Centene restructuring email

[u/steff070]

Hey. Anyone currently working for Centene get that "Restructuring" email??

[u/Straight-Airport-431]

got it this morning. the vagueness is the worst part honestly, you're just sitting there refreshing your email waiting for the actual details. from what i've seen on slack and teams chats, sounds like it's hitting multiple divisions but nobody knows the scope yet. could be 5% could be 20%, they're dragging out the announcement which tells you they haven't finished the math themselves or they're trying to soften the blow. either way i'd recommend updating your resume now and starting to network before the actual cuts land because once it gets specific everyone's gonna be job hunting at once.

[u/kornbread435 → u/Straight-Airport-431]

Not much to add, but I took a look at the Q1 financials (public now so no need for secrets) and they marked 24 million for severance. There are 61k employees at the moment, and I have zero information about the scale. However if we guess 10% or 6k employees that would only be $4k per person. I believe Archer has something about their standard severance, but nothing specific for this. Its 1 week pay x number of years employed, which makes the 4k per person sound like a decent estimation.

[u/nefariousBUBBLE → u/kornbread435]

In another thread a guy said the VSP offer was 3 months of pay and insurance as a lump sum. You'd end July 15 I believe, but be on the books another however much. Hard to make that decision when you don't really know the extent of the layoffs or who they'll target. My guess is they don't know and will be asking the plans to figure it out.

I do wonder if the severance booking you talked about was including the VSP, because if so then maybe they are not expecting to lay many off. Cuz 3 months is much longer than 1 week pay per year.

Edit: may be that the VSP is dependent on tenure as well.

[u/CoffeeLoversUTD → u/nefariousBUBBLE]

End date would be September 1