Poor Pfizer. The Ann Arbour News makes them sound like the bad old Russian KGB:
"Pfizer Inc. eliminated more than 900 employees worldwide during the last quarter, "
Insider is almost 100% sure the newspaper meant to say that 922 jobs were eliminated rather than its poor employees.
By the way, Insider is collecting euphamisms used by Big Pharma for layoffs. So far he has:
synergies
decruitments
negative expansions
displacements
efficiency savings
unallocated redeployments
Submissions gratefully received.
6 comments:
922 out of 100,000+ isn't too bad for a company that's performing like PFE.
922 at just one site.
http://tinyurl.com/dnajo
2005 Pfizer projected 15,000 worldwide layoffs, not counting temps who make up as much as 60% of Pfizer's work force at some sites.
2006 projections for layoffs by Pfizer it self are at an additional 15,000.
And they still need to reduce costs an additional 3 billion by 2008.
922 out of 100,000+ isn't too bad for a company that's performing like PFE.
Hank, wake up. The stock is in the sh***er. Performing???
The previous post in incorrect.
According the Pfizer's filing with the SEC, the 922 number represents GLOBAL layoffs for the quarter and includes ALL sites.
Moreover, your claim regarding layoff projections isn't supported by the source cited.
Most of the analyst community (and insiders here at Pfizer) think headcount reduction can/will be achieved largely through attrition, not layoffs.
The company has NOT offered any projections regarding layoff numbers. The only public information on this comes from mandatory disclosures that are required by some states (such as Michigan) and many countries in the EU.
Given the company's performance, these reductions (and more) are necessary, but outlandish myth-mongering on actual layoffs (or in corporate-speak, "involuntary separations") is getting ridiculous.
It appears to me that this blog is taken very seriously by CEOs and share holders as comments are trying to downplay any "deployment" at all or say it is not enough.
Well, I feel better about Pfizer now... Not. I've seen the 15k number before so I doubt it's far from inaccurate.
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