I'd like to get an idea of which SBGs are laying off. I know SPS has been hit hard, but I'm wondering about the others. i.e. Aero, HBT, PMT, etc.... I've seen references to other SBGs, but nothing concrete. Also, numbers of those let go if known would be cool. Just trying to gauge the scope of Honeywell's actions.
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Yea, that was my assumption, that the way they structured the RIFs allowed them to stay off the radar… but that seems not only unethical, but also a deliberate falsification in order to ‘work around’ the federal guidelines. There have been large numbers/groups of employees let go, sounds like across all SBGs, since as early as June (or before) - imo it’s gotta be close or at that 499 employees let go. Just because they purposefully let go of say 100 employees per month, that should not excuse them from following the laws - but who knows anymore with the way things in this country are (sadly 😞). Probably also helps that they have a 3rd party handle their unemployment claims, creating even less transparency & communication for each state. I was with a company that actually closed 18 years ago, and the exodus of employees looked quite similar - mandatory reductions and asking for volunteers, each date/group included 100’s of people - of course employees heard rumors first, but very shortly after the company confirmed, and did what they could to accommodate your leaving preferences. I’m just saying, it would be wonderful if some agency or something could do some investigation/research, just to assure employees are being protected (wishful thinking LOL).
If it's really a curious investor (I wouldn't expect an actual investor to use the word "cool" in a post, much less query company employees on thelayoff.com):
Honeywell has been using RIFs and furloughs on a consistent basis since 2009 in all SBGs. Large scale RIFs (e.g. COVID related and plant closings) are subject to WARN, but during more recent years HON has executed smaller RIFs that fall below the notification requirements to keep the company off the radar and out of the news cycle, avoiding publicity. If you review HON's older annual reports on the SEC website, you'll be able to determine the substantial decline in employees. In addition, review the quarterly repositioning numbers as that's generally funding headcount reductions and plant closures/moves to "low cost" regions. That this funding continues is a sign that HON's focus is on cost cutting and, without corresponding investment, organic growth will suffer. Recent "organic growth" has primarily been the upside of the COVID exit and significant customer price increases that will probably not "stick" because of contractual agreements.
A little concerned to post this, with the HR bots scanning these posts - but anyone know if there is any reason why these layoffs are not discussed in public announcements, since HW is a publicly traded company? This is a current article, very comprehensive, with no mention of HW (even though companies letting go of as little as 60 employees are listed): https://www.businessinsider.com/layoffs-sweeping-the-us-these-are-the-companies-making-cuts-2022-5?amp.
Another question, curious if these RIFs we’ve been seeing since June might be in violation of WARN? Seems like very possibly they are, but with each SBG divided, and those let go ostracized and receive no info in regards to how or who else were let go, likely difficult for an individual to track (& I’m sure HW is counting on that!) - WARN info here: https://www.doleta.gov/programs/factsht/WARN_Fact_Sheet_updated_03.06.2019.pdf)
Soon layoffs to be announced in HBT Commercial Security Europe. Order intake is at 50% YTD vs plan due to mismanagement and legacy product portfolio. Currently HR is reviewing which resources are going to be affected.
HBT is having furloughs. There have already been a few RIFs. More to come I'm sure.
Haha. Yes. Paid Honeywell trolls to downvote everything. Whether it makes sense or not. But then Honeywell software doesn’t work so…
Ha! Now let's wait till tomorrow to see how Asia votes on this topic.
PMT here. Small layoffs continually. It’s getting worse as the holidays approach.
I hear HBT is having furloughs, could be a pre-cursor. Beyond that i don't know.
I'm sure Aero will do what the can to gut the engineering departments...again.