Heard this from multiple sources: they are just waiting for the split, and as soon as that’s over, the cuts will be DEEP.
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I'm a principal engineer at Aero. The programs I work don't have enough head count to finish as it is. No way that the new products get tested, certified, and released for production anywhere close to the schedule with a 15% RIF, let alone 30%. And a manager in a different group told me they're hiring close to 200 people by the end of the year. Sounds like Aero isn't going to be doing any RIF's anytime soon.
You stated there was major cuts coming after spin off. What’s the current update on these rumors and how bad will be?
Yes, cuts are planned at least 6 months in advance. They won't tell you of course till the last day, but when our whole team was fired couple years ago, leadership later confessed unofficially they had the info for about 8 months before it finally happened. They even hired couple new guys and talked about growth while staying quiet. Just last month before the end some rumors started leaking through few teamleaders.
@n2 not true. Cuts are known way in advance.
Q1 earnings call talks about eliminating stranded costs with an update at the june investor call. Not long before rightsizing is mentioned
This fits Elliott management playbook. They automate everything. Reduce a lot of mid management layers. So I believe this could be true, cost cutting measures and reorganization usually follows a spin off.
Didn’t I read this correctly? We are over-bloated and over compensated. It might not be stated exactly the way I posted it. In his letter to the board. I thought he kind of basically stated this.
My guess if there’s anybody with credible information. They’re going to do some consolidations. Your company will probably be notified about these cost-cutting or reduction phases during this time period.
I wonder if this cost cutting is going to only affect high buck regions in America only. Does anybody have any reliable rumors or information on this.
I wonder if 30% is gonna be the real number. I guess I’ll get my popcorn out. I’ll wait for the greatest show on earth. Except I won’t see any clowns, except the people who are running this place.
@n2 I tend to agree with you on this "it will be a bad look that the company is not doing well. They don’t want that kind of attention." logically it is more likely to happen before the split, so in the # are hidden, although, layoffs are done in batches, so not to trigger reporting...
On this one "2) it will be based on business performance and not across the board" - I think bad performance is across the board, sadly.
@mr one of the best descriptions in a long time "Loyalty is at an all time low and keeps going down. People are worried about their jobs (me included!) but the real problem is that the company pays you just enough to not quit on your own terms, but not enough to where you can retire."
No one on this site knows that there will be cuts. For one, they don’t make those decisions so far in advance 2) it will be based on business performance and not across the board and 3) it will be a bad look that the company is not doing well. They don’t want that kind of attention. I don’t believe it. Not there couldn’t be later in the year, but not like what it being suggested here.
@m5 30% is nuts. There’s no way it is that high. But 15% is possible.
Remember that the company’s already cut headcount but there is more that can be shaved.
Look at what this does to the company culture. It devastates it. This is the worse I have seen it in my 20 years working with leadership. Loyalty is at an all time low and keeps going down. People are worried about their jobs (me included!) but the real problem is that the company pays you just enough to not quit on your own terms, but not enough to where you can retire.
@mf across the board for sure. Corporate I’m sure would be the first casualties simply because their farther removed from revenue generation, but no one will be safe. The former HCE I could see as easy targets as well, plus any “dud” product lines.
I’m just curious. When you say bloodbath. I’m assuming it’s gonna affect aerospace and automation.
I don’t believe for a second it’s just corporate. I know we’ll start at corporate. However, I really believe it would will go all way through the company.
Even though it’s a rumor. Maybe somebody can clarify if my assumptions are right or not. People say it won’t affect production. I don’t believe that.
@m5 maybe it is true, but not sure what is stopping to do the cuts before so they look better when established as a new CO
@kp not OP here, but I’ve heard the same thing. Something like a 30% reduction across the board once the split happens.
there won't be any cuts - you need to have a poor performing company to have cuts and honeywell is performing
Already been a lot of cuts in global and warnings to find new jobs in other divisions, specifically Aero.
Oh yeah I am expecting to lose my job some time in Q3. I would not be surprised if my team and similar ones gets cut. You all better start looking for alternate jobs - and believe it or not, once you do this you will find something with higher compensation and more meaning in your work!
Far less leadership, an audit of current employees actual value (that will knock out half the work force) in tandem with a properly vetted talent recruitment drive and it might stand a chance. We all know that will never happen though. All the best industry people were pushed out and I cant see any of them returning. Ah lets face it, been a planned dismantlement all along, a huge heist.
There isn’t any work left in n remainco with no sbu leaders to nag about revenue. Cya
Unless the cuts include significant numbers of executives who have failed for years, nothing will fix RemainCo
@OP - June 29 is separation date. So early H2 it will be.