Because our nation is experiencing difficult economic times and 2008 was a very challenging year for all hospital operators—the company has determined to forego the discretionary employer matching contribution under the 401k plan for 2008 for all employees.
Sincerely,
C. Therrien and M. BrowderNEW: See and answer the Poll (left.)
This is not an anti-Essent blog, it is to counter their current business model. That which values the individual staff member or patient less than the buck. Business sense is one thing, creating an atmosphere of Stalinist Russia is another. Do not log in on a PRMC computer, they are monitored. E-mail comments, questions, or criticisms. fac_p@hotmail.com!
23 comments:
Wow!
I really pitty the employees who have to work at that place, especially the one's who are close to retirement.
What a slap in the face.
It isn't just that, you have choices as to which you fund: IRA, Roth IRA, the 401, and so on. Telling you after your contribution has been made is really galling. It's also breaking faith with your employees.
Will this year be any better? Not from appearances. So, an IRA looks better, in the long run.
I am not sure that they can do this from a legal point. All the employees of Essent should look further into this.
What happened to Charlie Therrien? He used to be a stand up guy whose integrity was the cornerstone of Sharon Hospital – a true advocate for the facility, its physicians and employees. Now he seems determined to run the facility into the ground, by lying, alienating physicians and middle managers and deceiving the patient community. How do you sleep at night Mr. Therrien?
When you go to sleep with dogs, you wake up with fleas. Time for a flea-bath, Charlie.
This is sickening. As an employee at Paris this has come to be such a sad time.
I also planned on retiring next yr. I think now, if they stay open I will have to work longer. If they survive.
By reading these blogs one tends to think that we are in deep shit.
Well things are tough all over. So here at PMRC the boss Mud Duck has asked all of our nurse managers to take a 10% pay cut (about $500.00 a month)and since they are on a salary they can't say no to having to fill in the empty slots on the floor staffing that has been eliminated.This will ; in time of course ,have the effect of losing more of the most experienced nurses( Am I gifted with clairvoiance or just seeing the obvious?)The best plan that has come forward from the mud duck as the water tight doors are flooding on the Titanic is to blame the medical staff for not admitting enough surgeries and the primary care docs for not refering to the surgeons "because the surgeons have "made them mad".What drivvvvellll?The nut house is being run by nuts!
"Because our nation is experiencing difficult economic times and 2008 was a very challenging year for all hospital operators—the company has determined to forego the discretionary employer matching contribution under the 401k plan for 2008 for all employees."
I ran that quote through my bullshit translation machine (the new BTM 2000 vs 2.31), and was suprised to find the following output:
We're losing millions/year, and have to slash expenses somewhere. Take it as a compliment that we're finally thinking of the employees.
You stay classy, Essent.
This is a pretty lame bashing.......How many Fortune 500 companies have announced within the last month that they were discontinuing matching? While there may be many reasons to criticize Essent (I don't know and don't care), this one is a stretch. A sample of bad news.....where do we start naming banks who have laid off 1000s of employees; just today Catepillar, Microsoft and Starbucks to name 3 announced massive layoffs. The Big 3 automakers, ditto. Employees at these companies (and Circuit City) would probably have gladly given up a 401K match for a job. Pissing in the wind here boys........
one cannot help but wonder why it is that essent continues to add insult to the injury of its already beleaguered employees when management companies (such as rehabcare, diamond, possibly others) are literally draining the paris hospital of its resources.
I like that. Stay classy ESSENT. Anyone want to take bets on which hospital that Essent owns lays off employees next????
And then they can come up with another bunch of bull. "We had to eliminate positions because of the economic".
Why dont they just come out and tell the truth? Essent is in DEEP crapola!
I was under the impression that this announcement would have to come in the same year that the contributions were being made, not after the fact, legally.
To lame: Honor and commitments. Something Essent has had a distinct lack of. Retroactive determinations are the stuff of which Essent is made of.
"This is a pretty lame bashing.......How many Fortune 500 companies have announced within the last month that they were discontinuing matching? While there may be many reasons to criticize Essent (I don't know and don't care), this one is a stretch. A sample of bad news.....where do we start naming banks who have laid off 1000s of employees; just today Catepillar, Microsoft and Starbucks to name 3 announced massive layoffs. The Big 3 automakers, ditto. Employees at these companies (and Circuit City) would probably have gladly given up a 401K match for a job. Pissing in the wind here boys........"
SWING AND A MISS!
What a telling attempt to distort the facts, and shift blame. However, as anyone with access to a PC already knows, Essent Healthcare has been bleeding red ink for years now ... WAY before this latest economic downturn.
Given that undeniable fact, a reasonable person may instead point to other issues, such as a history of poor management to explain this retroactive slap to the face of their employees.
Frank!!!
The economy is what has taken Essent down! That's what one of their minions said. Soooo, by that reasoning, maybe you ought to be thanked--for keeping them on the straight and narrow--and for limiting their expansion! They could be far more over-extended now!
Frank, Essent's best-est buddy!
blogger 11
The writing is on the wall - When is the closing sale.
To swing and miss......
Hmmmm I guess Essent really is not only dumb, but irresponsible as well. If, as you say, they have been "bleeding red ink for years now" and JUST NOW are discontinuing employee matching, then they truly are idiots......but generous idiots!!
Speaking only for my business, I wouldn't absorb too many quarters of losses (much less years) before I would drop matching like a hot potato(e)--with apologies to Dan Quayle.
To "lame" I agree there maybe some pissing in the wind here. Essent isnt the only company doing what they have to do. Let all employees bow there heads and be thankful they still have jobs.
And how long will that be? A comprehensive insurance plan is Essent's only chance. Looking at this year's budget, it probably won't be on next. So, can Essent survive two more years of red ink?
To hot potato(e),
Some of the best BS I've ever heard has a shred of truth in it. While it is true that Essent is losing money, they were losing money for quite some time before things went to hell in a bucket.
The downturn makes for a convenient scapegoat for Essent.
The latest insurance policy for PRMC employees has increased deductables ($200 for ER!) And now not matching the contribution on 401K.
While I am sure employees are thankful they still have a job, that too may be ending soon as more layoffs are in the wind. Good luck, Paris, Texas! Your healthcare is in deep doggy doo!
While some hospitals are cutting back (hiring freezes, layoffs, staff reduction by attrition, etc), not all are. Even in these tough economic times, there are bright spots, and vacancies in nursing (always in nursing), lab, radiology, resp. therapy, PT, and so on. It may be time to do some jobhunting......anybody for healthcarejobs.com? (that's how I found my current position, which is in a facility Essent did NOT get, thank the good Lord)
Hey the word on the streets is that Healthcare and Grocery stores are making the money and are in need! So if you have been laid off from Essent go to you local grocery store ahahahahaha!!!!
WHAT A GOOD JOKE.
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