Everyone that applied for early enhanced retirement was approved. The deal was great and if you didn’t apply you miss a great opportunity since layoffs are coming after EER
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Yep, I opted for March 31 thinking taking into consideration holiday shut down and Chinese new year break for APJ in late January., but I was told my exit date is Dec 31. Looks like HP needs to realize the cost sooner.
So you do what you can and wave goodbye while not looking back.
A few of the people that I know that took EER were asked at first what month would they prefer to leave. They wanted Feb/March. They thought that was going to be their final dates. They found out this week that those times have been moved up to Dec 31. So now they only have 3 weeks to train their replacements rather than 3 months.
Taking EER and was told in the letter most would leave Feb 14th or March 31st . A few would be 12/31 and some later than 3/31. Guess what they are making a lot of us leave on 12/31. With the holiday shut down and having to use up vacation time it will be Dec 13th for me!. I'm still happy I took the package.
When are the last dates for those who have taken the EERs? Mid Dec?
I remember when (in general) early retirement meant that your pension would be fully vested. Of course now almost no one has a pension program anymore. So now it's a slightly better severance package because you're leaving of your own free will so you won't sue. Of course, if you aren't old enough you won't be "retiring" and will be looking for a new job.
I wonder how many people are going to work until they are close to 70 so they can collect the maximum social security benefit? Good luck converting your 401K into a good annuity in this age of near zero percent interest rates.
What was the EER financial incentive? A lump sum? How much? Is it any better than the typical layoff severance?
about 19 hours ago by Anonymous | no reactions
Post ID: @11UIEtdO-behy
Lump sum, taxed at bonus rate.
EER = 2 weeks pay for each year of service (max 52 weeks of course) plus medical benefits for
18months (buy @ HP cost.) You also get to choose to leave vs getting the boot, an unnamed benefit to EER.
WFR = 1 weeks pay per year of service (min 6 weeks,) 60 days to still search for internal jobs, a placement agency (haven't heard it's successful yet.) Anyone WFR that meets EER requirements is given better package.
What was the EER financial incentive? A lump sum? How much? Is it any better than the typical layoff severance?
When do the folk who took the EER have to leave?
Post ID: @11UIEtdO-5kfl
Feb or March for most, can be extended but have heard some exiting as soon as mid December.
When do the folk who took the EER have to leave?
Many names rolling in for Boise. The brain drain will make it tough on those left since it would seem they are not removing any of the work.
Post ID: @11UIEtdO-3pac
Brain drain? Those brains are what kept HP from moving forward with new ideas, They are finally getting rid of the high paid folks with a lack of growth mindset and no connection to realities/current market demands. No legacy brains needed, HP needs to get out of over-engineered spreadsheets and false working assumptions and connect direct with clients, drive decisions from logic/actual realities vs antiquated models and months of planning with fingers in the air vs finger on the pulse. Hopefully HP is forced to rely on the many remaining people with new ideas that will actually connect to the consumer.
Yes there was a large EER take rate in Boise. Along with recent and ongoing layoffs. But those who are left will no suffer for long; the Boise site will be closed within two years.
Many names rolling in for Boise. The brain drain will make it tough on those left since it would seem they are not removing any of the work.
Or it could be a Compaq merger repeat. Tell Compaq employees that HP will fire all of the PC folks and just insert the Compaq folks. Then proceed to select the best from both (as much as they could) and then start dumping Compaq sites and people. Remove all major power from Houston. Close most Compaq sites.
Then as the "synergies" start to wane, start closing pre-Merger HP sites too to cut cost. Then close old Compaq sites and move the offices far enough away, people start to quit due to the long commute.
Then start looking at the declining printer business and panic.
Or not.
HP brand name would stay.. Who the hell knew Xerox still existed before this fiasco?!
I am surprised the HP name will die and Xerox will live on. Or maybe I'm not ...
Even given HP's prolonged slide, I think that it's brand is worth more than Xerox, at least at the consumer level. But what do I know?
And HPE isn't in much better shape.
"What is more concerning is the Xerox ordeal plastered all over every major financial news source in the US.
Early this morning Enrique sent HP-wide email ignoring the news and telling employees to do the same... and to get back to work.
Then 5 hours later HP acknowledged recent communications with Xerox and yes, they have received a buyout offer.
So Enrique is either a blatant liar, or he is woefully incompetent and out of touch. Neither option garners much confidence."
I saw lots of emails like this at HP over the years. They mean "you have no say or input on this so just stop talking about it and do what you are paid to do."
You can bet HP and XRX have been talking about this for a long time with each clearing the path. I am surprised the HP name will die and Xerox will live on. Or maybe I'm not ...
A company can't make a major announcement that would affect the stock price until after the market closes.
What is more concerning is the Xerox ordeal plastered all over every major financial news source in the US.
Early this morning Enrique sent HP-wide email ignoring the news and telling employees to do the same... and to get back to work.
Then 5 hours later HP acknowledged recent communications with Xerox and yes, they have received a buyout offer.
So Enrique is either a blatant liar, or he is woefully incompetent and out of touch. Neither option garners much confidence.
Hopefully Xerox doesn't jack with the retiree benefits.
The 100% EER acceptance rate is not a good sign. This means the company wants to shed people at a higher rate than those who chose EER. So expect the WFRs to come fast and furious.
WFRs have been happening over October while EER Program has been running. They seem in a hurry.