2018-2019 blah blah blah! Oh and we will not increase costs for our garbage Health Insurance blah blah blah!
They put the “lic” in publicity!
CVS is having an identity crisis. They think they are a higher end retailer and continue to push these offerings while abandoning sale/promo loss leaders. The reality is that the stores have turned into pill mills attached to rag shops due to high turnover, low staffing, and poor store upkeep.
Larry knows the P&L. Give credit there! What he is missing is understanding of what is happening in the stores. He relies on others to tell him what he wants to hear. He only visits a few stores on occasion. Stores are always prepared for him. The culture at CVS has deteriorated over the past few years. some of it a result of the challenging business climate but more of it driven by chasing earnings numbers and stock prices. The CVS people have taken a back seat and that is why the company culture has suffered. If anyone in corporate cares about it and believes that people are important to profits, all they need to do is go around and ask the CVS employees how it is to work for CVS. Engagement surveys are suspect as fraud occurs at Store level through fear. suggestion assign all corporate directors and above to work in the stores for 1 week. No distractions. Then listen. Kevin ( Macy's ) Hurricane? Same old same old.
With a shift in the business model to total healthcare they will be examining the demographics of existing stores, focusing on different criteria. Didn’t someone say they let the entire Real Estate Department go. I n my opinion the closings will be in areas that cannot support the new model. The flip side is they will be opening stores in areas that can support the new healthcare model. The problem is doctors have already started to saturate certain areas with Healthcare hubs of their own. As usual CVS will be too late and provide an inferior product.
Saw on a post couple weeks ago
And I bet it's correct....
Several hundred stores will close
Next couple years
I believe they had "market adjusted" compensation for RX techs a couple years back. As a result they were making more than some shift supervisor. CVS NEVER makes these kind of decisions because they want to take care of their colleagues. They only think about how it benefits share holders.
CVS' new mission: Helping shareholders on their path to better wealth
Well that Dego looking Mofo that runs our company said in a statement that “ First, we will invest in our colleagues. For those of you who participate in our company-sponsored health plan, I am pleased to share that for the 2018-2019 plan year which begins June 1, we will not be increasing the colleague paycheck contribution rates. While medical and prescription costs have increased 5 percent year-over-year, CVS Health will absorb that entire increase to help keep health care coverage affordable”.
Hmmm, my District was told not to hire anymore Full time employees effective immediately...
“ We will raise the minimum pay rate to $11 an hour, effective with your pay date in April 2018. ( Our pay rates comply with higher minimum wage rates where applicable.) The company also will adjust pay ranges and rates, as appropriate, for retail Pharmacy technicians, front store associates and hourly retail colleagues, effective July 1, 2018, to ensure a competitive compensation structure that supports the company’s plans for the Pharmacy of the future.”
I’m sure the applicable will not apply to us long timers who have received raises in years since we have been red lined. Company wants us gone, so they can continue to nickel and dime the gullible. I think this means if you are making under $11 you will be adjusted to $11, after that you are SOL
Love the responses!
I'm in the know,
So the rate hike for hourly is great.
But it's only gonna cost cvs 1/2
What it sounds. There will be reviews in June for hourly but no yearly increase and compounded
Over 2 years yes they get an extra dollar but will loose .55-1.10 the should get on top of that over 2 years
I wonder how many more hours will be cut in the stores because of this.
Dunkin’ Donuts pays $10/hr to make your coffee and bag your donuts (I am not demeaning their job) but Larry will pay techs $11/hr to have your life in their hands AND put up with all the metrics/demands. Makes no sense. Being red lined is just CVS’s way of saying, if you want more money get a different job.
Isn’t it amazing how every other company, who probably treat their employees better, simply said here is $1000. CVS has this long three point plan to distribute the money over the next few years. Smoke and mirrors...another attempt by CVS to make it LOOK like they are doing something they are not. They are also not going to pass along the 5% increase for health insurance this year...their plans are garbage and they make money on their employees. Health insurance goes up 5% a year according to CVS, when is the last time you got a 5% raise. You know the deal, you get a $20 raise in April and your Health Insurance goes up $30 in June.
I'm disappointed and everybody Larry will certainly give you another nickel above and beyond any normal pay increase After all he is investing in his employees
I have been red lined, as it is known in the retail circles, for 3 years, and no, I do not expect Larry Merlo to change that. All he is concerned about is the tax cut gift, that was handed to him by the POTUS, so that he can paying down the debt load for trying to acquire AETNA. By, the way, this merger has yet to be approved by the DOJ.
Hell no they won’t raise the cap, you make too much in their eyes, they would rather you leave and they can save the money they were spending on you, for their own selves. Larry and CO. Need that new Yacht and 5th vacation home!
Yea, but are they going to raise the pay cap on those of us that are capped out?