Thursday, December 06, 2007
Lilly Job Cuts Planned
One of Indianapolis' leading employers, Eli Lilly, plans to cut jobs over the next several years as it prepares to launch six new products by 2011. It is unclear where those job cuts will occur, but it's no secret the company has been reducing its workforce in Indianapolis through attrition. By some accounts, the company has already trimmed over 1,000 jobs in Indianapolis.
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10 comments:
I *could* be wrong, but I believe they made some pretty stiff job commitments with a recent property tax abatement, in conjunction with some new construction.
Here's a tip for the LIlly executive suite: you could save lots if you didn't spend construction money like drunken sailors. Your construction procurement practices are laughed about among local contractors. They love you.
Not everything has to be covered with expensive brick.
Weren't they suppose to create jobs with their tax abatements over a 5 yr period. Looks like the tax payers are screwed yet again.
Ruth made some very good points over on her blog. Lilly has been hiring contract labor thru employment agencies for years now.
This of course may not be SOP if the candidate has a college degree but I do not know. The bottom line of course, is the bottom line and Lilly saves millions with contract labor by forgoing full benefits for these employees.
My father worked 44 years for Lilly but those days are long gone for the most part.
Quite frankly, I wouldn't be surprised in the least if Lilly isn't eventually swallowed up by another mega pharm company.
And if their hiring is not meeting the requirements of some of their abatements then maybe we should revisit those tax breaks and make adjustments.
Even with 7 new prods in the pipeline by 2011 these 7 won't equate to one blockbuster.
Look out if a hedge fund starts to mass Lilly stock.
I wonder if Mitch Daniels unloaded his Lilly stock early like he did with his IPL stock.
4:13,
That was a good one!
ZZZZZZZZZZZZZZing!
i believe at peak lilly was at about 46,000 employees. something like 13,000 are in marion county. with the current plan, it appears they intend to go down to 40,000. with the massive hiring and construction they did in the early part of the decade, i would imagine they are still well above the targets promised for the tax abatements. these numbers do not include the contract workers.
i am not for tax abatements for anyone but, if they are going to be doled out, no one single entity has greater economic impact on the area than lilly.
ruth has no clue what she's talking about. she doesn't even use the right terminology. i often enjoy her blog but likewise often find her attempts to stay relevant pathetic.
Anyone I know who has ever worked for Lilly has always been "contract".
Anonymous 7:00 pm, Nuvo did a story a few months ago about corporate tax abatements and at that point Lilly had not met their job creation obligation and I doubt if they will at this point.
For several years now, the media has occasionally reported that Lilly is moving towards 'partnering' with outside R&D companies, and scaling back on their internal research.
This is just further manifestation of that change in philosophy.
Many years ago, I ended my tenure there as a consultant after an employee I worked for left a copy of the department's 'how to screw the consultants that work for you and turn that into a promotion for yourself' policy out in the open and I saw it.
7:06
Did someone steal your sucker? Poor baby. Right, I saw the same document. 69 Pages. Written by Mr. Taurel himself. You are a jerk. Probably can't even read.
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