Typical of Deerfield plants assigned to do spin/damage control.
Upon being hired, MGTs were promised an annual compensation. To meet that compensation rate, four hours of overtime per week were included in the normal 40-hour week. With twenty-six pay periods in the year, MGTs were to average eight hours of overtime for each pay period in order to meet the promised compensation.
That additional four hours is significant. For the average beginning MGT, it equals $22.5/hour, $90 per week, $180 per pay period.
In total, it averages $4680 per year for a first-year MGT. For an MGT who is not on the (dead-end) career path and is vested, the (promised) overtime equates to $25.35 per hour, $101.40 per week, $202.80 per pay period.
Annually, it amounts to $5272.80.
Again, I know of a good number of MGTs who have this in writing from the (then) recruiters and/or DMs. This was rampant in the Texas markets because it was basically the only way Walgreens could lure young college graduates into the management-training program. Other retailors were offering more attractive compensation and benefits packages.
At the time of all of this, during good ol' Dose of Dave's tenure, I'm sure there was never any intention to break this promise or agreement with MGTs. But usher in the new crowd, and voila--the field and stores get screwed without so much as even a sympathetic kiss.
It doesn't surprise me that a Deerfield spinmeister doesn't get it right. It's not that a Deerfield spinmeister CAN'T get it right, it's that the Four Way Test has become absolutely meaningless from Wasson and the BoD all the way down to most DM levels.
Lies, deceipt, spin, and above all--hypocrisy--are the new Four Way Test.
My suggestion to any MGT employed with Walgreens is to immediately cancel your Profit Sharing. To do this, you have to send in a hard-copy letter.
In the letter, include your Employee ID, name as it appears on your payroll check, Store number and address, and request that any and all contributions to your Profit Sharing/401(k) plan be halted immediately upon receipt of the letter.
The mailing address to do this is:
Profit-Sharing Plan 104 Wilmot Road, MS 1410 Deerfield, IL 60015-5121
If you mail this immediately, your profit sharing will be halted by this next paycheck due on February 20.
There are approximately 16,000 MGTs/Asst. Mgr's working for Walgreens right now. If the vast majority of MGT's immediately pull their profit-sharing, I would predict that the overtime or promised compensation will be back within 90 to 180 days.
Otherwise, when Wall Street sees that even Walgreens store management is not investing, it will take maybe two, possibly three weeks for WAG stock to sink to junk bond status.
Next up on the block are EXA raises and bonuses. Deerfield is counting on attrition at the store manager level, and using that as bait to the EXAs to "be patient and stick with us until we can find you a store."
And finally, for 2010, Store Managers can look forward to A) increased cost for their healthcare premiums and B) between a 25 and 40% reduction in annual bonus.
Will the last honest person in Deerfield please turn out the lights when you leave?
That is like signing a contract with the Devil. You can never buy your soul back. Ever.
Dump your profit sharing, dump your WAG stock, and invest in better ventures. Brush the dust off your resume and keep an eye and ear on the street for better opportunities. When one comes up, snatch it and give Walgreens the minimal one-week notice.
Thank you! So the person who isn't an assistant at walgreens and wasn't in my interview can shut their mouth. Hopefully it works! I feel like I've given up my life for this company and now all of this crap is happening. I should have known to start looking for another job as soon as I noticed that our CEO left walgreen to work for JC penney.