In September, CVS broke the news that they were planning to lay off 3,000 employees, and it looks like the first wave is coming just after Christmas.
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If you're a CVS employee, you may want to tighten the strings on Santa's sack this year. CVS has announced that they will be letting 800 employees go in January 2025. This comes at a time usually reserved for fun, family, and festivities.
This plan to lay off so many employees comes amid the CVS financial struggles caused by changes in the shape of retail. More people than ever are buying their pharmaceuticals online, meaning brick-and-mortar establishments are redundant.
As with many other retail outlets, the footfall is dwindling. Online retailers are able to dominate the market on many items such as pharmaceuticals. But it's easy to understand why. Companies like CVS are feeling the squeeze, and are having to lay off thousands because of it.
CVS Mass Lay Off A Sign Of The Times
The way retail operates is changing and has been for a long time. I think CVS struggling with less footfall in its high street pharmacies is just one of the many tells. Some things are just so much easier to buy online.
Of course, some items, like cars, homes, and even clothing to some extent, are better to be bought in person. They need to be tried on for size and experienced in person to make a proper decision. However, items like pharmaceuticals are much better bought online. Having to pick up prescriptions is a lost chunk of day. Also, having to grab that cream for an embarrassing rash in front of a queue of people is always a bit awkward. Leave it to the postman.
However, CVS has reassured people that most of the people affected by the layoff already know about the situation. They have been given ample warning about their imminent unemployment. They are also being given severance pay and a number of other benefits. These include help in finding a new position.
There are many companies having to lay off staff alongside CVS in the US. Many of them are not being kind enough to provide aftercare either. In many cases, employees are alerted on the day of, and given nothing more than a thank you and goodbye.
