KEY THOUGHT: While Wall Street rewards companies that layoff people we should remember that behind the announcement of layoffs are people and families that may be losing their only source of income. Pharma may be losing the type of people it needs to stay afloat.
Begins is laying off 11% of its workforce and the stock immediately goes up on the announcement. What’s wrong with this picture? I understand that we all work in business and that companies will do whatever they have to do to survive, but when your CEO has a history of laying off people and then vacationing in France when the announcement is made something is definitely wrong.
The 680 people who are going to lose their jobs are, in all likelihood, going to lose their sole source of income. I’m sure it comforts them to know that their CEO feels “terrible” while taking home a $13 million paycheck.
If you are one of the unlucky ones you can’t let this define you as a person or valuable employee. It’s not you or the job you did, it’s the system within pharma and I can tell you first hand that it’s very broken. Over the years I have witnessed some very talented people leave the industry either through their own choice or being forced out and it shows in poor marketing and really bad business decisions.
I have a lot of contacts within the industry and always have a list of open jobs. If you need some help, please reach out to me on LinkedIn I will be glad to help.