I know some people were laid off, but it never reached even close to 9k. It didn't even reach a thousand, from what I gathered. I wish the leadership didn't say anything rather than giving us a huge number and then letting us stress over it as they do nothing about it.
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Bill & Dave turning in their graves. HP: monthly RIF’s and only the most political and toxic employees will survive.
You have to keep in mind that the majority of the locations in the USA are R&D, very little manufacturing is done. What will be hit the hardest is the actual manufacturing locations and not the R&D sites. So far India and Israel got hit pretty hard.
"Only 900 applied for EER, so there will have to be layoffs".
Yeah, but if you do the math on a 15% voluntary attrition rate (which is probably low), that is ~8k employees leaving annually. If only 60% of those are backfilled, the target can be met.
Granted, many of those may be critical roles, so only 60% of "random" attrit backfill probably isn't realistic, but I do suspect the company expects many of the reductions to come from here. Do I still expect there to be layoffs? Sure, but I suspect it will be a smaller portion of the target.
For reference, I believe the EER backfill target was only 30%.
And remember - Dion also promised a 16% HC reduction in 2019 by 2022. But somehow the company managed not to shrink.... granted some of that was inorganic growth.
"What was promised was a headcount reduction, not a massive layoff, per se. And the time frame was through the end of FY25. With that long of a time horizon, more than likely many/most of these are expected to be voluntary separation (EER, just natural attrition) and will be handled by not allowing backfill."
Only 900 applied for EER, so there will have to be layoffs. HP is doing it so many a month like Microsoft to hide the extent of layoffs.
"simply because we did not overhire during the pandemic spike like they did."
But with PC sales (down 25% from a year ago) and print losing 7% revenue a year will definitely force more layoffs. HP+ and InstantInk have been a disaster for the company as the class action lawsuits clearly show (disabling customers' printers if they don't use HP toner).
What was promised was a headcount reduction, not a massive layoff, per se. And the time frame was through the end of FY25. With that long of a time horizon, more than likely many/most of these are expected to be voluntary separation (EER, just natural attrition) and will be handled by not allowing backfill.
If you figure an annual turnover rate of 15%, which is super, super conservative, those numbers can be achieved simply by only allowing ~60% backfill.
Will there still be WFRs? Sure, but there always is. Might some be larger and surround site closures, Poly synergies, etc? Sure - but I don't think we are going to see massive all-at-once like many big tech firms, simply because we did not overhire during the pandemic spike like they did.
Extra layoff over and above coming soon, announcement to be made on result's day or soon after.
Go woke ! Get Layed Off!
Actually as someone who took early retirement 3 years ago, in my 25 years at HP the WFRs really never stopped. Even when I had the EER offer, I had 3 offers from other internal departments for jobs but there was a hiring freeze with no guarantees. Which is another trick HP uses to reduce headcount.
So glad I left HP when I did about 3 years ago. At HP you ALWAYS have to worry about layoffs, and the company has always been ruthless when it comes to playing the WFR game. They often keep those who kiss up to management and layoff those who don't.
The PC sales were recently down 25% year over year. Print is losing 7% market share a year (Epson ink tank is gaining a lot of the market due HP's stupid chip policy on toners). HP+ has been a disaster, including IntantInk (read all the bad reviews on the internet). Layoffs are coming for sure.
They are happening in set numbers by putting people on stupid performance reviews. This way they can terminate employees for cause without going through the WARN act (hence no severance). Dell and IBM are really good at this too.
That number is 6K and is goes until 2025, got 2 more years to go.