Lilly eliminating 3,500 jobs as part of cost-cutting plan

[bwframe]

https://www.ibj.com/articles/65293-...utm_medium=newsletter&utm_campaign=2017-09-07

September 7, 2017

...Eli Lilly and Co. plans to cut about 3,500 positions—or about 8.3 percent of its global workforce—by the end of the year and close several facilities in an effort to save $500 million.

In announcing the move Thursday morning, the Indianapolis-based drugmaker said the move will help it reduce fixed costs and invest more in “the next generation of medicines.”

Most of the job-cutting will come from a voluntary early-retirement program, which was announced to employees on Thursday and will be largely completed by Dec. 31, the company said. Details of the buyout plan were not made public.

It was unclear how many of the cuts will come in Indianapolis, where Lilly has its headquarters along with a huge research and development center and several manufacturing operations. Lilly is one of the city’s largest corporate employers...

 

[IndyDave1776]

At least eliminating 3500 people through early retirement does not put a hardship on those doing the retiring, does not suck money out of the local economy, and does not put people on any form of assistance, as opposed to simply handing out pinkslips.

 

[GodFearinGunTotin]

having been through this, it's scary times.

 

[ChristianPatriot]

My FIL is in that boat. He's waiting to see what he gets offered. At his age though I think it'd be hard to turn that down.

 

[IndyDave1776]

My FIL is in that boat. He's waiting to see what he gets offered. At his age though I think it'd be hard to turn that down.

A few years back they did this and my stepmother was quite happy with the deal. Lilly has enough internal inertia that I would not expect this round to be significantly different.

 

[HICKMAN]

That sucks.

I miss the people, but the company... not so much.

 

[jd4320t]

This isn't anything new. They did it in 2008. I think it was 5500 then. People who want to leave get to leave, young and old. The real kicker is they will keep hiring new and the numbers will be right back up. I know because I watched it for nine years.

 

[bwframe]

Didn't Lilly come out with a pretty heavily published company political opinion a couple years back on Indiana's RFRA? Wonder if that has affected their business?

Just asking because another company that was pretty vocal in that RFRA deal also is going through some changes also:

Angie's List poised to cut 230 jobs following merger

 

[Kutnupe14]

Didn't Lilly come out with a pretty heavily published company political opinion a couple years back on Indiana's RFRA? Wonder if that has affected their business?

Lily is immune from backlash for whatever political opinion they put out. It's not like you can say, "Lilly said something I disagree with, I'm buying my lifesaving meds elsewhere, once my insurance providers approves my out of coverage meds."

 

[rhino]

That sucks.

I miss the people, but the company... not so much.

There are many places to work that are much, much worse than Lily.

 

[bwframe]

Lily is immune from backlash for whatever political opinion they put out. It's not like you can say, "Lilly said something I disagree with, I'm buying my lifesaving meds elsewhere, once my insurance providers approves my out of coverage meds."

Lilly has competition for at least some of their products, do they not?

Also, do they not have the free will to avoid political stances, in light of potential business detriments associated?

Wonder what Lilly's employees think of this supposed "immunity from backlash?"

 

[jd4320t]

Lilly does have competition but the market it so big that they know how much they can have. If they can't get their piece or don't wanna make a particular drug anymore they simply sell it.

As far as the stance....it's scary. I'm my opinion Lilly wants employees who are different. I'd bet they already have transgender management members just so they can say they do.

 

[w_ADAM_d88]

It's my understanding that there's a lot of people, that have been at Lilly for a long time and are comfortable and have been on the fence about retiring for a while. This may be exactly what they need to get out. It's great for the younger generation there at Lilly as it will open up some full time spots. They claim that they're not going to back fill the positions, but in manufacturing I don't see how they can get away with trimming that many people with that much experience and not back fill.

 

[SwikLS]

Didn't Lilly come out with a pretty heavily published company political opinion a couple years back on Indiana's RFRA? Wonder if that has affected their business?

Just asking because another company that was pretty vocal in that RFRA deal also is going through some changes also:

Angie's List poised to cut 230 jobs following merger

If you want to place blame for RFRA, place it on Pence, Long, and Bosma, but please hold off on Bosma and Long until after they pass Constitutional Carry.

 

[Kutnupe14]

Lilly has competition for at least some of their products, do they not?

Also, do they not have the free will to avoid political stances, in light of potential business detriments associated?

Wonder what Lilly's employees think of this supposed "immunity from backlash?"

When you make as much as Lily employees do, I doubt very many really care.

 

[eldirector]

Lilly did exactly this back in the 90's, and my FIL took early retirement. Best thing that ever happened for him. Worst thing for my MIL.

Easy and cost-effective way to change out their workforce. They will staff back up for new projects soon enough.

 

[HICKMAN]

There are many places to work that are much, much worse than Lily.

Oh, I'm sure there are. I can't complain, I got a severance.

Can't say I'm not bitter, after putting 12 years in, but... I'm in a better place with a better job making less... but my wife is much happier in southern Indiana.

 

[BehindBlueI's]

Didn't Lilly come out with a pretty heavily published company political opinion a couple years back on Indiana's RFRA? Wonder if that has affected their business?

Just asking because another company that was pretty vocal in that RFRA deal also is going through some changes also:

Angie's List poised to cut 230 jobs following merger

Angie's List has issues well beyond, and well before, any RFRA concerns. Like never being profitable, being in a dying business model, and having outrageous customer acquisition costs to feed that dying business model. Being bought out is what saved them from becoming non-existent.

How much extra will you pay for your medicine to support a Lilly competitor, and how much research do you do into their politics?

 

[Hohn]

Serves Lilly right. I mean, with a name like that, you know they are all white privilege having racists that need their comeuppance.

 

[bwframe]

When you make as much as Lily employees do, I doubt very many really care.

Oh look, here's one from the last "cost cutting." :

...Can't say I'm not bitter, after putting 12 years in...

...How much extra will you pay for your medicine to support a Lilly competitor, and how much research do you do into their politics?

I didn't do much research into Lilly's politics, they pushed the issue themselves. The news reported Lilly's participation in trashing our state law. Most businesses smartly stayed out of the religious argument. At least those that cared about their customer base.

I am fortunate to not be on any meds. If I were, with a choice, I'd certainly make brand decisions with Lilly's actions in mind.

If you want to place blame for RFRA, place it on Pence, Long, and Bosma, but please hold off on Bosma and Long until after they pass Constitutional Carry.

I don't have any problem with RFRA. It's Lilly that does.