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There is no question that losing a job or facing the prospect of long term unemployment can have severe emotional and psychological consequences. Sadly, I came across a post today on PharmaLive’s Daily Advantage that describes how an ex-Pfizer employee stabbed his wife two times in the chest November, 2009, 10 months after he lost his job as a research biochemist.

The employee had worked as a biochemist at Pfizer Inc. for 11 years, first in Ann Arbor, Mich., and more recently in Groton. He became increasingly ill, suffering from major depression with psychotic features and obsessive compulsive disorder after he was laid off from his position in January 2009. At his trial he found not guilty by reason of insanity and was committed to Connecticut psychiatric facility for a period not to exceed 10 years.

While this may be an extreme case, the emotional and psychological effects of unemployment can be devastating to even seemingly emotionally-well equipped persons. If you happened to be unemployed, and are feeling “out of sorts” I highly recommend that you seek out friends, clergy or mental health professionals who you can talk to! Your mental health is just as important as your physical health when it comes to job searching or life!

Until next time...

Good Luck and Good Job Hunting

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The ink hasn’t had time to try on the deal sheet and Pfizer already has announced what the impact of its acquisition of Wyeth will have on the combined company. Here’s what to expect: Pfizer will shed at least 19,000 jobs from it newly combined work force of 128,000 employees; it will slash its stock dividend by 50%; and it will take a $2.3 billion charge to settle a federal investigation over off label promotion of its former pain drug Bextra. 

The combined company will be run by Pfizer’s CEO, Jeff Kindler, who joined Pfizer in 2006 after serving as legal counsel for McDonald’s. Bernard Poussot who became Wyeth’s CEO a little over a year ago will depart the company. As I mentioned in a post yesterday, Pfizer and Wyeth had been in talks for over a year before the deal was consummated. If the deal had closed last year, Mr. Poussot would have garnered a $38 million dollar severance package that included cash, pension, health benefits and other entitlements. But, because Wyeth’s board changed its compensation package for its CEO on January 1, he will only be entitled to a severance package of only $18.3 million. Not bad for a guy who ran the company for little over a year!

Other fallout from the deal includes: increased consolidation or purchase of cash-poor biotechnology companies—that will result in more layoffs and continue to reduce the life sciences workforce in the US— and the loss of a potential biotech dealmaker (Wyeth) that was aggressively pursuing M&A strategies and licensing opportunities with smaller, struggling biopharmaceutical companies. Most Wall Street analysts agree that the debt taken on by Pfizer to purchase Wyeth will prevent the company from participating in any new major acquisitions in the foreseeable future.

While the deal may ultimately benefit Pfizer, it certainly won’t help to improve the overall, short term health of the pharmaceutical and biotechnology industries.

Until next time…

Good Luck and Good Job Hunting (I hear that they are hiring on the West Coast)

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As the old adage goes, “We are human and we all make mistakes.” Tell that to a person who believes that they have made a terrible workplace mistake and it will do little to assuage their fears and anxiety about what may happen if the error is revealed. In these troubled financial times, nobody wants to give a boss or manager a reason to let them go. That said, you may want to consider your options the next time that you make a mistake at work.

It is natural for a person who has made an error to try and cover it up. The main reason why people don’t want to admit their mistakes is because they erroneously feel that it is a reflection of their native abilities and overall intelligence—nobody wants to be perceived as incompetent or stupid. Unfortunately, attempts to cover up mistake can sometimes lead to more—and bigger mistakes—which may have graver consequences or cause more harm than the original mistake. However, once you have successfully objectified the mistake —and separated the error from you as a person—it is much easier to correct the error and simply move on.  

Contrary to popular belief, managers and bosses tend to have far greater respect for people who have the courage to readily admit their mistakes. This is because they know from experience that little mistakes can sometimes have serious implications or negative consequences for a company or business. Further, it signals to a manager or boss that the employee (who made the mistake) is honest and a team player —someone who is willing to sacrifice his/her own personal standing for the good of the organization or company. Finally, despite assertions to the contrary, managers and bosses are human too. And, as we have repeatedly been told, all humans make mistakes—it is part and parcel of the human condition.

My own experiences with workplace errors are somewhat mixed—at various times I have utilized both the cover up and full disclosure options. Invariably, I have had far better and more personally-satisfying and positive outcomes when I chose the full disclosure route over the cover up option.

To learn more about managing workplace errors and mistakes, please read “Making the Most of Your Mistakes” by Phyllis Korrki—it is a great read!

Until next time…

Good Luck and Fess up!!!!!!!

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