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CVS Health announces it will lay off thousands of employees

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  • CVS Health announced it will lay off thousands of employees. 
  • The move is an attempt to cut costs.
  • Primarily non-customer facing positions will be affected.

CVS Health announced on Tuesday, August 1, that they will lay off 5,000 employees.

The news comes after they announced the closure of some of their stores in the US.

CVS Health explained the reason for the layoffs and which roles would be affected.

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CVS HEALTH LAYOFFS: A COST-CUTTING MEASURE

CVS layoffs: Measure to cut costs
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ABC News reported that CVS Health would be laying off thousands of its employees.

On Tuesday they stated that the measure is part of an effort to reduce costs for the chain.

The news comes after the closure of multiple US stores was announced.

They also revealed which roles would be affected by the cuts.

MOST LAYOFFS WILL BE NON-CUSTOMER FACING JOBS

CVS Health announces it will lay off thousands of employees
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CVS reported that the layoffs would mainly affect non-customer-facing roles.

Most of the cuts will involve corporate positions.

The company also added that they hope these changes will not affect physical stores, pharmacies and clinics.

CVS told ABC News that they were looking to adapt to the health needs and expectations of their consumers.

SUPPORT AND COMPENSATION FOR AFFECTED EMPLOYEES

Support and compensation for affected employees
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CVS stated: «Our industry is evolving to adapt to new consumer health needs and expectations.»

«As part of an enterprise initiative to reprioritize our investments around care delivery and technology, we must take difficult steps to reduce expenses,» they continued in a statement to ABC News.

They added that employees who are affected by the layoffs will receive support from the company.

Employees will receive severance pay in addition to support in finding another job.

CVS HEALTH IS FOCUSING ON HEALTHCARE SERVICES

CVS Health focusing on healthcare services
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ABC News points out that the layoffs come after the company is expanding its focus.

CVS is seeking to expand its health care services instead of retail sales.

In the month of May alone, the company reportedly closed a $10.6 billion acquisition of Oak Street Health.

Oak Street Health is a primary care provider that operates more than 150 health care centers in 21 states.

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