I think most people know mass layoffs are coming. What's pissing everyone off is how they're dragging it out. Waiting until just before the holidays is a big f-you becaussle that's when other companies slow down and stop their hiring for the year (so consider yourself unemployed for a minimum of 3 months guaranteed). Also, piecemealing salary/benefit cuts to merely delay the inevitable only breeds resentment. If your goal were to completely wipe out your employee's morale, Greg Hayes is hitting all the right buttons.
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I had a Head HR person tell me this at Raytheon: Unless you can tie in your contributions as directly contributing to the Company's revenue stream, they don't care about you. I had to write that one down so it is almost a direct quote from 2006.
Point is, if you can't prove that you're directly making money for the company, they will in the best of times not negotiate salary, and in the worst of times don't care about talent. I have to believe that Raytheon is not unique in that position in that industry.
Always have a Plan B, and a Plan C.