StrangeTony,
Deal fees for Kindred's purchase of Gentiva are projected at $183 million. A $4,000 bonus for every one of Gentiva's employees totals $184 million. Surely, the group that drove our company's value in Kindred's eyes, Gentiva 46,000 employees, earned the extra million.
It's time for Gentiva's senior leaders to put action behind their words. If they mean it, top executives should quit pandering and compensate. If they don't mean it, is anyone really surprised?
Anonymous (from Gentiva)
There is lots of talk about getting our annual reviews done. But no talk about pay raises. Pay raises won't happen because Kindred is taking on a lot of debt as it is. And the annual reviews are going to be used by Kindred to help decide who gets laid off first. Higher paid employees often go first and those with less than stellar reviews. The memo today from Kindred mentioned "maintaining" both FSU. But no mention of the CSK. Chances are good that payroll and accounts payable and receivable are going to be moved to Kindred established facilities. Just because they say they will keep both FSU doesn't mean they will. They most likely will transition the collections to their centralized collections in Grapevine Tx. Maybe not in 2015 but by 2016. Anyone else care to make an educated guess?
ReplyDeleteAdding $400 million in net new debt means other costs must be slashed in order to pay the company mortgage. As one person recently said "we'll go from sociopaths in Atlanta to sociopaths in Louisville."
ReplyDeleteThey likely won't change anything about the community care holdings, home health, and hospice are always anybody's guess. Community care got to keep its HR, IT and accounting people. Whereas, pretty well everything else got the axe.
ReplyDeleteBut likely jobs on the block are IT, HR, and Accounting, too much over lap.