CVS/pharmacy Receives Top Honor for Mature Worker Initiatives

Friday, March 9, 2007

WOONSOCKET, R.I., March 9, 2007 /PRNewswire via COMTEX News Network/ -- CVS/pharmacy, America's largest retail pharmacy, today announced it has received the 2007 ASA Business and Aging Award, presented at the Joint Conference of the American Society on Aging (ASA) and the National Council on Aging (NCOA) in Chicago. The ASA Business and Aging Awards distinguish large and small businesses that develop winning programs for senior workers and demonstrate how "rethinking aging" has contributed to their success. CVS/pharmacy was presented with the large business award recognizing the company's successful initiatives to recruit, train, and retain older workers, and to pass along their knowledge to younger employees.

"We are honored the ASA has chosen us to receive this prestigious award," said V. Michael Ferdinandi, Senior Vice President, Human Resources, CVS/pharmacy. "Not only does CVS/pharmacy provide a great opportunity for mature workers, but mature workers make good business sense for us. Older workers have the loyalty and work ethic we're looking for, they understand the needs of our customers, they are committed to customer service, they bring unique skills and experience, and they help diversify our workforce."

Mature workers are a strategic asset to CVS/pharmacy's workforce, where many associates are completing their 40th, 50th, and even 60th year of service. Others have begun a second career with CVS/pharmacy or are working part-time to stay active. Whatever their backgrounds and objectives, they all offer valuable professional experience reflected in the mentoring of younger colleagues and great customer service.

Through its innovative mature worker partnerships and programs, CVS/pharmacy has increased its percentage of employees age 50 and older from 7 percent in the early 1990s to more than 17 percent today. CVS/pharmacy's unique mature worker programs and initiatives include:

Snowbird Program: CVS/pharmacy offers an unusual snowbird program, which lets employees transfer to a different CVS/pharmacy location on a seasonal basis to work at jobs, such as greeting-card specialists, cosmetic consultants, photo supervisors, and pharmacists. This program helps CVS/pharmacy to manage the swell of business in warm climate stores during the winter months.

Senior Pharmacist Legacy Mentoring Program: The CVS/pharmacy Senior Pharmacist Legacy Mentoring Program uses the talent and experience of senior pharmacists, working and retired, to mentor apprentice pharmacy technicians and high school students in order to cultivate and reinforce their interest in entering pharmacy careers.

Flexible Benefits: CVS/pharmacy has been a leader in developing a benefits package that is available to part-time workers. CVS/pharmacy realizes that while older or low-income workers may not be ready to work full time, they desire health and other benefits.

Building Partnerships of Excellence: CVS/pharmacy is committed to creating and enhancing workforce development partnerships and putting mature workers on solid career paths. CVS/pharmacy partners with federal, state, and local agencies and organizations to establish recruitment, pre-screening, placement, training, and retention services for eligible mature job candidates.

"For 18 years the American Society on Aging's Business Forum on Aging (BFA) has honored businesses for exemplary programs that meet the needs of older adults," said Helen Dennis, BFA Chair. "We are proud to recognize CVS/pharmacy for creating a performance model for other companies to emulate."

Additional ASA Business and Aging award recipients include: CogniFit Ltd. and Posit Science Corporation.