THE FACE THEY WANT HIDDEN:
All posts are from the Cafe Pharma Discussion Board. A place where Pharma Reps 'hang out' - Looks like the anonymous poster was only a few months out with his 'insider' information!
An honest insider post, the REAL future at GSK..... - 10-29-2007, 11:11PM
http://www.cafepharma.com/boards/showthread.php?t=235617
I have had access to executive level discussions regarding the GSK layoffs. I am posting this information from an anonymous "business center" computer location. I won't say anymore, except that my credibility is legitimate.
I understand that rumor, speculation, and misinformation is running rampant right now through out the entire GSK organization. I feel that the lack of communication with our sales force regarding the true intentions of this company is regrettable. I personally know quite a few of the excellent employees of GSK that will be terminated.
I am dismayed that executive level management has so little regard for the employees welfare. Yes, I remember the Zantac Hawaii trips! This is why I am being honest with you.
GSK is planning a second round of layoffs that will occur immediately before second quarter earnings are announced in 2008. Projected sales forecasts for Avandia family over the next six months are dire.
The current layoff scenario has been structured to appease shareholders and Wall Street analysts.
The layoff in 2008 will be attibuted to the new management team. They hope to be given credit by the Street for taking decisive action in the face of declining revenue. This may shore up the stock price at that time.
So you ask, "Why not just lay every one off now?" There is a good answer. The GSK Senior Executives very closely studied the Pfizer layoff from last year. Do Executives from different companies talk with each other? Yes, they do. Pfizer management noted that after the layoff, a significant portion of the sales organization was demoralized. This resulted in many subsequent resignations as Pfizer sales people found new jobs on their own. This resulted in Pfizer not having to pay these people severance packages. The net: Pfizer saved a tremendous amount of money by having a layoff followed by enhanced attrition.
GSK is planning the same situation. This is why the current layoff in not as large as it really needs to be. Two smaller layoffs is more cost effective than one large one.
I have been honest with you. If you survive the current layoff, there is no guarantee you will survive the next one in June 2008. Plan for your future accordingly.
I realize on Cafe Pharma some people will bash this information as false. However, you might be surprised how many people in VERY senior management read this board. They need to know that some managers still care about the employees. The point is, do what is best for you and your family.
I have to admit, it is sad to see what has happened to this once great company. I really hope GSK can recover, but nothing is guaranteed. Best of luck to all of you.
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I appreciate you taking the time to post this information. I take everything on Cafe Pharma with a grain of salt, but the scenario you paint seems very realistic.
I hate to do exactly what GSK upper management wants me to do, but if I survive the first cut you can bet I am looking. At this point, I almost hope I get the package.
I think working for GSK next year will be absolutely miserable!
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I really do hope that I get a severance because for the last 6 months I have only stayed and not looked for another job because of the benefits that GSK offers- good insurance, car, gas, etc.. Just remember, at least 12 weeks of severance which would be 3 months plus 60 days to look for a good job. I will get much more than that which is hopeful if it happens. This job just isn't fun or exciting any longer and if Avandia gets black box then it will be horrible to face the docs that we have called on since the launch of Avandia. I launched the drug and it has been great at times but over the past couple of years it just seems like we were always putting out fires and they were five alarm fires!
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I was not sure what to think of this post when I first read it. However, talking to a couple of people I know at the home office........these rumors about a second lay off have been floating around.
I would say the information presented here has a fair amount of reliability.........
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There are many more angry GSK reps over at Cafe Pharma
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