If you read the FY23 Q1 earnings call https://www.fool.com/earnings/call-transcripts/2022/08/03/dxc-technology-company-dxc-q1-2023-earnings-call-t/
apart from all the BS our glorious leader spouts you'll see he says he'll be taking out another $500 million of costs, that doesn't sound good for staff??
Think this board will be a lot busier in the coming months,
12 replies (most recent on top)
Not disagreeing with the figure
"An fte is $165,000 on the books. That's not what they pay you, it's what it costs to employ, house and equip an employee."
But house and equip? Sorry what? Virtual first means the only cost to DXC is some crummy laptop, the rest has cunningly been dumped on to the employee.
An fte is $165,000 on the books. That's not what they pay you, it's what it costs to employ, house and equip an employee.
As such, to save 500 million they need to ditch 3030 employees.
Just over 2% of the workers, one in fifty.
Although we all know where those job cuts will land...
Wonder if the number includes those they axed in the last couple of months though?
"We all have to agree that there are too many people who have quit but still here (aka do nothing). The list is prepared and it has saving more than the 500 Mil committed. So either get back to work or find your name in the list. Tough times call for tough actions and dxc seems to be willing to do it."
Wait what? Hasn't CSC/DXC been in 'cost take out' mode for 10 years?
At Post ID: @qqv+1i3whwti
I'm actually the manager and I don't gave much to do.
I know what the minions do inside out.
I'm fed up of attending meetings, as we can't grow the company we just creating things or looking at shrinkage.
And that's the same for a range of us managers. We need to progress the company into growth but no one is interested In that so we are frustrated doing the same.
Hope to move on.
To who said "We all have to agree that there are too many people who have quit but still here (aka do nothing)" then:
FIRE their managers for not giving them enough to do!
Fire their managers for not knowing who does what.
Why should anyone ask for more work, why try to meet or exceed goals as you get the same increase if you don't. The increase is a BIG FAT ZERO.
So duck you (replace the little d with a BIG FAT "F"
We all have to agree that there are too many people who have quit but still here (aka do nothing). The list is prepared and it has saving more than the 500 Mil committed. So either get back to work or find your name in the list. Tough times call for tough actions and dxc seems to be willing to do it.
Expect More WFR cuts, pay freezes and more share buy back scheme to re-inflate share price and to provide Mr Shouty and Steakcutter a nice $$$ Bonus in the realms of $$$ millions.
Employee benefit = 0%
and after the car crash of an analyst earnings call, not surprisingly the stock has tanked at the opening, down 16+ % already
The company buy back of 1 billion dollars could give every employee, even the overpaid executives a $7692.31 pay increase!
Fu-k MikeS
The way at which they can brag about taking out a further $500m on top of their $700m is just staggering.
It is clear that they can develop and manage a comprehensive growth agenda and once more it looks like more WFR’’a will be required.
I have absolutely no idea what any investor would see in investing in this gaff, other than short term quick money from share buy backs and more fire sales.
And all those who told everyone to stop being skeptical, there is light at the end of the tunnel and we are turning the corner can see for themselves the mess the company is in now.
The only way that he can do this is by cutting staff. Lots of staff.
Guess what? Those staff are working on behalf of DXC's clients. Clients who're already fed up with seeing their delivery teams shrinking.
So then what happens? That's right: the clients leave and find a new supply.
And so the cycle continues: more cuts, leading to clients leaving, leading to more cuts.
If I can see this, as a former DXC employee who wasn't considered worth a pay rise and was eventually laid off, how come Mikey with his 8 figure compensation can't work it out??
thats OK - in the analyst call Mikey2 was proudly proclaiming he has the same "operators" in place who took $700M out in costs in FY21 so this lower number should be easy!
How that is going to help arrest the terminal decline in revenue (now approaching $12B annually or $1B a MONTH since DXC was created) was not made clear