Where is the 2024 Growth driven profit sharing for IBM Employees. Not guaranteed, but after a good year its usually announced in 1Q in the US. What is happening in 2024????? 2023 was great! Rev is up. Reports to wall street are up. Stock has sky rocketed.
Those on commission got their bonuses. What about all the others? Will profits just go to execs or will GDP be announced in June after 1Q layoffs? Sneaky.
All so disappointing especially after Arvind announced that this would be the highest GDP payout in many years. I guess the execs got it all.
Does anyone know when GDP will be paid off? I was told in early March I would be awarded a bonus, but was RA’d last week. Would like to understand if I will still receive it ?
Thought this was enlightening (or is it frightening?).
International Business Machine Corporation has officially entered the first season of Layoff 2024. The over-100-year-old tech giant stated about its forthcoming job cuts in a seven-minute staff meeting in the marketing and communication department. While there’s no official statement from the company about the size of the layoff, in January 2024, IBM announced 3,400 job cuts. The company is focused on AI and will thereby replace several positions with artificial intelligence. Within two years of ChatGPT’s resounding success, the already embattled tech job sector post-Covid is poised for further heartbreak. Mass layoffs in some of the largest companies, including X/Twitter, Facebook, Google, Microsoft, and others, have become the norm and no longer frowned upon. The Big Blue joins the league of over 204 tech companies that have slashed about 50,000 jobs this year.
Is GDP and salary plan actually tied to the stock price? It sure doesn't seem like it. Seems more like every year, the CFO will say "While we had a good year in THIS area, we failed to deliver in THAT area so GDP will be small."
Not sure how accurate this guy is but still interesting.
https://www.youtube.com/watch?v=BJV7Yzc7Wk0
I got my GDP. A whopping 1.6%. I am thinking of buying a private island.
Maybe GDP is being kept low to fund the move to AI? Based on what I have seen of Watson X modules so far, I am not impressed, though. Seems a long way until ready for commercial success still.
"IBM Corp. on Tuesday notified employees in its marketing and communications division that it’s making cuts, the latest large tech company to trim its payroll.
The company IBM, -1.22% made the announcement in a short meeting with staff, according to a CNBC report.
IBM had strongly indicated a workforce reduction in January, when it announced its fiscal fourth-quarter financial results.
“In 4Q earnings earlier this year, IBM disclosed a workforce rebalancing charge that would represent a very low single-digit percentage of IBM’s global workforce, and we expect to exit 2024 at roughly the same level of employment as we entered with,” a company spokesperson said in a statement to MarketWatch. “This rebalancing is driven by increases in productivity and our continued push to align our workforce with the skills most in-demand among our clients, especially areas such as AI and hybrid cloud.”
What will be the bonus program for India this year? I hear that IBM is offering voluntary severance packages in India with high targets.
Hearing that many employees were skipped this year but some employees are getting nearly 3%. Not great but sure better than last few years.
RTP article says: IBM cut jobs in its marketing division this week, affecting some Research Triangle Park-based workers, as the major area employer restructures for the second straight year. In January, IBM announced “a workforce rebalancing” that it said would impact “a very low single digit percentage” of its global staff. This week, national outlets reported jobs were slashed across IBM’s marketing and communications divisions. IBM spokesperson Michael Cable said the company still expects to end 2024 with around the same number of employees it began the year. “This rebalancing is driven by increases in productivity and our continued push to align our workforce with skills most in-demand among our clients, especially areas such as AI and hybrid cloud,” he said in an email.
Read more at: https://www.newsobserver.com/news/business/article286731530.html#storylink=cpy
It will be interesting to see the SEC filings on executive compensation this year. I wonder if the top execs will get much bigger bonuses versus the minimal increases in GDP?
Another year, another disappointing GDP payout. I am pretty sure that IBM will never pay its employees bonuses like other companies. Maybe that means we should be moving to other companies?
To the guy that lamented getting 2.8%, that is more than twice as much as many received this year and THAT after a supposedly "good" year. Be grateful.
We have seen GDP (for what it was worth). Anyone hearing about the salary plan budget? Maybe they will finally pay those still with the company?
Has anyone heard if the laid off people even got GDP this year? Or was that part of the plan to spread the 2023 performance bonuses out to the survivors?
With broad layoffs and minimal GDP bonuses, IBM may be preparing for strong economic headwinds in the second half of 2024 and a predicted terrible year in 2025. Some economists are predicting that the last four months of 2024 may see a massive market correction. Only so much Powell and Biden can do to fraudulently prop up the economy ahead of the election.
Maybe this is why GDP wasn't better this year.
"The latest trading session saw IBM (IBM) ending at $196.70, denoting a -0.55% adjustment from its last day's close. This change lagged the S&P 500's daily loss of 0.19%. Elsewhere, the Dow saw an upswing of 0.1%, while the tech-heavy Nasdaq depreciated by 0.54%.
Shares of the technology and consulting company have appreciated by 7.66% over the course of the past month, outperforming the Computer and Technology sector's gain of 2.36% and the S&P 500's gain of 3.18%.
The upcoming earnings release of IBM will be of great interest to investors. The company is expected to report EPS of $1.59, up 16.91% from the prior-year quarter. In the meantime, our current consensus estimate forecasts the revenue to be $14.56 billion, indicating a 2.18% growth compared to the corresponding quarter of the prior year.
For the full year, the Zacks Consensus Estimates project earnings of $10.07 per share and a revenue of $63.79 billion, demonstrating changes of +4.68% and +3.12%, respectively, from the preceding year.
Additionally, investors should keep an eye on any recent revisions to analyst forecasts for IBM. These recent revisions tend to reflect the evolving nature of short-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the company's business health and profitability."
Employees can complain about GDP all they want. I am pretty sure that IBM is not a prison and employees are free to walk out the door anytime they please.
GDP = "Get Disappointed Perpetually" Thank you, James Kavanaugh.
It seems like IBM is relying a lot on so-called AI. Not sure Watson X is ready for primetime, though.
Article today: "Legacy tech giant IBM (NYSE:IBM) is in the news though not for the most encouraging of reasons. On Tuesday, reports emerged that the company was cutting jobs in its marketing and communications division. Fundamentally, the IBM layoffs represent the opportunities and challenges behind the rise of artificial intelligence (AI).
According to a CNBC report, the tech firm colloquially known as “Big Blue” told employees in the impacted division that it’s slashing the size of its staff. The announcement occurred in a roughly seven-minute meeting, per an inside source."
My uncle works for Finance at IBM. 26 years with company. Laid off this week. He just let the family know. The guy has cancer and we just lost my grandmother (his mom) less than a month ago. Seems cruel but the decision was probably made a couple of months back. Feel so bad for him. He LOVED IBM and he now says he feels betrayed.
Did US team time layoffs to justify GDP skips this year? That seems kind of cr-ppy given GDP is based on 2023.
Anyone heard details about the "voluntary" plans in Europe? What are the incentives?
Good story on US cuts. https://investorplace.com/2024/03/ibm-layoffs-2024-what-to-know-about-the-latest-ibm-job-cuts/
Heard this cuts in M&C were really deep. IBM seems to be purging support functions to focus on core strategies. Will it work? https://www.cnbc.com/2024/03/12/ibm-tells-employees-of-job-cuts-in-marketing-and-communications.html
I wonder what the bonus plans for India will be? They get both GDP and a country bonus.
If not this year, when will we get paid?
I don't think we will ever see decent GDP bonuses again. It might get worse next year with economy.
Not sure that the stock price and the GDP payments are connected at all. Pretty sure GDP budget did not go up the same percentage as the stock.
Pretty sure only top performers got decent GDP this year. I heard many whose jobs were eliminated got nothing at all, regardless of ratings.
Has anyone heard how what the number was for total US layoffs yet? I have heard it was close to 4000 this week.
The execs are on a totally different plan than everyone else so not sure they even get GDP.
Given the 2023 results, very disappointed in GDP this year. I would hope exec bonuses are similar.
GDP was announced to employees over the last two weeks.
Stock has "sky rocketed?" It is up to $191 today which is good but for the last 5 years, including the recent rise, IBM has underperformed the S&P 500 by over 200%.
It seems like there is never much money in the plan for these bonuses. Discouraging. At lease the stock is up for now.
Really disappointed with the Growth Drive Performance bonus I received. Better than nothing but still hard to be happy.
I guess IBM didn't have enough growth or revenue after all. My peers and I are seeing about a 1-1.2% average which is similar to the last few years.
My manager told me last week that I would not be getting a GDP payout this year. I guess I get to keep my job though. Sigh.
Why are the payouts so small this year? What will Arvind get in bonus?